2015 has been dubbed as “The Year of the Candidate” by HR managers, recruiters and industry specialists. It’s true that the market has once again shifted from being employer-driven to candidate-driven, but what we are really seeing is a focus on passive candidates. According to research from LinkedIn, 61% of companies are looking to recruit passive candidates and that figure is set to rise.
Power in the hands of the passives
Only 25% of global respondents asked in a recent LinkedIn survey were actively searching for employment. However, a massive 45% of respondents said that they would be open to speaking with a recruiter. The balance towards hiring passive candidates is, without a doubt, tipping in their favour. In the continued battle over talent in which the demand far outreaches the supply, HR teams are having to look to other sources, including passive candidates, to meet their needs.
Pulling the passives
Naturally recruiting candidates who are already established in their current position presents it’s challenges. The employer’s pull factors need to be stronger for the proposition of changing jobs to seem like a good deal. There are three top criteria that, in general, passive candidates are looking for in an offer. These priorities will come as no surprise to recruiters, but those that overlook them will have limited success.
- Salary: Despite the popular belief of many commentators, LinkedIn’s survey cited money as the main motivating factor among passive candidates. While some active candidates may be willing to negotiate their rate, passive candidates are very unlikely to jump ship if they have to take a pay cut and will certainly be looking for a rise. When it comes to making an offer, there’s no point beating around the bush: offering a strong package could seal the deal, not acting fast enough may cause the candidate to lose interest.
- Work/life balance: Following a good salary, a good work/life balance is most valued by passives candidates. Millennial priorities combined with technological advances mean that flexi-hours and remote working arrangements are on the rise. If flexible working arrangements are a possibility in your company, it’s going to be a big bonus when recruiting passives.
- Employer branding: The third most important factor for passive candidates is a strong company culture. Recruitment practices are becoming increasingly like marketing: the brand must be attention catching, the social media outreach needs to show what a great place the company is to work, and blogs, webinars and whitepapers run by the HR team can make the company just that bit more attractive.
With the power well and truly in the hands of the candidates, now is the time to make the hiring process more personal than it was before. Start out with an eye catching offer to pull in the passive candidates, but don’t underestimate the importance of finding out their individual needs as well.