Today’s job market continues to be a “candidate’s market,” meaning there are more jobs than there are qualified candidates. Competition for the top jobs continues to be extremely fierce, with more employees than ever willing to leave their current role to take on a new one.
At the same time, two out of three job seekers reported in a recent survey from Joblist that they are “worried” or “very worried” about a potential recession. Even though there is a strong urgency among job seekers to find a job (or a new job) before economic conditions worsen, they also have high concerns regarding their future job security.
Here are a few tips to help employers and employees effectively navigate the job search process.
What can employees do to prepare for interviews in today’s market?
It’s vital that job seekers differentiate themselves from other candidates in order to stand out during the process. The best way to do that is to think about how your unique mix of skills, abilities and experiences will add value to this new organization, in a way others cannot.
This often takes some brainstorming to identify your own UVP (unique value proposition) and how you will communicate this in your interview. Be sure it clearly resonates with the job description and the target company as a whole.
In times of economic uncertainty, or when there are potentially tougher times ahead financially, employers value candidates who are able to diversify beyond their core responsibilities to support the business in other areas. That could mean shifting to a new department as demand ebbs and flows, taking on additional job responsibilities or shifting to a new job entirely. Showing versatility, an ability to learn new skills and a variety of experience will all help boost perceived value to an employer during the interview process.
Lastly, make sure you “nail the basics.” This includes a clean, typo-free resume; being punctual and professionally presented for your interviews; being prepared with smart, relevant questions for the interviewer; sending thoughtful follow-up notes thanking interviewers for their time and emphasizing your enthusiasm for the opportunity. These are often overlooked by job seekers but can be the difference between your getting hired and missing out on that next opportunity.
What are some general tips/advice for employers during the hiring process?
The ongoing economic uncertainty is causing job seekers to become more cautious about new opportunities and carefully assess potential new employers. It’s important that employers showcase the financial strength and sustainability of their organization when interviewing candidates in order to give them confidence that a move to your company can be a long-term one.
Running a smooth and structured hiring process is another factor that can make or break candidate confidence in you as an employer. Things to put particular focus on here include:
* A clear and comprehensive job description;
* Setting clear expectations on what to expect during the hiring process;
* Consistent and timely communication with candidates;
* Allowing enough time in interviews for the candidate to ask questions and do discovery on the organization
Transparency builds trust and is a foundation for a long-term employer-employee relationship. While it’s important to “sell” candidates on yourself as an employer and your open role, it’s equally as important to offer what we in human resources call a “realistic job preview” during the hiring process.
That means being honest about the challenges, as well as the opportunities, should they come on board. This helps ensure that you hire the right person for the job and they pick the right company and role for themselves, creating a win-win hire.
What questions should employers be prepared to answer?
Candidates want to feel confident that if they join your company they won’t be out of a job, should the economy shift. Typical questions will often center on your employee retention record as well as layoffs you have done over the last couple years.
Candidates may ask how you handled layoffs, especially if you had to do them in the past. How a company approaches layoffs – both from a decision-making perspective and a process perspective – says a lot about the values of that organization.
Candidates understand economic realities and won’t count you out if you’ve done layoffs. But if you’ve done them and the process hasn’t been handled the right way or the decision seemed to come easy, that will be a red flag.
Savvy job seekers will seek to understand the reason the specific role they’re applying for is open. Again, transparency is the best choice here. If it’s a growth role, meaning it’s opened due to the growth of the overall business or specific team/division, that’s great. If it’s a backfill because someone left, let them know.
Often, when employees leave it’s a positive story – they move to a larger firm, take on a bigger role or just wanted a change of scene after a long tenure with a company. These are all positive scenarios in a potential employee’s eyes so don’t be afraid to be honest.
Candidates may want to understand how you are communicating job security to existing employees. Do you share company financials and business health information at all-hands meetings? Have you been awarding promotions and raises over the past weeks/months? Have you discussed contingency planning with your team should a large customer or two walk out the door?
No one appreciates being blindsided, so open communication and transparency from an employer on the state of the business is a major plus for candidates and current employees alike.
Insights into wages and benefits employees continue to make a priority
Any time inflation surges, employees hope to see wage increases that will help them absorb the increased day-to-day expenses. Even if your company isn’t changing its compensation strategies to account for inflation, you should have a stance you can clearly articulate to a candidate should they ask this question or one that alludes to it.
Candidates understand wages won’t necessarily rise in parallel with inflation, but they do look for companies that acknowledge the challenge and look for ways to support their employees through it. This could be introducing a new transit perk, a fuel stipend to help with rising prices at the pumps, bonus programs or reduced benefit costs.
Anything that increases employee take-home pay is welcome and demonstrates that the employer values them and cares about their financial wellbeing.
From a benefits perspective, employees are increasingly looking for more holistic packages that will not only take care of them from a health and retirement perspective (e.g., medical coverage, 401k, etc.) but also from a work/life balance and overall wellness perspective.
When it comes to work/life balance, flexible working and the ability to work remotely – either full-time or part of the work week – is No. 1 on the list. In fact, location flexibility is the primary decision-making factor for almost 50 percent of job seekers today.
When it comes to wellness, candidates are looking for companies that can demonstrate they value their employees’ mental as well as physical health. Job seekers are more cognizant than ever before of the importance of mental health and have welcomed more open conversation around the topic that has come about post-pandemic.
Whether it comes in the form of free online therapy sessions, access to stress-relief apps like Calm, or paid mental health days, candidates expect companies to have benefits that address this increasingly important need in the modern workplace.
Chris Sinclair is the Chief People and Culture Officer at Bayard Advertising, a recruitment advertising agency that focuses on talent attraction, employer branding and recruitment. His article above was written exclusively for TNJ.com
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