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Part two of our ‘talent war’ series looks at how to maximise the success of your recruitment strategy
A crucial first step in any human capital strategy is the recruitment of top talent. Simple in theory, but far more difficult in practice. A recent global survey reported that recruiting budgets are growing smaller, while the competition for talented candidates is continually increasing.
The way forward? Any effective recruitment strategy requires time, money and planning. This article focuses on key elements that should be built into your talent management process: helping you to hire the right people now and reap the benefits down the line.
Are you an employer of choice? Are candidates aware of what makes your organisation stand out? All these questions speak to your employer brand – those elements that are seen by the outside world and by your employees, and that serve to differentiate you from your competitors. Research by CareerBuilder shows that a strong employer brand can increase the volume of applicants by as much as 350%.
Candidates become consumers
With the rise of technology, competition and the global workforce, candidates are no longer faceless people vying for a role. Instead, they are your future internal customers. Customers with talent that you need to attract and retain. In order to do so, your organisation has to craft and sell its brand message across multiple platforms. And the best way to communicate this message is via your website and social media platforms.
“A workplace has to convey its own culture and make it appealing; and even the hiring process itself has to sell the potential consumer on its ease of use and benefits.” – Forbes
The rise of social recruiting
There are a large number of benefits to using social media in your recruitment strategy:
Make it easy…and personal
Picture this: you’re using a new, popular business app. Only, it has long load times, sometimes it crashes and the process to sign up is long and laborious. What would you do in a situation like this? You’re probably thinking that you’ll stop using the app…and perhaps even walk away with a negative perception of the company who built it. By the same measure, the applications process to a company is often an individual’s first encounter with the brand – make it a good one.
The same thinking that applies to our customers should apply to candidates. Ease of use should be front of mind. And this means refreshing your company careers’ portal and streamlining the applications process. You could consider a number of technologically advanced features, such as social sharing buttons, online support, video functionality and more.
Employee referrals have been shown to be one of the most effective sources of top talent. Research by the McQuaig Institute shows that this method brings in the highest quality candidates who demonstrate less turnover and stronger performance than their peers.
Take your cues from Google
There is no magic recipe to increasing the number of employee referrals in your organisation. Google put years of research into finding the best source of talented candidates (the answer: employee referrals), and then finding ways to maximise the performance of referral programmes. Surprisingly, financial incentives didn’t show the results they expected. Neither did their attempt to streamline the referral process.
What did work? Taking a marketing approach. Google developed and crafted their employer brand so that staff were excited about where they worked and wanted to share that experience with others. They then adopted a specific ‘nudging’ strategy where they reminded staff about job openings and encouraged them to search through their network of contacts.
Psychometric assessments are an invaluable part of the recruitment process. Their upfront cost is usually well worth it when you consider the time and money saved by hiring the right candidate, the first time.
Assessments can answer a host of questions about a candidate’s traits, likely behaviour, communication style, cognitive ability, and more. Profiling the role in question allows the recruiter to assess candidate talent in relation to the competencies that are crucial for performance. All in all, this results in objective data that can be used at the shortlisting, interviewing or final decision stages.