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How is a Candidate-Driven Market Impacting MSPs?

The Great Resignation combined with a high demand for skilled candidates (and a lack of matching supply) has meant that now, more than ever, candidates are driving the job market.

In the life sciences sector skills shortages are rampant, meaning that in order to fill vacancies, companies are having to adapt to match candidates to keep their business innovative and competitive.

The life sciences job market is extremely competitive, and attracting candidates is essential – rather than simply hoping for a vacancy to be filled quickly and conveniently, life sciences employers have to consider the full attraction lifecycle for candidates.

But what does this mean for MSPs and the recruiters they work with?

Greater emphasis on expectations

Your clients will, understandably, want the very best talent available.

In such a competitive market, however, securing in-demand skills and rising above competitors is no easy task.

MSPs will often have to contend with their client’s expectations regarding the role, which can potentially be out of touch with the current talent market.

There are a number of adjustments that can be made to keep the criteria for a role accurate whilst also widening the talent pool – and your chances of securing the best professionals possible – for an organisation.

For example, if the job criteria pinpoints 7+ years of experience, could this be shortened to 5+ years’ experience instead for the purposes of giving recruiters access to a wider talent pool?

Remote working is also a key consideration to this end, as remote and hybrid work have a much higher demand from candidates.

Similarly, educational requirements that focus solely on degrees from specific institutions can overlook a massive untapped talent pool – opening up these expectations can lead to greater diversity.

A greater need for differentiation

The hiring process for a permanent member of staff should not be the same as the contingent hiring process.

At a time when it is critical to engage with talent that have skills that can be accessed quickly and efficiently, mismanaging this process can be detrimental.

Given that contingent professionals are valued for their ability to quickly increase productivity and accelerate growth, there needs to be a consideration of how to best streamline this hiring process.

Rather than the long lead times associated with recruiting perm hires, MSPs will have to clearly convey the necessity to treat the hiring process differently for contingent workers – no multi-stage interviews or dragged-out onboarding – unless they want to run the risk of missing out to a competitor who does have a concise process.

The key areas to focus on for MSPs hiring temporary professionals are:

  • Convenient, streamlined processes (e.g., mobile applications, video interviews)
  • Consistent and clear communication throughout the process
  • Shorter lead times
  • Set rates of pay that are reflective of market rates

Contingent workers are in high demand, which means that making the process as concise and communicative as possible is absolutely essential, particularly in the current job market.

Quality over speed

When engaging with talent suppliers, it can be tempting given the current level of competitiveness to opt for speed over quality – a supplier can end up being chosen based on a cheaper price, immediate accessibility, or convenience – yet this poses many risks.

In a candidate-driven market, one of the most vital things you’ll need is expertise.

With the skills shortages in the life sciences sector, the legislative knowledge required for placing contingent workers, and the need to find the best fit possible, organisations have to adequately assess the qualities of their talent suppliers.

Do your talent suppliers have industry insights, such as:

  • Salary expectations
  • Desirable skillsets (both soft skills and hard skills)
  • Employee expectations within the sector

The best specialised recruitment partners will have pre-established relationships with contingent professionals who are ready to work.

In the long run, organisations that focus on building quality, particularly through collaborating with their talent supplier, will find the candidate-driven market more favourable.

Aligning business and candidate needs

A client’s strategy, goals, vision, and value all need to be accounted for during the hiring process – as a business grows, their hiring process should change as well.

If a client has significant plans for growth in the near future, this will significantly impact their hiring needs, in the same way that candidate expectations will influence the ability for organisations to easily scale up.

Finding contingent talent at the right time to this end is essential.

In both cases, bridging communication is vital, as professionals want swift answers and action, and organisations want to be able to make efficient hiring decisions without having to worry about a candidate being the wrong fit.

If your client wants to secure talent in advance, being clear on day rates and project durations, for example, will be essential for MSPs to convey (preferably with guidance from recruitment partners).

Specialist advice is vital

Securing the best talent in such a competitive market can seem like an uphill struggle.

Candidates are far more in tune with what they want and how many options are available to them, making competitors an even bigger threat than before.

Specialist recruiters are already well-versed in your clients’ sector and aware of the current marketplace – and how this can impact the accessibility and availability of talent – making them invaluable.

The war for talent isn’t easy to contend with without the advice and insights necessary to find the best candidates and secure them.

Collaboration is key to the hiring process, and it’s an exciting and daunting period, particularly in the life sciences job market.

A candidate-driven market, whilst a shift, is a welcome opportunity for MSPs to deliver the best possible results by collaborating closely with their recruitment partner and ensuring they know candidate expectations and match them with client goals for growth.

Panda is trusted by leading life sciences companies worldwide to provide the very best contingent talent and deliver seamless candidate experiences. For more information on how we work and what we can do for you and your clients, contact us today.