There are a number of reasons why companies are failing to find top-talent to fill in their open positions (skill shortage, low unemployment rates… reasons that are mainly out of your company’s control). In today’s blog-post, we will focus only on the challenges you can address and how.
Although you can’t do anything about the current low rate, you still need to understand the situation and how it is affecting the talent market. It’s critical that you and your team recognize future trends, new technologies, and by all means start understanding the candidate journey.
According to our recent benchmark report different Industries require adapted recruitment strategies, like considering which sources work better for certain job categories or is mobile traffic providing you the best candidates for a specific job category, etc. We discovered that IT recruitment is largely desktop based and that high-quality IT candidates are difficult to find, meaning you should expect a longer time-to-fill for these positions. On the other side, Finance and Marketing industries receive a higher share of mobile applications.
If you look at the graph below (Number of High-Quality Candidate Applicants per 1,000 Views), you will see how we’ve looked at conversion data by job category, source and quality of candidates. The data shows that job boards underperform both LinkedIn and Indeed across most job categories, in terms of conversion rate and quality of candidates. In short, the numbers are low for Engineering, Finance, IT and Graduates while much higher for HR, Marketing and Sales.
Source: The 2018 Global Recruitment Benchmark Report
With fewer active job seekers you’re probably receiving low-quality applicants, which is why it’s important to start looking where you’re sourcing from. It might be the wrong source for attracting the high-quality candidates you seek, which means you’re wasting time looking at dozens of resumes that simply won’t cut it.
To receive the best quality candidates for your open positions, begin by defining who your ideal candidate is and advertise your job ads in online communities where your ideal candidates "hang out". In addition, don’t just trust traditional job boards, extend your reach and engage with passive candidates on social channels and turn them into active applicants.
Poor Employer Brand
Taking advantage of your employer brand is essential to your talent acquisition process, especially if you want to consistently hire relevant and high-quality candidates. If you are not quite sure why you need a strong employer brand, you need to (as mentioned before) understand today’s candidate journey. Candidates can be compared with customers, as they actually act in the same way when researching for a new workplace as they do when researching for a new product they are considering to purchase. They have already checked out your company’s DNA, culture, talent management programmes, perks, etc. (and added you to their whitelist/blacklist) before you even post a job opening. According to LinkedIn, companies with a stronger employer brand, see on average a 43% decrease in the cost-per-hire, compared to their competitors. This is because, for example, rather than spending all your budget on advertising and marketing campaigns to create awareness, you will actually leverage your attractive employer brand.
Read more in our related post: Engaging Your (Potential) Talent: Employer Branding on SoMe
Outdated Recruitment Strategy
Companies are beginning to realize that the recruiting methods “of the past” aren’t doing the job, according to our in-house experts. Besides re-considering new advertising sources and building your employer brand, it is equally important to take a deep look at your career site. Remember again the candidate journey. For many candidates your career site will be the first impression of your company, and “first impressions count” (as they say), so make sure you have an updated (don’t forget to delete filled job positions) and good quality version of your site (good usability, branding colors, logos, fonts, good communication, etc.). For instance, is your career site optimized for mobile? Is it possible for your candidates to apply from their mobile phones? If not, it’s time to stay on top of the competition and invest in a mobile-friendly career site, as the global usage of mobile devices among job seekers has increased more than 50%, and only 13% of companies are adequately implementing this, as mentioned in our recent blog- post: Why Mobile is Changing Your Recruitment Strategy.
Keep Pace with Innovation
There’s no need to fight it, join the data evolution by investing in a recruitment technology that can empower you to collect and understand your data, unlock valuable insights from it to then explain your talent acquisition investments, as well as your marketing and hiring decisions to the top management. Ontame.io can help you transform your team into a data-driven HR, able to improve the efficiency of your recruitment strategy and predict where to allocate your marketing budget based on best performing channels. Paying attention to the right metrics can help you identify key gaps and areas of opportunity in your recruitment process that may be easily overlooked.
For more information, don’t hesitate to contact us!