With fewer job postings and fierce competition due to a high unemployment rate, many job seekers are willing to take the first job that they are offered. Companies are well aware of these conditions and therefore are offering lower salaries and taking more time to make decisions resulting in dire consequences. However, as the economy improves, prospective employees will no longer be sitting around waiting for a response. Solid candidates will look for the best opportunity for them even entertaining several job offers at once or discounting those “potential” job offers from employers who are giving them the run around. They will not be held hostage by employers any longer. How will this change your hiring process?
Employers have been overwhelmed by the responses from their advertisements as a result of the economic conditions. Human Resources must sift through piles of resumes in an effort to find the cream of the crop; quite often prolonging the screening process to ensure they do not miss that all-star. Qualified candidates needing to work simply can not wait for the Hiring Manager to make a decision and just may decide to pursue another job offer they have been given in the meantime. At the end of the day the organization loses out on a stellar employee because they are unable to make a decision in a quick and effective manner.
Morale of the story … in this tough economy, do not take for granted the quality of your job applicants. The most talented candidates are still in demand and if you take your time to extend an offer, you will lose them; possibly to your competition. When you’re good, you’re good. It is these stellar prospective employees who will contribute to your organization’s success as the economy turns around. So make sure they are on your team instead of your competitor’s.