When it comes to hiring new employees, employers often focus on finding the best people “on the market.”
This means that they prioritise candidates who are actively searching for jobs and have submitted applications, resumes, or participated in interviews. While this approach may seem logical, it can result in missing out on some of the most talented and valuable candidates.
Instead, employers should focus on finding the best people in the market, regardless of whether or not they are actively looking for work.
The problem with only considering candidates who are actively job searching is that it creates a narrow pool of applicants. Some of the best candidates may be happily employed, but open to new opportunities. These passive job seekers often have excellent qualifications, extensive experience, and impressive skill sets that can bring great value to a company. In fact, studies show that passive job seekers are often more productive and engaged in their work than active job seekers.
By focusing only on active job seekers, employers are potentially missing out on top talent that could take their company to the next level. The best people in the market are those who are already employed and performing at a high level. These individuals may not be actively seeking a new job, but they could be interested in an opportunity that provides new challenges, better compensation, or a more positive company culture.
Another advantage of seeking out the best people in the market is that they may be less likely to job hop.
Active job seekers are often more likely to jump from job to job in search of better opportunities or higher pay, while passive job seekers may be more committed to their current employer. By hiring a passive job seeker, employers can often secure a candidate who is more likely to stay with the company for the long term, reducing turnover costs and maintaining a stable workforce.
To find the best people in the market, employers need to be proactive in their recruiting efforts.
This may involve reaching out to potential candidates on social media or professional networking sites, attending industry events to meet new people, or partnering with recruiters who specialise in finding passive job seekers (like HST). Employers may also want to consider offering referral bonuses to current employees who recommend talented individuals, as well as creating a company culture that is attractive to top performers.
While it may be tempting to focus on candidates who are actively searching for jobs, employers should expand their hiring strategies to include the best people in the market, regardless of whether or not they are currently job hunting. By doing so, they can tap into a wider pool of talent, secure candidates who are more committed to their current employer, and ultimately build a stronger, more successful company.