Organizational recruiting has undergone a tremendous transformation. Today, the power of hiring no longer rests just with employers. Candidates are taking control of the recruitment process and are making their (sometimes non-negotiable) expectations and demands known.
This change in hiring dynamics has increased the cost of recruitment. In 2017, the cost of hiring a new employee was approximately $4,000 for mid-to-top management. In just over a year, the cost of hiring has touched $5,000 and cost of replacing an existing employee has moved upwards of $8,000 for the same job level. This is predominantly because of the movement of the hiring market from employer-centric to employee-centric.
Candidates have become more demanding and managers need to match these expectations if they wish to access top talent. Understanding the pulse of the candidate-driven market can not only help organizations hire the right people but can help them hire candidates at significantly lower costs.
The New Rules for a Successful Hiring Cycle
Just a few years ago, “Post and Hope” was the rule in recruitment and hiring. This hiring strategy worked well in an employer-led market, where power and choice remained in the hands of the organization.
But in today’s candidate-driven market, “Post and Hope” does not work. Research shows that more than 86% of qualified employees are already hired at other organizations and most of them aren’t actively looking to change jobs. Any qualified candidate looking for a job is available only for an average of 10 days, before he is scooped up by a competitor. 42% of organizations feel they may not be able to meet their hiring quota because of this.
Why? Today’s candidates have no dearth of choices. They possess exceptional skills which makes them very valuable to all employers and staffers. Hiring managers must go out of their way to engage with candidates and encourage them to choose their organization as their employer.
Here are some ways they can do that:
- Actively interact with passive candidates by sending emailers, interesting infographics, entertaining blog posts and creative social media posts.
- Write correct, complete and honest job descriptions that shed light on the job.
- Define job expectations clearly so that there is no expectation-mismatch between employers and candidates.
- Fix faults in the company career portal by removing glitches and bugs.
- Include VR skill assessments like puzzles and quizzes as part of the selection process – this is fun for candidates and informative for employers.
- Make the hiring process transparent by providing information about application & interview status both online and off-portal.
- Make the hiring experience interactive by sending regular updates about the candidate’s application, if hiring is taking too long.
- Make your mobile-career site more interactive and responsive (1 in every four candidates apply on the mobile site and not the website).
- Improve corporate branding (55% of candidates abandon their job applications mid-way if they read negative reviews about the company).
Doing all these will make the hiring process more candidate-centric.
How RPO Providers Can Help with Hiring Success
Staffing specialists have immense experience in end-to-end hiring management. They can help your organization draft the perfect job posting, streamline the recruitment platform and manage candidate-company relationships. They can also give you insights on how to make your mobile and website portals more interactive and transparent. But most importantly, staffing and RPO (Recruitment Process Outsourcing) companies can help you manage candidate experience and expectations during the hiring process. They can make the hiring process more job seeker-centric.
At Alluvion, we have worked with hundreds of companies across industries, helping them find the right talent, in this highly-competitive, candidate-driven market. We have a comprehensive database with a talent pool of almost one million, all searchable based on skills, experience, certifications and/or job role.
We have a dedicated recruitment analytics team, who study new hiring trends in each industry. We use these advanced metrics to find and source highly-qualified candidates who will be a perfect-fit for your organization. With us by your side, you can now get pre-whetted and reliable profiles, in a matter of days and at a fraction of the cost you would have spent setting up an in-house staffing facility.
Please feel free to contact us for a courtesy, no-obligation consultation to learn how we can help your company with your staffing and recruiting needs. Call (904) 367-3292.