It’s a curious thing, this talent market. A year or two ago, it was a seller’s dream. Candidates were as scarce as hen’s teeth, and companies were throwing money, perks, and promises at anyone with a pulse and a vaguely relevant skill set. It was a wild west of overinflated offers, ghosting candidates, and recruiters who could barely keep up with the deluge of requisitions. However, the job market has cooled somewhat, with unemployment hovering around 4% and tech layoffs having become a weekly occurrence – with all signs pointing to the fact that the pendulum has swung dramatically in the other direction.
Now, the tables have turned. Candidates are plentiful, and companies are in the driver’s seat. It’s a time for celebration, right? Well, not so fast. While it might be tempting to bask in the glow of a candidate-rich market, companies would be wise to remember that this is a temporary state of affairs. The market will inevitably heat up again, and how you treat candidates now will profoundly impact your ability to attract top talent when the tide turns.
Let’s be blunt: many companies have been behaving atrociously towards candidates. Ghosting, lowball offers, and a general lack of respect have become the norm. It’s a short-sighted strategy that will come back to bite you. In many industries, especially tech and executive recruiting, it is a small world, and word of mouth travels fast. Those candidates you treat like dirt today could be your competitor’s star employees tomorrow. And when the market picks up again, you’ll be scrambling to fill roles while everyone else is reaping the rewards of their stellar employer brand.
I speak from experience. I once worked for an organization that tried to take advantage of the recession, putting candidates through the wringer for entry-level call center positions. Requisition close rates were artificially inflated because people with MBAs struggled to find jobs and took whatever they could find. This company’s employer brand was not good in the best of circumstances, so we apparently decided to lean into that, taking the attitude that candidates should be grateful we were willing to talk to them at all. Shockingly, as soon as the job market improved, we saw massive turnover, and future hiring was a struggle.
So, what should you be doing instead? For starters, treat every candidate with respect, regardless of the market conditions. This means providing timely feedback, even if it’s negative. It means being transparent about the hiring process. And it means following up, even if you don’t move forward with a candidate. A little courtesy goes a long way.
Second, invest in your employer brand. Now is the perfect time to focus on building a strong company culture and reputation as a great place to work. Highlight your employee benefits, career development opportunities, and commitment to diversity and inclusion. This will help you stand out when the competition heats up again.
Third, focus on building relationships with potential candidates. Attend industry events, participate in online forums, and leverage social media to connect with people in your target market. Nurturing these relationships now will pay dividends when you need to fill roles quickly.
Fourth, don’t forget about your existing employees. They are your greatest advocates. Ensure they feel valued and supported. Happy employees are more likely to stay with your company and refer talented friends and colleagues.
And I would be remiss if I didn’t mention the reality that many recruiters have faced these past few years. The whiplash of teams being asked to overhire, navigate hiring freezes, and then be laid off themselves has been a very difficult road to travel. In many instances, recruiters have become candidates themselves and trust me – they keep score. If you want to protect your organization’s ability to hire in the future, it’s incredibly important that you treat your recruiters with respect.
All of this to say, while the current talent market might be tempting, it’s important to take a long-term perspective. How you treat candidates now will directly impact your ability to attract top talent in the future. By prioritizing respect, building a strong employer brand, and investing in relationships, you can lay the groundwork for long-term success. Remember, the tide always turns. It’s up to you to decide if you’ll be caught with your pants down or riding the wave.
