In late 2011, the power and leverage in recruiting was considered to be an even split between candidate and employer. However, over the past months, recruiters have observed significant changes in hiring practices, including a shift towards a candidate-driven market.
A Candidate-Driven Market – Recruiter Sentiment
New data from the MRINetwork Recruiter Sentiment Study reveals that highly skilled candidates drive the talent market. Experts attribute the candidate-driven market to the talent pool being weak. As the economy continues to recover, employers are increasingly searching for star workers with specialized skills and experience. This leaves top performers with a distinct advantage, with multiple job offers providing these candidates with more bargaining power and the ability to reject less desirable work positions and arrangements. According to the MRINetwork study, 42 percent of candidates refused job offers due to having accepted an offer with another company.
The candidate-driven market and the increasing number of rejected job offers signal certain things to recruiters: