From an employer’s perspective, a candidate-driven market is something that isn’t always recognised until faced with the challenge of recruiting; but what is a candidate led market and what does it mean for you as a construction industry professional or business owner?
A candidate led market is, in short, when the number of vacancies is outweighing the number of people searching for employment and as a result, the market is highly competitive with companies battling to attract and recruit the best candidates out there.
In a post COVID world, many employers are surprised to discover they are not getting anywhere near the number of applications they would have done a year or two ago, and it’s not simply about the number of applications being received either; it’s about the candidate quality.
Skills Shortage in Construction
As the construction industry has continued its rapid growth rate, companies have found themselves struggling to bring in the skilled professionals they need to meet market demand, despite advertising competitive pay, interesting projects and growth opportunities.
Over the last couple of months, job vacancies within the industry have risen to the highest level since official records began in 2001. And, this is not due to slow down anytime soon, with the industry expected to need over 216,000 new workers by 2025 to meet demand.
Construction professionals are using it as an opportunity to find the true job satisfaction that they have desired, whether that be opportunity for progression, financial incentives, stability, flexibility or working in a company renowned for a fantastic culture.
What does this mean for construction companies who are recruiting?
It’s no secret. Construction workers are in high demand, and they know it. And as construction job vacancies hit record highs, the top talent have more options when deciding their next career move.
When top talent is so sought after, such as in the construction industry, the individuals have plenty of choice when deciding their next move. It’s up to the companies themselves to showcase why they are the employer of choice and set themselves apart from their competitors.
These companies must ask themselves; why would the top talent in my industry want to join my business?
And the bottom line is, it all comes down to their employer brand.
Maintaining a positive employer brand is essential to attract and retain the top talent and remain competitive, particularly in this tight market.
Essentially, your employer brand is your reputation as an employer. It consists of the different factors that make your company the employer of choice for the top talent in the industry, along with the factors that can help keep current employees engaged and happy at work.
Employer branding isn’t about the reputation a company has by ‘doing a good job’ – it focuses on its culture, values, vision and leadership. Focuses on what makes it the employer of choice. Your business offers something unique to its employees – you need to identify it and implement a marketing strategy to share it. Sure, word-of-mouth is great but it cannot be relied on to get your brands message across to the masses.
Employer branding is so much more than just a buzzword. As candidates increasingly use a variety of tools to research organisations and their roles, employer brand is becoming more and more important for all recruiting and retention efforts. Job seekers are no longer only interested in compensation and unique perks; they want an employer who cares and is invested in their long-term success. In order to retain great employees, you have to create a meaningful experience. That starts with your brand.
Read more on the impact of employer branding on the recruitment process here.