Job Seekers: 4 Hiring Trends You Need to Know
There’s no doubt about it… it’s a candidate’s market! Unemployment is down and the voluntary quit rate is up, making the war for top talent rage on. In fact, according to ManpowerGroup’s recent Talent Shortage Survey, 40 percent of employers said they struggled to find talented candidates to fill jobs in 2016.
This is great news because employers are looking high and low for exceptional talent. As a job seeker, you have a lot of bargaining power at your fingertips.
Before you kick off your job search, here are a few things you need to know…
There will be more. (More money, more perks, more offers)
With job seekers being in such high demand, companies are putting a high price tag on not only hiring, but also on the importance of making sure their people feel valued. On average, our candidates have accepted offers for no less than a 20 percent increase in compensation. Additionally, candidates are enticed by more perks such as sign-on bonuses, increased paid time off, or free lunches. There is another area where job seekers will experience “more”: offers. “In the last 10 months, 89 percent of our final candidates were weighing at least one other offer when they received an offer from our client,” says Ken Schmitt, Founder and CEO of TurningPoint Executive Search.
There will be multiple interviews.
Although competition for top talent is fierce, most companies have not streamlined the hiring process to ensure the perfect candidate signs on the dotted line. Expect an average of 4-7 interviews before an offer is made. Is this too many? Ultimately, that is up to you. It is your right to remove yourself from the pipeline if you feel a company is not respectful of your time or what you have to offer. Consider the following: how good a fit the job seems to be, how well you like the people, is this process an example of how they do things or are there extenuating circumstances making the process longer than it needs to be. There is nothing wrong with asking the important question, “What does the rest of your recruiting process look like?”
There will be a counteroffer.
When you make the decision to accept an offer, and it’s time to tell your current employer that you are heading for the exit, be prepared for them to make you an offer you can’t refuse. For the right amount of money, many job seekers are willing to dance with the devil they know, rather than taking a risk with the one they don’t. To ensure you make the best decision, clearly outline what your current role is lacking and whether or not they have the resources (or interest) in rectifying those problems. In addition, make an honest list about what your new role has to offer. Having a firm list of pros and cons of your current and potential role will help you make the best decision.
There will be competition from within.
According to the ManpowerGroup’s Talent Shortage Survey, “the number of employers training and developing existing employees to fill open positions has doubled from 1 in 5 to over half.” What does this mean for job seekers? It means your toughest competition may have the advantage. Experience with company culture, a proven track record of success, and a less dramatic pay increase make internal promotions attractive to an organization. Be prepared to highlight how your fresh perspective and varied experience is the smarter choice.
*Our 2 Cents*
If you make the decision (and we strongly recommend you do) to work with a recruiter, it is imperative you trust the process. Recruiters have their fingers on the pulse of hiring. You agreed to work with him because you trust he can provide you with the right opportunities. Be honest about the type of role, culture, and compensation you are looking for. Do not undermine your recruiter by suddenly demanding more money or backing out at the last minute. Do your due diligence and select a recruiting firm with a high retention rate and a strong reputation in the marketplace, and trust they have your best interest in mind.