We are living in a candidate driven market. The power now seems to lie in the hands of qualified job seekers, which means it is time for employers to re-adjust.
According to the Bureau of Labor Statistics, in the past year, the U.S. unemployment rate decreased from 5.3 percent to 4.9 percent—and the number of employed individuals rose by nearly 60 thousand.
Not only do job seekers have more opportunities than they used to, they also have more resources. Job seekers have countless ways to research, and unfortunately rule out, potential companies to work for.
One practice that has become a routine part of the job search process is reading company review sites. Company review sites, such as GlassDoor and Indeed, are increasing in both popularity and validity, which is something that employers should take note of.
According to the 2017 Employer Branding Study, published by CareerArc, only 21 percent of job seekers would apply to a company that had an average rating of 1 out of 5 stars on an employer review site and only 34 percent would apply to a 2-star company. The survey also showed that 91 percent of candidates seek out at least one online or offline resource to evaluate an employer’s brand before applying for a job. These statistics show how an organization’s reputation can make or break them when it comes to the employee recruitment process.
While it may be impossible to control what employees are saying online, there are ways to manage it successfully. As an employer, it is critical to monitor company review sites closely. Critiques and negative comments should also be addressed. According to a GlassDoor report, 69 percent of job seekers are more likely to apply for a job if the employer actively manages its brand by responding to reviews. In addition, 62 percent say their perception of a company improves after seeing an employer respond to a review.
The word on the street is that current and past employees are talking and job seekers are listening. For employers, that means it is time to become part of the conversation.