It's no surprise that there has never been a better time in the market for candidates to consider their career. With this demand and the shortage of talent, job seekers now have the luxury to explore and consider a greater selection of opportunities.
With a record amount of infrastructure and construction work set to be completed over the coming years – not to mention a large pipeline of residential construction activity – there will be more pressure on an already stretched construction industry, which is suffering from a shortage of workers. Candidates are obviously in record demand as companies look to resource the increased pipeline of work after the last two years. As a result, 2021 has been named one of the toughest periods for sourcing talent that the industry has faced in over 10 years.
With the increased demand for talent comes increased expectations around benefits, salary, flexibility and culture which makes the ability to attract and secure candidates more difficult than ever. While this talent short market traditionally sees pressure on salary growth, there needs to always be consideration by both employers and job seekers between market demand and value. While market demand will always drive some wage growth, there needs to be caution in considering salaries and / or responsibilities that are noticeably above a candidate’s capability or value.
While there are no perfect solutions for the number of factors that drive a candidate’s decision, the most common denominator we have seen in success has been speed across the entire process. Candidates are not prepared to go through months of interviews and a drawn-out process while they are constantly being approached with other opportunities. For employers recruiting for a particular role, it is critical for businesses to maintain momentum in the hiring process, despite their own timing and/or processes, to avoid the risk of losing the talent they desire to other opportunities.
As employers, what can you do to ensure you are leaders in attracting top talent in an extremely competitive market?
Think creatively to differentiate your organisation throughout the recruitment process
Be flexible and nimble with candidate interaction - act fast when the right candidate appears, even if it doesn’t exactly meet your timing and / or process
Amplifying your brand(capability, values and culture)across different media/ marketing platforms creates an impact with candidates