First published on Friday, February 3, 2023
Last updated on Friday, February 16, 2024
Global companies like Spotify, eBay, Microsoft, Paypal, and Amazon have made thousands of staff cuts from the end of last year into 2024 as financial worries continue.
Overconfidence in hiring—and in Big Tech’s ability to withstand hard times—means leaders are backpedalling.
Though the survival of the tech industry is pretty guaranteed—sadly the declining economy plus an earlier boom in hiring means a lot of fresh job loss. But what it also means is a brand-new availability of tech experts to support small businesses and start-ups.
If small-medium business owners like you act quickly you could gain the competitive advantage bigger companies have and hire better candidates with greater skills.
So, the million-dollar question is…
How do you attract talent in a candidate-heavy market?
Act fast on great talent
Striking while the talent iron is hot—so to speak—is necessary in this job market. It might seem like there’s a huge influx of options, but your hiring process will need to be rapid if you want to hire the best people.
Don’t let good talent slip through your fingers with slow and inefficient recruitment processes. Be aware that every candidate you speak to will likely have other offers on the table. If your recruitment admin is streamlined—you’re guaranteed more time to focus on finding your team’s perfect fit.
Think about the value you can give to potential employees
Thinking about the value your employee will get when they join your company and designing your hiring strategy around this will get you more job applications.
And don’t just think about the value—broadcast it. Focus on your EVP (employee value proposition, that is) and share it with potential candidates. Examples of an EVP includes things like well-being support and development and growth opportunities. Investing in systems that offer your team upskilling opportunities can work wonders for winning top talent in a competitive field.
Have a clear hiring strategy that sets you apart from competitors
Check out your competition. Is there something they offer their employees that you don’t? If so, fix it!
Something as simple as clean, informative, error-free job adverts can help you stay a cut above the rest. And they don’t need to be high maintenance or cost you a fortune.
Even though it’s important to act fast when you have a strong candidate, don’t hire too much too quickly. As we’ve seen with the recent Big Tech layoffs, it’s important to hire within your means but keep talent interested in you for the future. Invest in applicant management software to keep track of eye-catching-candidates so you can revisit them when the time is right.
Fast efficient recruitment support, ready-to-go templates, and a handy hub for applicant management, our Turbo Talent Navigator can help you snap up talent before your competition. To get a full run-through of our handy all-in-one hiring hub, book your FREE BrightHR demo now.
