Over the past few years, recruiters in the executive and managerial space have been observing a shift from an employer-driven market to a largely candidate-driven market. As this trend continues, new data indicates that improved confidence in the labor market and the availability of more job opportunities are creating an environment where top performers are more willing to change companies to fill newly created roles and vacancies from resignations. While this may be encouraging to prospective employers, current employers will need to place equal emphasis on employee retention strategies as they do on their recruitment efforts. Recruiters who responded to the most recent MRINetwork Recruiter Sentiment Study provide advice to employers who seek to remain attractive to employees and potential new hires.
"The competition for leadership talent is brutal right now. There is tremendous pressure to attract new talent and hold on to those already employed," said a recruiter responding to the study. According to the report, in the first half of 2014, 81 percent of recruiters described the talent market as candidate-driven, up 25 percentage points from the first half of 2012.
The executive and managerial market continues to be candidate-driven, because of growing talent shortages due to skill gaps. Companies in most industries and geographic regions are now in growth mode, leaving top performers at a strong advantage, with multiple job offers to consider and the ability to reject less desirable work agreements. According to the study, 31 percent of recruiters say the top reason that great candidates continue to refuse job offers is because they are accepting offers with other companies. Disappointing compensation is on the rise, with 26 percent of recruiters listing this as the second most common reason that job offers are turned down.
MRINetwork recruiters provide the following insight about rejected job offers:
With more top performers on the move, the candidate-driven market points to several things:
While the study results demonstrate that hiring trends are highly favorable towards top performers in the executive and managerial space, recruitment and retention will continue to be ongoing challenges for overall hiring as the economy recovers and the job market expands.
To view the complete study, visit www.MRINetwork.com/recruitersentiment.