Talk to any Business Owner, Manager or HR team and they’ll tell you – recruitment is tough!
Finding and selecting the perfect candidate who will create true value is not easy and many turn to the recruitment industry for support.
And it’s big business. Providers to the industry, such as jobs boards, form an $11bn market and there are a plethora of options to choose from.
For many businesses, the most common way to advertise a vacancy is through a jobs board, such as SEEK or Indeed in Australia.
Yet in recent years, many have complained that advertising on a jobs board just doesn’t cut the mustard and I think there are a few reasons why.
Kissing a few frogs doesn’t always get you a prince
In 2016, job postings to SEEK average received 140-150 applications. (Source: SEEK, NAB)
Now unless your hobby is reviewing CV’s or your fortunate enough to have a well-resourced HR or Recruitment Team, finding the time to thoroughly review can be challenging.
It’s not only a burden on your precious time. Even investing the time to get through that stack of CV’s won’t necessarily get the result you’re looking for. A 2015 Hudson report found that 28% of hiring managers believed jobs boards were becoming less effective and 9 out of 10 needed to look beyond active candidates to find their perfect hire.
And with jobs boards, you better be quick! A recent HR.com article suggested the top talent is off the market within 10 days.
There are plenty more fish in the sea
For those who have faced this talent shortage dilemma, you’ve probably questioned whether you’re being overly fussy. You SHOULD be fussy! For the majority, the problem is not simply down to fussiness, it’s that you’ve only scratched the surface of available talent.
Jobs boards are great at targeting active candidates, those that are eager to find their next role. And there are some fantastic active candidates and you are right to be targeting them. But, to truly understand the talent available, you need to tap into the passive market.
LinkedIn reports approximately 75% of candidates are passive, so they’re not actively seeking out their next role.
Passive doesn’t mean that these individuals are not ready for their next challenge:
“52% of Australians aren’t satisfied in their current role and 55% are considering leaving their role in the next 12 months” (JOB SATISFACTION & CAREER PROGRESSION SURVEY REPORT 2015 MORGAN MCKINLEY)
Now my maths may not be perfect but that looks like about 41% of the working population who are not active but are open to the idea of a new role. That’s a huge percentage increase that you’re now targeting versus the 25% of active candidates. A 61% increase actually!
So how do you tap into the passive market? Well, we’ll get to that. But there’s another problem with putting all your eggs in the jobs board basket.
Don’t judge a book by its cover…well, not only by its cover!
It’s impossible to thoroughly communicate the personality, competency base and skill set of a human being within the lines of a 2-3 page CV.
And let’s be honest. Most people aren’t in sales so selling themselves doesn’t come naturally so you run the risk of missing out on a diamond candidate without even realising it!
A CV can help you identify whether a person has the minimum expected qualifications or worked in a specific business or roles, provided they tell the truth that is! But people are much more complex than that and I believe to understand whether a candidate is going to be the right fit for your business you need a deeper insight.
When you have exhausted all possibilities, remember this. You haven’t (Thomas Edison)
That’s not an exhaustive list, but the point I am trying to make is for a company to have a chance of finding the right fit for a role you may need expert help.
“70% of employees say alignment is the greatest hurdle to achieving company strategy” (Harvard Business Review)
Soft skills and cultural fit are key and that’s what needs a thorough assessment.
If you can get this right, then the likelihood of your next hire sticking it out for the long term increase substantially. If your people identify with your company beliefs and values, it will increase employee satisfaction and will make them feel truly invested in their jobs. It becomes a self-sustaining relationship that makes it difficult for an employee to leave.
Interestingly CEB’s Recruiting Leadership Council Global Labour Market Briefing also found that passive candidates’ performance was rated 9% higher than active candidates; passive candidates were also 25% more likely to stay with the company in the long term.
So how do you tap into this mystical passive market?
Enter the Recruiter.
An expert in talent acquisition with a wide network of passive candidates which aren’t accessible on jobs boards! They spend their time, day in day out, networking with the best talent in the market, even if they aren’t looking for a job. So that when the right opportunity does pop up, just like yours, they know who to call!
Engaging a recruiter in your required specialisation arms you with a partner who can help you tap into this untouched market – and give you expert advice on how to convince the best people to join your business!
OK so you have opened the door to a wider pool of talent, great, but the job doesn’t stop there. How are you going to convince said candidates?
Many passive candidates tend to be the superstars and the current employer usually treats them well in order to keep them. To convince these candidates, you need them to buy into your culture and values.
A good recruiter will spend a lot of time discovering what makes a candidate tick and what their values, behaviours and personal goals are. These stimuli are then used when determining which candidates are more aligned to your team and wider company culture.
Articulating this is also useful for helping you write the company overview in the job description proposed to candidates – to attract the best you have to sell yourselves too!
And there you have it. The engagement with a recruiter has created shortlist of candidates ready for interviewing using a wider network of pre-screening candidates based on technical ability and cultural fit. A more refined shortlist taking up less of your time in comparison to one you could draw from a jobs board advertisement.
If you can leverage off the network of good recruiters the placement fee paid is a worthwhile investment for a candidate who has the potential to make a bigger impact to your business.
Now imagine if you could have a controlled volume of pre-screened talent by posting your job vacancy to a network recruiters with talent pools including both active and passive candidates?
Sourcr is looking to improve the way Employers connect with the best Recruiters across Australia. By giving you access to a network of recruiters across all specialisations, we are providing a platform that increases the probability of making your next great hire.
I believe we are creating a faster, fairer and more effective way to connect!
Find out more at www.sourcr.com