Ask any recruiter about their hiring experience between 2020 to 2022, and they will tell you that there has been a 180-degree paradigm shift in the world of recruitment. With location-independent workplaces increasingly becoming the norm, candidates have access to limitless global opportunities with some of the world’s biggest companies.
And while the talent market has continuously evolved and become increasingly candidate-focused, recruitment strategies across the globe remain the same.
The result? An estimated total talent deficit of 85 million workers by 2030, resulting in $8.452 trillion in unrealized revenue globally.
It’s time for an overhaul.
Effective recruiters understand that attracting top talent requires much more than just a competitive pay package. Tweak these 5 things within your recruitment strategy to hire the top 1% of global talent
Create a robust employer brand
Who, or what is the perfect employer? Is it a company that offers unlimited paid time off and limitless beer Fridays, or one with flexible working hours and a clearly defined growth trajectory?
Different individuals will have different ideas of what their ideal employer looks like – take some time to find your target demographic, and build an employer brand that appeals to them.
Highlight your core values and USP
Clearly articulate your company’s mission, values, and unique selling points as an employer. Identify the key attributes and culture that sets your organization apart. Check out how Airbnb uses its core values to inspire a sense of adventure and independence.
Build a compelling EVP
An EVP (Employee Value Proposition) is the sum total of the compensation, rewards, and benefits offered to an employee. When building your EVP, factor in the needs and motivations of your target audience, from career growth and job security to work-life balance and autonomy.
Leverage employee content
Provide authentic insights into your company’s culture by sharing stories and testimonials by current employees. Take inspiration from Lululemon’s employee journeys.
Most importantly, ensure that your employer brand message is consistently communicated across all channels, including your company website, social media platforms, job postings, and internal communications.
Deliver seamless candidate experience
Negative candidate experience is one of the most common barriers to effective recruitment; sadly, only 17% of companies actually monitor their candidate engagement at every step. Conversely, a positive candidate experience increases the applicant-to-officer ratio by more than 50%, especially when targeting top talent that may have multiple offers.
Here’s what you can change ~
Optimize applications & interviews
73% of applicants abandon job applications that take longer than 15 minutes to fill. Streamline and shorten your application process by integrating resume parsing and eliminating multiple sign-ins.
Communicate regularly and transparently
From the initial job description to the final salary negotiation, ensure that candidates have access to all the information they require to make an informed decision.
Establish a clear feedback loop
78% of candidates report never being asked for feedback. Use Google Forms or survey platforms to gather candidate feedback to identify the areas of improvement.
Leverage social media platforms
Currently, LinkedIn boasts an impressive 930 million members, surpassing all other job boards and professional networks. Given that a significant 79% of individuals actively seeking employment utilize social media in their job hunt, it is essential for every HR leader to include social media recruitment in their strategic plans.
Use our 4-point checklist ~
- Identify your target audience and recruitment needs to set objective goals
- Choose the right platform by evaluating its reach and potential
- Broadcast employee-generated content for organic reach
- Regularly track engagement metrics such as click-through rate, follower growth, and conversion rate.
Integrate AI and data analytics
If you think that the application of AI in recruitment is limited to chatbots, think again. When leveraged correctly, the right combination of AI and data analytics can help you significantly reduce the cost and time of talent acquisition, and find candidates that match your requirements with an accuracy of 90%.
Analyze thousands of candidate profiles in minutes using NLP (natural language processing) algorithms for resume screening.
Analytics in talent sourcing
Leverage predictive analytics models to identify key patterns and factors that drive candidate success within your organization. Apply these insights to evaluate the potential for candidate success in similar roles.
AI algorithms can help assess a candidate’s online presence, behavior, interests, and alignment with your organization’s values, providing additional context for decision-making.
Leverage the complete potential of your current workforce
With the ever-increasing cost of employee turnover, retaining your skilled talent is increasingly more cost-effective than attracting new talent. With 74% of millennials feeling that the lack of learning opportunities is the biggest reason for quitting, contributing to the growth and skill development of your workforce is no longer optional.
Prioritize internal hiring
Look inwards to fill the skill gap in your organization, especially as you go higher up in the corporate ladder. Ensure that your star performers have access to learning & development opportunities to grow into leadership roles.
Build a tailored employer benefits program
Conduct a needs assessment and gather insights on demographics, lifestyles, family situations, and other factors that may influence benefit preferences.
Utilise employee referrals
Turn your current workforce into recruiters by building an effective internal referral program – employees hired through referrals stay for 70% longer than employees hired through other sources.
Share employee content
Make it easier for members of your workforce to champion your employer brand through their social media. Provide them with the content and images that they can share.
While salary and perks are important factors in a candidate’s decision-making process, today’s workforce seeks a holistic employment experience that combines opportunities for growth, purpose-driven work, and work-life integration. With top talent being off the market in less than 10 days, making these small, but impactful changes can go a long way in transforming your recruitment numbers.
Feature image by Shreya Sorcar.