Comparing today’s housing and job markets: How to navigate a candidate’s market to get the talent you need

houses aligned in a row

The housing market is moving quickly right now. Some buyers don’t have more than an hour or two following a tour before their dream home is sold to someone else. We’re seeing this same trend in the Kansas City job market. Companies are finding shorter lists of resumes than ever before, and often the best candidates are gone before they ever have a chance to reach out.

There are many reasons jobseekers choose one opportunity over another. The job market today requires employers to change their internal processes and approaches in order to get the talent they want and need. We’ve asked Morgan Hunter recruiters and talent experts, Adam Loewen and Harry Brewer to give their advice for landing top talent in this competitive market.

It’s a candidates market

To put it simply, there are more jobs available than qualified candidates right now. That means jobseekers are at an advantage and have more opportunities to take their pick of roles than ever before. Someone who might have struggled finding a job three years ago now has multiple positions to choose from.

With more power in the hands of jobseekers, companies can’t assume a job posting is getting noticed and that the applicants coming in are the best options out there. We’ve found that strong employees aren’t active jobseekers, so they plan before making a change–and when they are ready for their next career move, they move quickly and are often presented with multiple opportunities. Recruiting agencies work to constantly meet and vet both passive and active talent and provide a pool of candidates that can’t be found otherwise. At Morgan Hunter, we aggregate a dynamic roster of qualified candidates in accounting and finance, administration, HR, IT, sales, marketing and operations, education and healthcare IT, and connect employers with candidates to find the right fit for every role.

Hire Quickly

A good home sells quickly, and so does a well qualified job candidate.

In most cases, a lengthy hiring process drastically hinders your chances of hiring talent, especially the type that employers highly covet. View the process through the eyes of the candidates who have more options than ever before to consider. Suppose a good opportunity moved you swiftly through a streamlined process and continually updated you with their level of interest, while another company used a five-step process that strung you along. Who would you feel better about joining? Candidates are people, and trust us, the hiring experience and urgency with which you act matters.

A recent survey found 62% of jobseekers lose interest in a position if they don’t hear back from the company within two weeks. That number increases as time goes on, rising to 77% for a three-week wait. If a candidate is torn between two opportunities, we’ve found they typically choose the one that moved more quickly.

So how do you do speed up your process without sacrificing the quality of candidates you hire? If your company requires that multiple people interview a candidate before a final decision can be made, consider a committee or panel interview, or stack together as few interviews as possible. From there, follow up quickly with internal parties for feedback, and keep a candidate updated on your interest and when they can expect a decision. Working with Morgan Hunter can help throughout the process by updating you on a candidate’s other opportunities and timing, so you can act accordingly.

What jobseekers are looking for

Let’s look at the housing market again. Today, sellers are accepting cash offers way over asking price, which is making it more challenging to find a new home for many buyers. In the workforce, companies and employees are now more aware of how virtual situations can be just as productive as traditional in-office situations. That means candidates can accept virtual positions from just about anywhere–so instead of competing with, say, 50 local companies for one candidate, you are in theory competing with 500, driving up the value of that candidate.

This revelation creates additional opportunities for candidates and creates more competition for employers to deal with, driving up salaries and perks to procure good talent.

The pandemic has caused many candidates to reprioritize what is essential to them in a career. In the current job market, a higher salary offer seems like the easiest solution on the surface—and salary will always help—but jobseekers are more likely to be won over by other perks.

A 2021 CareerArc study found 53% of jobseekers wouldn’t even apply for a position if the company showed signs of poor work-life balance. Work-from-home opportunities, more paid time off and favorable health benefits are also rising to the top of priority lists. Make sure to sell your company’s culture, non-compensation perks and how you value your employees as people, first. These attributes and perks will make a huge difference in your chances of winning over a candidate.

Navigating the candidate-driven market can be tough for employers. At Morgan Hunter we can help connect you with quality candidates and guide you through the hiring process. If you’d like to learn more about what it’s like to work with our recruiters, or want advice on today’s job market, contact us today.

Adam Loewen and Harry Brewer are recruiting directors of the Information Technology and Accounting & Finance teams at Morgan Hunter, serving Kansas City-area employers to help them meet a range of hiring needs, from temporary staffing to direct-hire placements. Share your thoughts on FacebookLinkedIn or on Twitter @MorganHunterCo.