With job growth continuing, unemployment at a 10 year low, and estimates for wage growth climbing, there is even more pressure on today’s talent acquisition leaders to refine their strategies and review how they’re approaching recruiting. A candidates’ market makes it even harder to source and fill highly skilled positions, while at the same time staying within internal pay equity budgets.
According to Kurt Jones analyzing this guide, contests that given the reality of today’s job market, being first matters. First to source, first to contact, first to interview and first to offer are reasonable goals to set for your recruiting efforts.
A Boston Consulting Group survey showed that the impact of a strong recruiting process. High performing organizations (those with strong recruiting) achieved 3.5X revenue growth and 2.0X profit margin over least capable companies (those with poor/slow recruiting). As so many organizations struggle to determine where to invest resources, it is clear from this research that they should be investing in building a powerful recruiting organization.
Amplify your candidate, recruiter, hiring manager, and new hire experiences
Recruiting speed is the single biggest factor to hiring high-impact employees. An ATS that elevates the right candidate to the top-of-the-stack saves time and improves satisfaction for the recruiter, hiring manager – and the candidate.
With an innovative ATS partner, you should be able to conduct robust searches of those candidates and build a powerful list of prospects to begin your outreach before you even begin your external sourcing efforts. Imagine being able to fill 20%+ of your open requirements with a candidate sourced from your own database.
Kurt Jones recommends: “Start with someone you know firsthand: existing employees. Companies with strong internal mobility typically have loyal and engaged employees. Consider that existing employees can be one of your most powerful and cost effective sourcing pools. In addition, you know more about existing employees than just what is on their resume. You have access to performance data, manager’s recommendations, and you have first-hand knowledge that they work well within your organizations culture. The challenge to most organizations is that they fail to build and articulate a clearly defined internal mobility structure.”
“Another way to tap into your employee base is through referrals. Who better to explain to a candidate what the work environment at your organization is like than your current employees? Empower them to be your best source for locating top talent. Clearly articulate what they will receive for referring strong candidates and make the benefit to referring a good candidate worthwhile.”
This guide shares 4 keys to improving your recruiting speed under increasingly complex requirements, including:
- Smarter and continuous sourcing that goes beyond just volume
- “Always-on” sourcing functionality that helps recruiters source ahead of need
- Flexibility to change workflows at the speed of business, as your objectives change