The Consultancy Group has recently observed the skills shortage that is ever growing in today’s London Job market. How does this change the recruitment game, in Candidate Vs Employer?
Since the recession, candidates were forced to put their job search on hold. Now after years of limited opportunity, the market is screaming out for them again. Most businesses won’t have a plan for recruiting in ‘talent short’ markets, despite rising demand and increasingly competitive hiring conditions. Employers have to work much harder to find the perfect candidate and even then, they are likely to have other potential offers in the pipeline. This 'dash for talent’ requires employers to be flexible and adapt to the conditions we are facing. Time is certainly not a commodity available to them today.
How can we adapt to this ever-changing landscape?
Shortening the hiring process and reducing the time from interview to offer, for instance, can create significant competitive advantages. While the mindset is to have a long and thorough process, it is a misguided approach to recruiting in a skills short market. Holding out for the ‘perfect’ candidate can mean that vacancies remain open for weeks or even months. A quick hiring process often reflects the attitude and values of the company, which can be a deciding factor.
Recent research has shown that nearly half of employers will consider appointing an Interim to bridge the gap. Hiring interim or contract staff can help cover skills shortages caused by a lack of available permanent candidates. If you are unable to reduce the time to hire, then this could well be the answer.
What is more apparent than ever, is the candidate is now in the driving seat. It is key that all employers have a greater appreciation of the candidate’s needs and can be flexible. With the Accountancy & Finance recruitment market picking up, businesses that fail to adapt have and will lose out to more flexible competitors.