What can you do to attract talent in this highly competitive and talent short market?

Thanks to the 270+ talent acquisition, HR and business leaders who joined us for our webinar today. I so enjoyed chatting to our expert panel and seeing such high levels of engagement from our audience. We’re all navigating this market together, so we see great value in coming together to learn from one another.

There were so many key takeaways from today, but we started off hearing from Danny on how things are different now, according to SEEK data;

Job security now the number one driver for candidates
Worklife balance and flexibility following closely behind
Salary knocked off the number one spot for the first time ever
Whilst traffic to the SEEK site is the same, applications are down 33% meaning candidates are a lot pickier in what they apply for
41% of candidates agree that COVID has made them rethink their careers
2 in 5 employees say that they are likely to change jobs this year

Changing candidate priorities post COVID

With that in mind, how can we tailor our approach to hiring talent to reflect these changes?

Thanks to Danny, Jessica and Jenny for their insights and different approaches. Some key tips;

Focus on the fundamentals; To ensure a job ad view to applicant conversion, make your job ad stand out! Invest in copy writing training, don’t treat ad writing as an administrative piece of the process

As advised by Jenny, leverage inspiring executives in your business and encourage them to get out into the community and increase brand awareness via panels, meet ups and webinars. Our sister business, SustainDigital recruit in a VERY candidate short digital market and they are INCREDIBLE at getting out there and it really sets their business apart.

Focus on “talent agility” – build a strategy around internal mobility in order to invest in existing employees and increase engagement and retention with employees.

Understand who your candidates are and what they want to see/ what their motivators are and then work on how to attract them

Data data data! Consult, educate and guide hiring managers and executives to move with the market

Counter offer management starts at the first interview stage; ask candidates to rate 1-5 how serious they are about moving and ask them to picture how their business would approach a counter offer and if they would take it. This article and this article by Greg Savage for agency recruiters can absolutely applied to internal organisations too

Organisations need to think like agencies and work with “agency hustle” as described by Jess! Utilise their database/ ATS, effectively pipelining candidates and revisiting old applications

SEEK data showing changes in job applications and hiring demand

Thanks to all who joined us, our amazing panel and the Lotus People team for promoting and sharing with our networks– let us know what topics you’d like us to cover next!

There was so much quality content covered and so many immediately actionable items. Get in touch if you’d like a copy of the recording!

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Navigating Candidate Market Drivers in 2024

20 Mar, 2024

The employment market is continuously changing, so understanding the drivers and motivators influencing an employee or candidate is paramount for businesses striving to attract and retain talent. Recent findings from our market insights survey shed light on the shifting priorities shaping the current job market, showing results that vary from the top candidate drivers of 2023. According to our survey results, the top five drivers and motivators for employees and jobseekers in today's market are as follows: Compensation/Salary Package - 64.7% Company Culture and Values - 47% Professional Growth and Personal Development Opportunities - 45.1% Remote and Hybrid Working Policies - 39.8% Work-Life Balance - 38.7% What's particularly noteworthy is the subtle yet significant shift in priorities compared to the data from 2023. Whilst compensation has always been a key motivation for candidates, its importance has notably increased, emerging as the top priority for most employees and jobseekers. Equally significant is the emphasis placed on company culture and values, which have risen to become the second most influential factor driving employment decisions. This shift highlights the increasing importance individuals place on aligning with an organisation that shares their values, vision, and ethos. In today's competitive job market, candidates seek more than just a paycheck; they crave a sense of belonging and purpose within their workplace community. On the other hand, whilst remote and hybrid working policies remain important considerations, their ranking has slightly decreased compared to the previous year. This trend suggests that whilst flexibility in work arrangements remains desirable, it may no longer be the primary driving factor for many candidates, as we have long emerged from the days of pandemic. The findings from our market insights survey highlight a fundamental truth: the landscape of candidate and employee preferences is continually evolving. Employers must adapt their recruitment and retention strategies to align with these shifting priorities, placing greater emphasis on competitive compensation, fostering a positive company culture, and providing ample opportunities for professional growth and development. As businesses navigate the complexities of effective recruitment and employee management, understanding and responding to the evolving needs and desires of the market will be essential in attracting and retaining talent and fostering long-term organisational success. As we move forward in 2024, it's imperative for businesses to prioritise not only meeting but exceeding the expectations of their workforce, creating environments where individuals feel valued, supported, and empowered to thrive. By staying attuned to the evolving landscape of candidate drivers and motivators, organisations can position themselves as employers of choice in an increasingly competitive marketplace. If you’re interested in learning more about our survey findings, download a copy of our Market Insights report below!