Successful business owner and entrepreneur Josh Cote has uncovered the new fad among job seekers – job hoarding and revealed how this could impact businesses. The business owner has explained that to combat this; brands need to stand out and relate to their audience.
Job hoarding has become a significant problem for employers and businesses in recent years; studies show that hoarding is increasing amongst job seekers at alarming rates. So what is job hoarding?
As an ongoing skills shortage grows, candidates with a high skill set know they are in a position to take advantage of businesses looking to acquire the best of the best. This has led to the process of job hoarding, where candidates are accepting more than one job at a time to negotiate a better deal, or they are taking a position and continuing their search, with no real intention of staying with the company from whom they have accepted an offer. Surveys amongst job seekers taken from CV-Library showed that:
• Nearly half ((49.8%) of candidates would accept more than one job role at a time, with 80.8% stating that they would do so for up to two weeks
• Over three quarters (77.2%) of job hunters think it’s reasonable to accept more than one job offer at a time, to negotiate a better package
• Nearly two-thirds (64%) would agree to a job role they’re unsure of while continuing their job search
This process can be profoundly damaging for employers and businesses as it causes friction, wastes valuable time and money and reduces morale in the workplace. As the job market grows increasingly competitive, and companies are battling amongst each other to secure the best talent, how can this problem be countered?
Josh Cote has stated that as long as a business is offering attractive pay packages and a fun working environment that candidates would be excited to join, the company will stand out amongst other competitors. “Your business, online reputation, and company culture should ensure that the candidate only has you in mind and that you are their first choice.” shares Josh Cote who also expressed that in order not to be used in a negotiation deal, or as leverage it’s imperative to build an attractive work environment. Ensure that the candidate has found the company they were looking for, with three key substances:
1. Offering the right pay: This means not only wages but incentives and bonuses, that will entice candidates.
2. Exciting environment: Showing that the workspace is unique with friendly, fun staff.
3. Flexible hours: offer hours that suit the candidate.
Another quality Mr Cote feels is essential to deterring job hoarding is branding. Research shows company branding is a key factor for candidates when choosing between jobs, and they would prefer a company with a more recognisable brand. Mr Cote highlights that promoting business awareness, and relating it to the type of candidate they want will have significant positive impacts on a business.
As a business consultant, Josh Cote works with clients on strategy, planning and problem solving, helping clients to develop business skills and knowledge. As a business owner who is dedicated to offering advice and mentorship to businesses aiming to improve their brand and recruitment process.