Is your recruitment strategy fit for the 21st century?
COVID-19 has plunged our economy into a recession, with GDP contracting by over 20%.
This will impact firms, but you can ride the storm with an effective people-first strategy. This could be the difference between surviving and thriving.
The best position is to have quality candidates to interview at your time of need. However, many companies do not have adequate time to source candidates.
Furthermore, a whopping 73% of candidates are only passively looking, so how can you engage and source this larger pool of candidates with limited resources?
Don’t despair: we have tips that you can use immediately.
Always be seeking talent
If you rely solely on advertising vacancies on your website or instructing a recruitment agency, your reach is limited to candidates who are actively looking for a new job.
What about passive individuals who are interested in a new opportunity but are not searching job boards?
To engage this market, you should use technology to build talent pools.
There are many services on the market that offer talent pool software. A free option is to use LinkedIn to expand your reach and engage talent capturing data in your CRM or Excel.
Create an effective employee referral programme
Employee referral programs are a great way to recruit talent. It’s statistically proven to be the most cost-effective way because it reduces time and cost to hire.
If you’re thinking of setting up a programme, the following steps will get you started:
- set goals on what you want to achieve – for example, do you want more a more diverse workforce?
- create a simple referral process – employees should pass CVs to the hiring manager with a brief outline on why they want to join
- promote the scheme regularly to employees
If your current employees are not referring candidates, it’s worth investigating why this is the case. Some of the most common reasons are:
- lack of awareness of the scheme or process
- lack of trust in management
- no reward for referring
Have a magnetic offer
It’s not uncommon for organisations to have three generations within their workforce.
The benefits and rewards requirements for boomers, generation X and millennials are likely to be different.
For example, a senior appointment in their late 50s may prefer more annual leave or higher employer pension contribution.
In comparison, a person in their 20s may prefer a higher basic salary and reduced pension contribution because they’re keen to get on the property ladder or want to travel more!
The typical one-size-fits-all should be reassessed to reflect the needs of your employees.
What does the market say about you?
Checking what others have written in reviews before buying a product is normal practice for most shoppers these days.
The same can be said for candidates looking for that all-important next career move.
To read how you stack up from existing, ex- or potential employees’ views, check sites such as Glassdoor and conduct honest exit interviews as part of your due diligence.
You may not always have a satisfied ex-employee, but you want to be known for having an excellent work culture.
Although we’re living in unprecedented times, you can run your company with a certain amount of surety by taking a proactive approach to your people strategy.
Sourcing and hiring quality candidates can be a challenging and complex process, but by reaching and engaging passive candidates, you’ll have a deep pool of rich talent to draw upon at the time of need.
Every employer wants to hire the best-skilled person who also fits into the team.
With an effective referral scheme and a magnetic offer, you can experience reduced recruitment cost and a more engaged workforce.