The Best Ways to Navigate a Candidate’s Market
While nearly three-quarters of respondents in a new survey say they are satisfied at work, 60 percent of total respondents are still looking for a new job to gain higher compensation, according to a study released today by Addison Group.
For its report titled How Hiring Managers Can Navigate a Candidate’s Market, Addison Group surveyed over 1,000 job seekers and found that 65 percent are confident in taking full advantage of the candidate’s market. In the past year alone, 54 percent of people have negotiated a higher salary with their current employer, proving they are not afraid to capitalize on the job market being in their favor.
The report also uncovered the top-three benefits of the current candidate’s market and the importance they hold to job seekers. Competitive salaries was the greatest benefit job seekers reported (34 percent), followed by the location of opportunities (24 percent) and then increased number of job offers (17 percent).
The report also finds that job seekers have access to more resources to determine industry compensation. Fifty-eight percent of respondents have used online research (Glassdoor, PayScale, Salary.com, etc.), and 38 percent have asked industry peers about their worth in the market. Surprisingly, only 30 percent talk with their colleagues about compensation, even though that’s the most reliable source for how their company compensates.
Additional key findings from the report include:
● Nearly half of job seekers are dissatisfied with the salary/compensation at their current job;
● two in five job seekers say their current employer knows they are actively searching for a new job; and
● nearly three-quarters of candidates are confident in their ability to secure a new job quickly.
“Unemployment is at an all-time low and so it’s vital that companies remain competitive in this tight market,” said Tom Moran, CEO of Addison Group. “Navigating the candidate’s market is new territory for a lot of hiring managers. If companies aren’t at least matching their offers, they risk missing out on top talent—an area that is crucial to the future growth and success of their company.”