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Published 29 August 2023 | 2 min read
Are you losing out on top talent?
As a small-to-medium business owner in New Zealand, you know that attracting and retaining top talent is essential to your success. But in today's competitive job market, it's getting harder than ever.
A new report from Gartner found that 50% of job candidates are backing out of job offers before their first day. That's a staggering number, and it's a major problem for businesses like yours.
What's causing this trend?
There are a few factors at play, but the most important one is that job seekers have more options than ever before. With the rise of remote work and the Great Resignation, job seekers are no longer tied to one location or one company. They can choose the jobs that offer the best compensation, benefits, and flexibility.
In May 2023, Gartner conducted a survey involving nearly 3,500 candidates, revealing a profound shift in job seekers' behaviour. Among the respondents who recently accepted job offers:
- 47% admitted to keeping their options open with other employers
- 42% believed they could unearth a better opportunity if they persisted in their search.
Such trends have ignited concerns among employers and HR professionals, sending shockwaves through the recruitment landscape.
The core reasons behind this unprecedented behaviour beckon a closer examination. A resounding 90% of the surveyed candidates confessed to withdrawing from the hiring process due to mismatches in the employee value proposition.
These mismatches encompass an array of factors, including compensation, benefits, working hours flexibility, career growth prospects, skills development, team diversity, and management style. Job seekers today are assessing more than just remuneration; they are scrutinizing holistic offerings that cater to their professional aspirations and personal lives.
What can you do to avoid losing out on top talent?
In this dynamic environment, candidates are seeking jobs that align with their values, offer work-life balance, and promise meaningful career progression. As the report indicates, 68% of candidates now expect to find salary information in job postings, with 64% more likely to apply if compensation is transparently stated.
Here are a few tips:
- Be transparent about your salary and benefits. Job seekers want to know what they're getting into, so be upfront about your compensation and benefits package.
- Meet remote aspirations. In today's world, flexibility is king. Job seekers want to be able to work from home, on their own schedule, and have a good work-life balance.
- Make your company culture clear. Job seekers want to know what it's like to work at your company. Be sure to highlight your company culture and values in your job postings and interviews.
The contemporary candidate seeks a cohesive employee value proposition that resonates with their career aspirations and personal preferences. So don't wait, start taking action today!
Searching for high-performing NZ talent?
Our friendly recruitment experts are just an email or a phone call away.
Email us at info@eqconsultants.co.nz, or call us on 03 366 4034 for professional, one-on-one guidance.