Information is power. Historically, the balance of power between employers and candidates has favoured employers. Job seekers had few sources of information about open positions, compensation and benefits, let alone corporate culture or company vision. However, times have changed.
Today, candidates are far more informed during the early stages of the job search process, as many employers are upfront about what’s on offer and what it’s like to work for them. Anyone who isn’t doing this must follow suit in order to remain competitive and secure the talent they need. Disclosing critical information about a role at offer stage or even the final interview won’t cut it anymore.
What information is most important to candidates?
Here are four of the most important factors that candidates consider when making career decisions:
- Company brand
58% of global candidates say that company brand is more important to them than it was five years ago. This is especially true when it comes to younger Millennials/Gen Y candidates (18-35 year olds).What this means for employers: Build a stronger Employer Value Proposition (EVP) that positively influences target candidates and employees to gain most traction.
- Compensation
Compensation is an important motivator for career decisions among candidates worldwide. In fact, when it comes to switching jobs, an increase in pay is twice as powerful as the type of work.What this means for employers: Be upfront about compensation early on, as this is likely to increase recruitment efficiency. Candidates can remove themselves from consideration, if one of their primary motivators for career decisions does not meet their expectations.
- Benefits packages
38% of candidates said that the benefits offered with a role or company was one of their top three factors in making a career decision.What this means for employers: Earlier disclosure of the full benefits package available is likely to encourage the right talent to apply for, progress and accept new roles.
- Company values and vision
Candidates want to work for organisations that they believe in. For example, Millennials say working for employers who are socially responsible and aligned to their values is important.What this means for employers: Communicate your brand values and vision at the beginning of the recruitment process. This will enable candidates to really understand what the organisation stands for and decide if they will be the right fit.
To attract and retain in-demand talent, it’s important for employers to be aware of what motivates candidates when making career decisions, and align their workforce strategies accordingly.
Read our new whitepaper to find out more about the rise of the well informed candidate and what your business needs to do to respond.
