During the recession, many companies received hundreds of applications for a single job opening, and recruiters had their choice of the best candidates. It was truly a buyer's market. However, now it's more difficult for organizations to attract top talent, especially with high competition for skilled employees. Without the right hiring process, you may miss out on the best new hires or have vacancies for too long. Bringing in the right people is crucial for high-growth companies. How can you refine your hiring process?
Automated or Manual?
Technology has given companies ways to automate parts of the hiring process, but many are reluctant to do so. Hiring managers may approach recruitment in a certain way. Even if they have had some success, the processes often can't be duplicated. Although applicant tracking systems streamline hiring from the company's side of the things, applications can be deterred by an overly complex process. If candidates have to fill out the same information multiple times, you may lose them.
Manual hiring processes are time-consuming and can open the door for errors. Because it's a job seeker's market, companies need to act fast or risk losing their ideal candidates. Automating the process helps businesses identify strong prospects and follow up with applicants more quickly.
An Untapped Hiring Market
One of the best ways to make your hiring process more competitive is to go after passive job seekers. If you post a job listing or use a recruiter, many of the applicants may be unemployed. People without jobs are the most likely to be actively looking for a new role, but these individuals may not have the right skills. In the U.S., there isn't much data on the number of people who actively look for a new job while still employed, according to the Federal Reserve Bank of San Francisco. It varies by demographic, with millennials more likely to be on the lookout for something new because they are less settled in their careers.
However, the research found many people who were offered new jobs were not actively looking. Although active job seekers have a greater chance of switching, many people find new jobs without sending out dozens of resumes. In fact, passive candidates may have the skills your company needs to grow. While passive job seekers are often happily employed, they may be willing to change jobs with the right offer.
Improve Hiring for Passive Job Seekers
Hiring passive candidates can be a great way for companies to get the key competencies they need, but hiring managers should be aware of the difficulties of going after these individuals. Successfully recruiting a passive job seeker often takes longer and may cost more than bringing in someone who is ready for a change. If you don't have the time to devote to this process or the money to negotiate salaries, it may be better to stick with the traditional approach to recruitment, Business 2 Community stated.
If you have the resources to pursue passive candidates, LinkedIn is a great place to start. The platform has advanced search filters that help you identify potential passive hires based on job title, current company and even location.
Making Your Hiring More Competitive
Streamlining and simplifying the hiring process and going after passive candidates helps companies recruit top talent. However, it may take more than this to make a measurable difference. Organizations need to determine specific hiring criteria. Some job descriptions are too specific and may eliminate qualified candidates. You need to prioritize the desired skills for each position, which helps hiring managers approach the process more realistically. Holding out for a perfect new hire can extend the length of time a vacancy stays open. Prioritizing skills and experience allows companies to find the right people.
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