Finding new hires for your business in an oversaturated market can be difficult, particularly if you’re finding it hard to attract the right talent.
To help you hone in on what to focus on in such a saturated market, here are our top tips.
A saturated market in recruitment refers to the number of candidates compared to the quantity of roles available. For each advertised job position, there can be hundreds if not thousands of applicants, which can be difficult to filter through for the best talent.
With numerous candidates all after the same job opportunity, it can be easy to see how business owners and hiring managers find it hard to seek out the best person for the job.
Whilst there are numerous sectors which are typically trickier to recruit for than others, there are specific sectors which are experiencing increased difficulty when recruiting potential candidates.
These sectors include:
One of the main barriers of hiring in a saturated market is the sheer volume of applicants. HR managers usually do not have the time to sort through a huge amount of applicants, but in doing so, they could be overlooking the best talent.
If your company does manage to whittle down to a handful of applicants, it can be damaging to hire the wrong person. In fact, the impact of a bad hire can cost your business more than it would to pay the annual salary itself.
Revenue can be lost through things such as:
To attract the right talent in saturated markets, your company needs to have some points of differentiation.
The key to great talent is finding individuals who align with your company’s culture and values. To do this, you need to be showcasing this through not only your job adverts, but through your social media and online presence too. This will help potential candidates to get a true feeling for your company and the ability to relate to you.
You can demonstrate things such as how you work in the community or what charities you donate to. Anything which will attract candidates with similar interests or hobbies will help to find the right talent for your business, especially if you make it niche.
Part of making an effort to find the best candidates involves finding the places they’re likely to be found. This could include social media platforms, industry-specific forums, networking events and so on.
You don’t necessarily need to be advertising in these spaces, but you should ensure that you have a presence to help your brand stay in the forefront of potential candidates' minds.
Your employer brand, how people view you as an employer, is vital for attracting great talent. You will want to build a good presence on social media and review sites, such as Glassdoor.
Your existing and previous employees are one of the best indicators for your business and what it is like to work there, so having good testimonials on careers pages will help to boost your employer brand.
By working with a reputable recruitment agency, you can be sure that only the most suitable, qualified and professional candidates are filtered through your hiring process.
Outsourcing, or getting support for recruitment, can save your business a lot of time and take the worry out of hiring the wrong people due to an overwhelming volume of applicants.
Whether you’re struggling with the sheer amount of applicants and need extra resource to filter through these, or you need support from the very start of your recruitment process, we can help.
At Four, we’re proud to offer bespoke services to our clients and can assist you with your hiring process no matter the problem.
Get in touch for an informal chat about our services and how we can help you find the best talent for your business.