Unemployment is currently the lowest it has been in 50 years which means the labor market is tight. With a low unemployment rate comes a candidate driven market. A candidate driven market means employers are competing for new hires and fighting to retain current employees. We have some tips and insight into the current market and how you, as the job seeker, can make the most of this new market and land your dream job.
Know that Employers NEED you
Retention rate is low, especially at larger companies with hundreds of new hires each month because employees know that the job market is hot right now which means they are able to negotiate better deals elsewhere. Whether you currently have a job or are looking for one, know that employers need you more than you need them. You can use this to your advantage. Employers are desperate to find good employees who want to stay at their company. First things first, be confident in the skills you have and the value you can add to a company and the open position. Employers want qualified candidates who show the desire to stay at a company and move up within it. Retention is key for employers, and if you show proof of that with previous work history, and express it as a current goal, employers will be fighting over you. Quality, qualified candidates can be hard to come by, be that candidate and be one step closer to landing your dream job.
Look for Companies Whose Culture Aligns With Your Work Style
In the new year, companies will define and follow their company culture even more than they have in years past because employees are more likely to stay at a company that practices and stands by their values daily. When you are interviewing for a job, make sure you ask about the company culture. Let the employer explain the company culture to you, their values, and the day-to-day office environment and make sure that it is a good fit for you both. In 2019, one of the most important things for both employers and employees is knowing that it is a good fit all around. The better the comradery between coworkers and leaders of the company, the more likely employees are to stay. Culture has been an important component to company values in recent years, but as we enter 2019, it will become crucial for overall company satisfaction. SO, in this candidate driven market, be confident in the type of company culture you are looking to be a part of and know that companies are searching for candidates like yourself.
Have you Heard of the Candidate Experience?
We know that the hiring process is not always pretty. Some companies can take months to hire for one position and if they don’t let you know that they are still in the review process, how are you supposed to know that you are still in the running as a potential candidate for the position? Well, in 2019, companies are going to HAVE to be better about creating an awesome candidate experience. If your goal is to work for a company who really cares about their employees, the first thing to look at is their hiring process. Employers who create a thoughtful candidate experience for their hiring process, is a company that cares about their current and future employees. Some things that can make the onboarding or interview process better for candidates are: response time to submitted application, ability to self-schedule your interview, open line of communication between you and the person interviewing you, pre-interview via video chat, etc. When a company has taken the time to create a structured and enjoyable interview and onboarding process, it shows a lot about the company itself. Companies like this are ones you want to look out for in the coming year because they are keeping up with the times and know how important it is to keep the job seeker engaged and eager about working with the company.
Know Someone who Loves Their Job? Ask for a Referral
Being referred to a job in 2019 will be great for both parties. If you know someone who truly loves their job, ask if they know of any open positions and if they would be willing to refer you to the hiring manager. A lot of companies have increased referral programs, encouraging people to refer friends and family to open positions. A company that encourages people to reach out to people they know in the community to fill positions is definitely forward thinking, plus if people actually want to encourage others to work at their company, it must be pretty great. As you begin or continue your job search into the new year, take a look at the people around you and see if anyone knows of a position that may fit your qualifications. Hiring in the new year is going to be vastly different from 2018, keep up with the times, ask around!
The Candidate Driven Market – It is yours for the Taking
When looking for your next career path, consider the tips listed above and make sure that you find a company that aligns your work style with that of the company culture. Utilize the fact that the labor market is so tight right now that employers are desperately trying to hire and retain employees. Be the new hire that wants to stay with the company and move up from within. If you do that, you will be the ideal candidate. Let employers know just what an added value you would be to the team and you’ll have companies fighting to hire you!