If you have been trying to buy a house recently you know the market has been crazy, homes are selling faster and for more money than ever. Today’s candidate market is not much different. We are seeing candidates being offered higher salaries than in the past due to companies competing for talent. One cause is that in a post Covid-19 world more companies are allowing remote work which gives a candidate the option to work for a company they would not have been able to in the past due to location. How do we compete with this?
The Talent Acquisition team within Ultra has been encouraging hiring managers to have a plan when looking to hire a new candidate. plan should include thinking to themselves “Am I willing to pay top dollar for a strong candidate?”, “Can I train a junior candidate and teach them what they need to know?” and “Can this job be done remotely?”. Asking these questions will help go a long way in being realistic and prepared when interviewing candidates.
How do we compete with these other companies? There are multiple ways that we can get the talent we need even in a tough market. First, we need to move quickly. Often the ones who act first will get their top choice in a candidate. This includes interviewing as soon as possible, limiting the number of interviews and making a quick decision about whether to move forward with an offer or not. Next, presenting a strong and competitive offer. If a candidate is given an offer that is in-line with what they requested that will give them less to have to think about, it does not mean that there will not be some negotiation, but it will show the candidate that Ultra is serious and wants them to join us.
All this plays into providing a good candidate experience. The candidate will remember how they were treated throughout the process and that will have an impact on their decision. It is important to remember that the recruitment does not stop after an offer is accepted. The future employee will remain excited, engaged, and committed if the hiring manager stays in communication with them leading up to the start date. Something as simple as a quick text message or email just to check in can go a long way to ensure that the candidate will not back out.
It is very much a candidate’s market right now. Potential future employees are interviewing the company just as much as the company is interviewing them. They want to know what exciting projects will be offered, what is the career development plan and what a company’s views on work/personal life balance are. Think back to when you were interviewing, what were some of the reasons you accepted the offer to come work at Ultra? We need to remember what it was like being a candidate and how we hoped to be treated through the interview process and give that same experience to those that we interview.
There is no such thing as the “perfect candidate”. A good hiring concept is the 80/20 rule. Can this candidate do 80% of the job and do they have the ability and potential to learn how to do the remaining 20%? If the answer is yes, then the hiring manager should feel confident in their own ability to develop the candidate in the areas that need to be improved on.
When it comes to hiring there is no exact science. We need to understand that we are working with people and people can be unpredictable. The best way to hire top talent is to collaborate with fellow stake holders. This would include the hiring manager, Human Resources, and the Talent Acquisition team. When everyone is aligned it reflects on the hiring process and allows for clear communication and a speedy result to help find, interview, and hire top candidates.
Finally, wishing those looking for a new opportunity and hiring managers all the best in their searches.
Ready to solve problems we don’t even know about yet? Search current opportunities at Ultra Maritime on our website.