To go from being a good recruiter to a great one, you need to know your market. Being knowledgeable working in your market is essential to your professional success as a recruiter. Building knowledge on areas and demographics you are working in can give you insight and add value to your clients beyond the regular LinkedIn or Indeed search. In today’s workforce, clients have access to many of the same candidate pools that recruiters’ access so being a well-rounded recruiter with an extensive knowledge base allows you to really add value.
As a consultant, you should be increasing your knowledge of your market on a consistent basis. This could be as simple as taking 30-minutes of your day to read the latest trade and technology trends in and outside of your area. Be sure to include the business sectors that are growing at quick rates and which roles job seekers seem to apply for the most. A simple task that can expand your expertise and help you know which roles are most popular within your sector. This doesn’t need to be a tedious task, but can easily be something you enjoy while on route to work or while having your lunch etc.
Recruiters should always be aware of which candidates are in high demand, which roles are more difficult to fill and most importantly the salary range in your markets. As a recruiter, you should be able to support your client and manage their expectations when pursuing candidates and helping them understand the competitiveness benefits offered at each level.
Our clients know that today’s market for highly skilled technical resources is extremely tight, and that’s why they look to V-Soft Consulting to help them scale their operations and better compete. Backed by a global 24/7 recruiting engine we’re able to supply the right resources for their business-critical projects and establish ourselves as their most trusted IT services and solutions partner."
Ryan Stearns, Assistant Vice President of Sales
One of the first tips to understanding your market is to know whether you’re working in a candidate or job lead market. A candidate led market is when the number of candidates is less than the demand within the market. This usually happens during periods of economic growth that results in an increase of job vacancies but less candidates to fill them. As a recruiter, you will need to be proactive in attracting quality candidates because the demand exceeds available candidates. With extreme competition for the best talent in candidate led markets, you can develop your own relationship with clients by working together to establish USPs and motivating them to more urgency with their hiring decisions.
A job led market consists of less jobs but higher numbers of candidates available. This occurs when the economy is not so well and there are high numbers of people looking to be employed but have fewer opportunities. The hiring process can be a lot slower during this time because clients don’t want to rush their process selecting the perfect candidates. In a job led market, you may need to negotiate tougher on your rates and fees.
Assessing the marketability of your region is key. Research how your clients build brand recognition, attract top talent and engage with candidates. Always be aware of you client’s employee engagement strategies and how they compare with their competitors in the market and don’t refrain from sharing your expertise. Knowing and understanding your market is the most critical part to providing great customer service to your clients and candidates. This knowledge is the foundation of recruiting and the key to successfully finding the right talent.