The recession is over – and with the improved economy has come the reentry of top talent into the marketplace. Individuals who may have been hesitant to make a move during times of business uncertainty are now more likely to test the waters. From an employer standpoint, this means competition to fill business-critical positions is sharper and more intense than ever before.
Are you puzzled about why you can’t consistently attract and land top talent? There are a number of key factors to keep in mind as you set out to win the competitive hiring war.
Build and promote an attractive culture.
Your company culture can be your best selling point – or your worst deterrent – when it comes to hiring. Define, optimize and articulate a culture that makes people want to be a part of it.
- Be very intentional regarding what your company looks like and stands for. How do you do things differently than your competitors? What do you expect from your employees? If you can’t answer these questions, neither can your workforce.
- Make sure candidate goals align with company goals. Get to know candidates as individuals. Find out what motivates them and pushes their buttons. Your company mission, vision, goals and objectives should be consistent with theirs.
Increase your speed of hire.
The best candidates are in and out of the market very quickly, so maximum speed of hire is critical. Research has shown that the average on-the-job performance of individuals hired into competitive jobs declines by up to one percent for every day that a company delays a hiring decision. So if you add 10 days to your normal time to fill, you can expect a 10 percent performance downturn.
- Consider the cost. If your average revenue per employee is $750,000, this could mean a loss of $75,000 for every new hire – a figure that far exceeds the standard cost per hire.
- Eliminate hiring bottlenecks. Identify the slow segments of your process that create delays. These may include interview scheduling, resume screening, the approval process for new job requisitions, extensive interviews or indecisive hiring managers. Shrink any dead time between recruiting steps and try to perform some steps simultaneously instead of serially. For instance, start doing reference checks while completing final interviews.
Use the right sourcing channels.
The best way to attract talent is to tell a compelling hiring story. Utilize:
- Social media: Recruiters hire approximately 73 percent of candidates via social media. Once you define your unique employer value proposition, create a social media profile that highlights it. Respond quickly to questions and keep your content fresh. Good user engagement will bring potential hires into the conversation and increase their comfort level around the idea of working for your company.
- Mobile technology: Social media users spend 60 percent of their time on mobile devices. Make sure your brand goes global by extending it across multiple social networks and platforms.
- An employee referral program: Make yours a high-touch ERP by personally acknowledging both referring employees and referred potential candidates, preferably within 48 hours. A dedicated internal portal should serve as the hub of your employee referral activity.
A Select Group, Inc., recruiter can partner with you to evaluate your current hiring process and implement an ongoing strategy for excellence. Contact us today to learn more.