There’s a lot of volatility in the talent market at the moment. In addition to high-profile layoffs and hiring freezes, candidates expect more than ever, especially in terms of timelines and feedback
Hiring Friction Component
Talent Market Understanding
Talent market understanding refers to your knowledge of where to find candidates as well as any issues that might affect the supply or hireability of candidates.
Why is it important to have a thorough understanding of the talent market? The better your understanding of the market, the better you can predict your likelihood of finding people to fill your open roles. You can give hiring managers a realistic idea of your ability to hire the people they want for their teams. And critically, you will also be able to adapt and adjust to changes that affect the supply and demand of candidates.
When you don’t have a good understanding of the talent market, you are likely to waste a lot of time, effort, and money looking for talent that doesn’t exist
Some of the major factors that contribute to the talent market include the scarcity or availability of the skills you’re hiring for, competitiveness of skills, as well as candidates’ expectations or requirements.
You may need to adjust your approach depending on the specifics of your talent market. For example, if you’re a scaling tech company seeking mobile developers in the Bay Area, you might have more success if you expand your search to other geographies. Or if you’re insisting that all employees work from the office, you may find it difficult to hire since many workers now expect or require a flexible work environment. According to Pew Research, 60% of workers say they will still want to work from home, even after the coronavirus outbreak is over.
When talent market understanding is high friction, employers have no understanding or interest in the characteristics of the talent market and no view of what applicants are looking for and what they consider important.
On the other hand, when talent market understanding is low friction, employers have a detailed understanding of the supply and demand characteristics of the talent market and make continuous investigation into complementary talent markets.
Talent Acquisition Diagnostic assessment
Take the Hiring Friction assessment to benchmark the performance of your recruitment function using the components of the Hiring Friction Maturity Matrix.
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