Five Tips to Navigating a Tight Labor Market
There are 1.9 posted roles for each unemployed, available candidate on the market.
So no wonder great talent is hard to find.
Almost every executive you talk to is frustrated at the difficulty filling open roles in their organization and the rising compensation requirements for those candidates. It shouldn't be this difficult. We've compiled five tips for how you can find the right talent for your organization.
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Prepare the Sizzle.
Every company and every role has a unique story to share, but how you communicate it makes all the difference. You have to craft a message that is compelling to candidates.
A good place to start is by answering these questions:
Why is this a great place to work?
What impact will I have on the organization as a whole?
How will this role/company impact my career?
What will my team look like?
These questions will help you start to craft a sizzle that will catch (and keep) the candidate’s interest.
Don’t rely just on applicants: go hunting.
Many qualified applicants do not have time to apply for jobs. Just like you would work to research and identify the next smartphone you should buy, your chances of finding the right talent will go up dramatically if you spend the time to identify and recruit the right talent.
While you do want to post the job online ( You can read more of our analysis of different job boards here and which are best for posting), it’s important to actually reach out.
Go on Indeed and LinkedIn and search for candidates who match your criteria. Then reach out to them with the above sizzle!
Interviews seal the deal: craft a great experience.
Yes, you want to ask the right questions, but most importantly you want to make the candidate feel welcomed. Think about inviting someone into your home. How would you treat that person? The more you can translate that into a business setting, the more you will make the candidate feel relaxed and able to operate best.
There are many different interview structures you can use, but make sure you go through the following areas:
Technical skillset
Cultural fit
Compensation
Work history
Follow where the conversation naturally leads and work to get to know the person as a whole.
4. Move with Speed, but Due Diligence.
As an old mentor of mine used to say, “Time kills all deals.” This is an old adage, but especially true in recruiting. Juggling a commitment to the process and to moving with intentionality creates tension at times.
The best solution I have found for this tension is to prioritize communication. Set expectations for the process and be clear about timelines and steps. Let the candidate know how many rounds of interviews and with whom, and when a candidate can expect to know next steps or decisions. Without communication, we all create our own stories, and sometimes those stories are false or at least incomplete.
One of the most important pieces of due diligence is checking references. It will take you 30-60 minutes but it is so worth it! The truth is you want to know someone weaknesses before hiring them. It doesn’t mean you won’t hire them, but it does mean that you’ll be going in with eyes wide open and knowing how you should mentor and coach the person.
5. Make the Offer!
This is the best part of the whole process! You’ve found the one and are at the offer stage! But what to offer?! Obviously, the cash compensation is the crucial piece of the puzzle for most candidates. That being said, there are creative ways to structure an offer if you are concerned the total cash comp is not as competitive as it could be.
The most important thing is to know the candidate’s expectations going in. That means, before you even have the first interview, know what the candidate is targeting. If your max compensation is $100K and they are looking for $150K, then it is unlikely you can pull this off.
However, if you’re close, talk to the candidate about how you can come up with a win-win situation. Does the candidate need more flexibility in terms of remote days or PTO? Or is there a profit sharing plan you could create?