While companies are recovering from the ups and downs of the past couple of years, there’s still quite a journey ahead as the effects of the ‘Great Resignation’ don’t appear to be stopping anytime soon.

Australia’s unemployment rate is at 3.5% as of June 2022, and according to the data released recently by the Australian Bureau of Statistics (ABS), this is the lowest it’s ever been since 1974. People are now powered with confidence and courage to leave their jobs in exchange for one that offers higher pay, better benefits, flexibility, a healthy environment and culture, and more meaningful work. With an inflation rate of 6.1%, as reported by the ABS, people’s daily spending decisions are affected and they are looking for a higher salary to meet their needs. There’s much of a battle amongst companies to hire the most talented and highly skilled individuals out there as applicants face counteroffers left, right and centre. 

Now more than ever, time has become a crucial part of recruitment. Some companies have drastically shortened their recruitment process to secure the candidate they worked so hard to find. Decreasing the time from the initial interview until the job offer gives the applicant fewer chances of being nabbed by another company. Being highly competitive with compensation offers will also keep you ahead of the competition. Increasing the rates offered to candidates gives you a higher chance of sealing the deal. 

While compensation still is the top priority, non-monetary benefits are now seen as just as important by applicants. This could mean providing flexible working hours, allowing employees to work from home or adopting a hybrid work arrangement. The ‘Great Resignation’ was an opportunity for people to re-evaluate their priorities, and for some, not being given flexibility has become a deal breaker.

Another thing that is imperative in the recruitment process is the interview. Genuinely connecting with a candidate will also be highly beneficial and is just as important as getting to know their background. You need them just as much as they need you. Painting a clear picture of the role and the company’s values and culture is now deemed important by candidates. 

At FIRESOFT People, we can help you with your candidate search to power your projects. Visit our website at https://www.firesoftpeople.com/client-landing to learn how we can help empower your projects. You can also register here to receive your free copy of our post-offer onboarding strategy!