Talent acquisition has replaced traditional recruitment in today’s digital age. Companies don’t just try to find the most suitable person for a certain role. Instead, they do their best to create and sustain a work atmosphere that makes their organizations draw the best talent around.
Benefits of Hiring the Best Candidates
You can help your company in several ways when you’re able to find and bring in the right person to your company:
It saves money.
Around 74% of employers have admitted they made bad hires, according to CareerBuilder. The group’s survey showed that losses for such errors cost an average of $14,900 a year.
It maximizes time spent on the hiring process.
The length of time it takes to interview an applicant and finally make an offer can run from 20 to 40 days.
It reduces turnover.
Bad hiring decisions can negatively affect employee morale and lead to as much as 80% in turnover.
It maximizes resources invested in new hires.
Onboarding can take several weeks. The effort and time spent on training the successful candidates and making them feel at ease with the rest of their colleagues will be worth it if they decide to stay with the company for many years.
The cost of onboarding is somewhere between $3,000 and $4,125.
Recruitment Has Leveled Up
Talent acquisition is now seen as a long-term business strategy and not merely a mechanical process. Organizations acknowledge that only the best talent can help them reach their goals and be competitive against their rivals.
The strategy calls for truly valuing the employee so that there’s happiness at work, high team accountability, and high employee retention.
While recruitment focuses on the short periods of advertising and filling out vacancies, talent acquisition is the continuous marketing of your employer brand to people who have the experience and skills your organization needs, whether or not there’s currently a vacancy in your company.
Reactive vs. Proactive Hiring
Talent acquisition is proactive hiring. Such mindset is the opposite of reactive recruitment, in which human resource teams and recruiters only engage with potential candidates when there’s a vacant position in your business.
Proactive hiring looks at the organization’s recruitment needs in the long-term in line with its goals across each department. This process involves data analytics covering applicants and current staff, particularly voluntary turnover rate, succession plans, and other talent gaps.
So how do you go about hiring proactively to attract the best talents?
Employer Branding Counts
Half of jobseekers surveyed by resume builder and career website Zety said that their application and interview experience with a certain company affects their decision when they’re offered a job there.
Smart businesses know that they must invest in a good employer brand as much as they would in their hiring process. That’s because a recent LinkedIn study showed that 75% of candidates first checked the employer’s brand before they consider applying.
Clarify your organization’s mission, its purpose above and beyond profit, its desire to work with individuals with the same beliefs, and what career development opportunities and new experiences await them if they get accepted.
Clarify your employer value proposition.
At the core of your employer brand is your employer value proposition, which should articulate what sets you apart from other companies in the industry, what employees can expect to receive from the organization, and what they’re expected to contribute in return.
Define your culture.
- Name the core values that your organization aims to live by. You can even hold surveys and focus groups to invite workers in clearly defining the “personality” of your company.
- How’s your online image? Consider your company website as the “shop window” of your organization.
Professionals will check your official portal and social media channels if they hear of a job opportunity in your company. So check if your business culture is reflected by these platforms. Share news, photos, or even videos of your achievements and recent events.
- Although you can’t control negative comments from appearing on sites like Glassdoor, you can at least manage and minimize them by having a good exit interview structure.
Deliver a Positive Candidate Experience
Companies can earn points if they can process applications efficiently and organize a memorable onboarding experience. You can do this by:
- Training your HR team to be good interviewers. Or carefully select the recruiters who will initially screen them. A positive interview experience can either boost the candidates’ image of your company or totally change their minds about it.
- Making sure your job advert clearly and accurately explains the responsibilities of the role. It should also include the salary range and perks of the job.
- Simplifying the application process. Show that you respect your candidates’ time by shortening the process and offering timely feedback and information. Top talents only stay in the market for 10 days.
Tell candidates about the recruitment team’s timeline and what to expect for in-person interviews. Inform them immediately if they didn’t make the cut.
- Giving candidates an office tour. This will help them visualize their possible future workplace. It’s also a good way to put them at ease before the interview.
- Using a recruiting video. This will introduce jobseekers to your office culture and the look of day-to-day office operations. You can also try “jobcasting,” which features interviews of your business executives telling your company’s story.
Know what the employee wants and make room to accommodate them, such as flexible work schedules, options to work remotely, or more paid time off.
Try Peer-to-Peer Recruitment/Employee Referrals
Your workforce is the perfect brand ambassadors of your business. Set up an employee referral reward program. You can tap workers to spread the word about your organization’s vacancies with their academic and other social networks.
Build Your Pipeline
Proactive hiring and employer branding are necessary to building a talent pipeline. This “pipeline” refers to people who may be currently employed within or outside your company but are passively looking for another job. Students with potential can be included in your pipeline.
If management has a long-term recruitment plan, the HR department will know what roles are needed and what kind of people to look for this pipeline.
You and your HR officers can engage with “passive candidates” by attending industry events where you can share about your company’s line of work with participants.
You can take part in online industry-based communities and seek out members who show interest in your company.
You can also offer internships and groom students while they spend their on-the-job-training with you. Or you can keep in touch with them and wait to offer them a job while they gain more experience elsewhere.
You can also attend college job fairs where you can connect with promising candidates before they complete their studies.
The same LinkedIn survey mentioned earlier showed that taking care of your pipeline makes it one to two times faster to find the best candidate. It also halves the cost per hire.
Workforce Planning Is Never-Ending
Recruitment may be triggered by company expansions or individual employee departures. During the seasons in between, you must continuously evaluate labor market trends and see how they affect the goals of your organization.
At the same time, ensure that management is truly caring for its staff. If you do, word will get out that you have a workplace of trust and respect. Your organization will be a magnet for like-minded and talented professionals.