In a labor market that’s constantly changing for both candidates and employers, it’s important to stay current on the latest talent acquisition insights. With millions of jobs available, job seekers feel empowered to secure new jobs with better wages and benefits. Worker confidence is at an all-time high, with more than 32% of workers feeling comfortable quitting a job without another lined up.
Employers have had to adapt quickly to this reality to meet the growing list of expectations from candidates, and some have even opted to outsource their recruiting processes to improve the candidate experience.
We were joined on May 17 by an expert panel of data scientists and talent professionals across the Employ brand to discuss the findings of the 2022 Job Seeker Nation Report and uncover how they apply to the job market today. These leaders and practitioners dove into the motivations of job seekers, examined their impact on the hiring market, and provided key insights into how the motivations of workers today impacts tomorrow’s labor market.
What Today’s Candidates Expect from Employers
#1: Compensation is the top priority
In the tight labor market, candidates will continue to stay in the driver’s seat. It’s no surprise that salary has been on the minds of every candidate considering a new role. Job seekers are well-informed and know what they want from employers. And according to the 2022 Job Seeker Nation Report, candidates indicate compensation is a top priority in selecting a new role.
53% of job seekers said compensation was a top factor in looking for a new job.
Strategic talent teams recognize candidates appreciate transparency throughout the hiring process. So be open about the salary or hourly range for a role from the outset. If your company can’t compete on salary, at least compete on speed, and with transparency and responsiveness.
A whopping 82% of candidates reported that they wanted compensation listed in a job description.
Candidates don’t have weeks to waste in your hiring process for something that doesn’t pay nearly enough. Just like how recruiters screen applicants for roles, candidates are screening open positions that meet their needs. Manage expectations from the beginning, regardless of where you can fall on the pay scale.
#2: Work-life balance that values flexibility and remote work
Workers today need flexibility that matches their lifestyles. The shift in the job market post-pandemic has shown that most candidates want the option to perform their jobs remotely. Not only that, but they want to choose the hours that work for them. And the companies that provide this level of trust and flexibility to their employees will build the most engaged and productive teams.
Candidates are searching for organizations that offer a culture of trust, flexibility, and support. Offering remote work and flexible hours gives them the opportunity to create their own work-life balance. It also shows that your company culture is built on valuing and accommodating employees first.
Set the expectations for remote work policies at the beginning of the application process and reiterate them during each step. Whether or not your company is offering remote work for roles, candidates need to be informed so everyone can make the best decision for their needs.
Pro Tip: Add remote work flexibility policies/opportunities into your job descriptions to offer transparency.
#3: A seamless, positive candidate experience in every interaction
The right talent can be difficult to find, and even more difficult to convert from a candidate into an applicant. That’s why a world-class candidate experience is more important than ever to attracting and converting top talent. Candidates are busy and want an easy, intuitive application process that matches them to the right roles quickly.
They expect fast response times from recruiters and prefer to receive prompt feedback through email or texting. And they want to know that their values match the company’s culture before being onboarded. These are only a few of the things that make up the candidate experience.
Strategic talent teams are focused on improving the candidate experience by adopting new processes and technologies that help save time and effort. Talent acquisition professionals agree that providing a superior experience and quickly moving candidates through the pipeline is the key to locking down great talent.
“The quicker you can act, the better experience you can give that candidate.” – Morgan Llewellyn, Chief Data Scientist, Jobvite
#4: Well-trained hiring managers who communicate clearly
Candidates want to know they will be valued by their employer, and managers are some of the best advocates for the cultural experience at your company. Ensure your managers are well trained in the hiring proces, are quick to respond, and are clearly communicating with candidates and recruiters during both hiring and onboarding.
32% of job seekers that left a job within 90 days cited poor leadership as a key factor in leaving.
Strategic employers have noticed that during times of high turnover, clear communication helps to quell anxiety among remaining employees. The employees that stay end up taking on the extra workload and can burn out without proper recognition or assistance.
“Conduct ‘stay’ interviews with current employees to see how well their needs are being met. – Natasha Molina, People Business Partner, Employ Inc.
#5: More feedback, more transparency, less ghosting
It’s clear that job seekers are looking for effective communication and transparency from employers. They want recruiters to focus less on things like cover letters, resume gaps, and their social media pages, and work to shorten the feedback loop. Candidates want to have realistic expectations about working for your company and the role that they’re applying for.
They also want an honest look at the daily responsibilities of the role, what the company culture is like, how much the role pays, and what leadership is like. Increased transparency during the hiring process helps accurately manage expectations for all parties and will help find the right candidate for the role.
1/3 of new hires surveyed are leaving jobs within the first 90 days due to factors like misaligned expectations and poor onboarding experiences.
Ensuring that candidates have a smooth transition into your company means that you’ll retain the hard-earned employees that you just worked so hard to hire. Set expectations accurately with candidates about the company culture, management, and the role’s daily tasks. Employers that are proactive from the beginning will be successful in today’s tight labor market.