The 2015 Power Shift: A Candidate Driven Market
- 8/31/15 |
- 6:22 AM
- 1444 Views
According to the Harvard Business Review, the Candidate driven market shift really started to take shape in 2011. So here we are in 2015; how does it look? Competitive, to say the least! According to the Recruiter Sentiment Study, 2015 First Half, conducted by MRI Network, experts in global search, 90% of recruiters believe the market is Candidate driven compared to 54% in the first half of 2011.
Power Has Shifted from Employers to Job Candidates, According to Recruiters
At J. Kent Staffing, a Denver based direct hire recruiting firm and temporary/contract staffing provider, we can confirm the 2015 First Half results of the Recruiter Sentiment Study. As baby boomer talent continue to walk out the corporate door and embrace retirement in various forms, we see a tremendous change and power shift in the job market.
- The job climate has definitely shifted in the past three years to a candidate-driven market. Candidates these days have multiple job offers to choose from and only the most nimble employers will be able to attract the best talent.
- The impact of the candidate-driven marketplace has been enormous especially over the course of the last year.
- Top candidates that have multiple offers are choosing based on compensation and value of work-life balance
- In many cases, clients still believe there are plenty of qualified candidates that can be attracted by their own internal efforts. Maybe hiring managers need to stand up to upper management and HR executives to assert their belief that the best candidates must be aggressively recruited.
- More employers are now accepting the talent scarcity, and their pains are motivating the use for external recruitment services.
- While many companies are holding the line on salary, they are getting creative with other compensation such as performance-based or sign-on bonuses.
- Top, experienced candidates, who are typically passive talent, are highly sought after today more than ever. These individuals are not very willing to change companies, or relocate for lateral nor modest increases in responsibilities.
Question – What Do You Think?
If you had to choose one, how would you describe today’s labor market?
Is it a Candidate or Employer Driven Market?
Source: Recruiter Sentiment Study - The MRINetwork Recruiter Sentiment Study is the result of a biannual survey conducted among nearly 2,000 U.S.-based executive search recruiters of MRINetwork. Its purpose is to explore what they see as they speak with hiring authorities and work with candidates on a daily basis. The study is not intended to be representative of the full breadth of the labor market; rather it looks at the executive, professional, and managerial space, in which MRINetwork specializes.