Shifting from Talent Scarcity to Abundance in the Job Market: However, quality is still falling short
We are finding that the applicant rate is increasing 10-fold but the quality of talent is sadly lagging. See below how we are navigating this change...
In the not-so-distant past, the job market resembled a battleground, with employers scrambling to secure top talent amidst scarcity and uncertainty. But today, a profound shift has occurred—the tides have turned. Job seekers' confidence has surged, prompting them to pursue career advancements with newfound assurance. Professionals are reevaluating their trajectories, seeking stability and growth, leading to a notable increase in transitions from part-time to full-time positions, driven by optimism and rising living costs.
At mme, we've seen this transformation firsthand. Recently, we tackled a recruitment campaign for a role that attracted over 1300 applicants, showcasing the abundance of talent in the current market. While initially promising, the sheer volume of applicants posed a significant challenge and required an all-hands-on-deck approach. We soon realised that unfortunately whilst the applicant rate increased 10-fold the quality of talent is sadly lagging.
Implementing our Job Boss Culture selection methodology became imperative to navigate this influx. Each applicant underwent meticulous screening, with our crew pooling expertise to uphold our client's employer brand. The volume doesn’t sway us from the task at hand – we need to understand the people behind the CV! We need a match on 3 levels – Job Boss & Culture.
This experience got me thinking about the significant challenges faced by hiring managers navigating this evolving market solo. Frankly, how can any hiring manager dedicate time to truly understand the individuals behind each CV when faced with such a deluge of applicants? It's a genuine struggle! The sheer volume of applications presents an immense obstacle—screening, shortlisting, interviewing, and maintaining consistent communication with each candidate while upholding employer branding standards is mammoth. It's no surprise that CVs often become the primary screening tool. Additionally, prompt communication is vital to keeping talent engaged throughout the process and ultimately securing the right people—a principle we firmly stand by as employment market experts.
At mme, our value lies in supporting both our crew and clients, ensuring no talent slips through the cracks. By leveraging our collective expertise, we identify top candidates and save clients hours of screening and interviewing. For this recent campaign out of 1300 applicants, only 51 were shortlisted, with 4 progressing to client interviews, a testament to our efficiency in identifying the most suitable candidates PLUS demonstrating that quality in the market is lagging with this job mobility surge. We did get through all the applicants, we not only moved fast in engaging top talent but also alleviated the burden on our client, allowing them to focus on their core operations – A universal success!
As the job market evolves, adaptability and collaboration are key. Hiring managers can benefit immensely from leaning on recruitment suppliers for support. Partnering with experts streamlines the process, maximises chances of identifying top talent, and ensures mutual success in the dynamic landscape of recruitment.
Contact us to discuss how we can support your next hiring campaign