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Why candidates have become a rare commodity

No doubt you’ve heard, Australia’s unemployment rate has fallen to 4% – the lowest since 2008 – and is predicted to fall even lower. SEEK recently confirmed that they are experiencing an all time high in available jobs, coupled with the lowest candidate availability since 2012. Furthermore, the recruitment website confirmed a 40% increase in jobs Australia wide, with an 80% increase in Victoria alone!

In our post-covid capital cities, let alone regional centres, candidates have become a rare commodity. A unique series of events, including continuing Covid outbreaks and mutations, lockdowns, border closures, travel restrictions, lack of migrants, students and working holiday travellers, has combined to create a perfect storm.  And there is no shortage of jobs. I will take this opportunity to send a shout out to all the human resources, hiring managers and recruiters who have displayed continued resilience after everything the last two years has thrown at us. We’ve taken yet another deep breath, dived deeper into the diminishing candidate pool, and continued to successfully place top performing talent – but it is TOUGH!

Engaging candidates (whether passive, engaged, open to a conversation etc.) is actually more than just contacting potential hires. I’m sure those of us on the recruiting frontlines have experienced the highs and lows of candidates: no-shows at interviews, ghosting, withdrawals at the last minute, accepting another role that seemingly came out of the blue, unrealistic salary demands (not so unrealistic as it turns out, when the push for higher remuneration is being met elsewhere)… I could go on! In addition to this, working from home, hybrid work and flexible working arrangements are now arguably the most import factor in determining whether a candidate is even interested in a new role.

In today’s market, understanding the motivation behind an individual’s career move is more important than ever. Whilst salary, work-life balance, career management, professional development, interesting projects and meaningful work are not particularly new concepts, taking the time to explore a candidate’s motivators is somewhat novel. It may surprise some of you to read that I have found the only way forward with candidates is to genuinely service and interact with them. Yes, it’s a return to our old school ways: over communicate, don’t make assumptions, close the conversation loop, gain commitment and follow the process.

If I had a dollar for every candidate that was genuinely shocked when they were called to advise they had been unsuccessful, were given valid feedback on why they didn’t get through an interview, or had a pep talk to prepare them for an interview with the hiring organisation…  

While it may seem candidate loyalty has wavered since the days where employers held all the cards, could it be that we all had a part in driving them away from us because we stopped genuinely caring? It’s food for thought.

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Posted in Business Support, Slade Executive, The world @work