Reduce the cost & improve the quality of hire through talent pipelining
Finding quality candidates can be tough. The methods of finding talent have changed.
Historically, you as a hiring manager would go to a recruitment agency and you would receive some candidates. You might also put some adverts in the press. That was about it.
Now there are such an array of sources to find and qualify candidates. Here we will look at your options.
Your current options:
- Internal recruiters
- External recruitment agencies
- Job boards (including LinkedIn)
- Niche job boards
- Your network
- Employee referral program: your businesses wider network
- Internal recruiters are often swamped with a lot of work and as such are unlikely to have the time to invest, compared to the likes of an external partner. There is an element too of a more passive candidate wanting to speak to a more impartial partner versus at internal stakeholder
- Recruitment agencies are perceived to be an expensive option. There is debate, once you factor in all of the indirect costs of the alternatives, that recruitment agencies are actually comparable in cost
- Job boards - you are at the mercy of who applies, that active pool of candidates that aren’t looking and as such will never see you job advert
- Employee referral programs are great but can be limited scope and reach to give you the depth of candidates you require
The is lots that can be discussed on the topic of GDPR, here we have outlined for you some of the potential limitations that you might encounter as an internal recruitment function or a business stakeholder looking to attract the best talent. For more information on GPDR & what it means for recruitment and your business recruitment strategy please see the article on this below.
Limited talent pipelining due to not being able to justify keeping candidate data for the medium to long term
The cost of hiring:
There are significant costs in hiring. Most businesses often focus on the direct costs of hiring, such as a recruitment fee, or the cost of your internal recruitment team. Clearly, these are costs to be managed, but there are two obvious but often overlooked costs are the indirect costs, such as the opportunity cost of hire: the lost time in not being able to find the right candidate, and the wasted time in interviewing the wrong candidates.
The opportunity cost can easily be reduced via forward planning. Your wasted time interviewing the wrong candidates can be avoided by a more rigorous recruitment advertising, branding & selection process. Most businesses are not doing this, so you are not alone.
Our view: Recruitment markets are still too reactionary in our opinion. Yes, that’s right, recruitment markets are still too reactionary in our opinion.
Naturally, parts of recruitment will always be reactionary: backfilling a role once a candidate has left, or an urgent role due to quick requirements etc.
But when there is chance to plan ahead there is opportunity for businesses to significantly reduce the cost & pain of hire through talent pipelining and in combination raising the thoroughness of a process and the quality of the candidate hired.
That’s where we come in.
How we work at The Hidden Market:
We work with businesses Talent Pipelining and ensuring that businesses have access to top talent. Essentially we’re an extension of your brand, connecting it to more passive talent:
- We firstly find talent, and we do that proactively for other clients too, that’s where you benefit
- Secondly, we spend time on the engagement piece
Points one and two allow us to thirdly secure the right candidate for you. Specifically, we organise and categorise talent intelligently which allows us to be able to better match and tailor roles to them, and thus provide you with better candidates. Candidates are matched on both quantitative and qualitative measures by both our matching model and us humans too! We work with clients in a variety of ways, and put together plans on a case by case basis depending on client need. Our focus is on building communities and driving engagement with candidates which is achieved via media and engagement.
If you would like to learn more about how we can help you drive engagement with candidates and attract the best talent then get in touch here.
If you found this article useful do check out this article which is the ultimate guide to recruitment marketing resources (LINK). This should help you in your efforts!