Achieving great hires is all about identifying great talents! And often, they`re not as per your expectations. In fact, they may not be a slam dunk for your company on paper, but their interests and passions are! Given that the best performers are at least 5 times more effective & productive than an average contributor, recruiting great talents is a huge competitive advantage.
But before commencing on the talent acquisition process, it`s better to have an open mind. Get to understand what exactly you`re getting into. Yes, the economy is maintaining its momentum with the overall employment increasing by 0.7% yearly, but do you know the following?
1. Talent acquisition is rather easy
The hiring life cycle is always in two-folds. There`s the talent identification (sourcing) and talent acquisition (recruiting). You can`t hire a candidate you haven`t found, right
However, contrary to many beliefs, the art of recruiting is not as hard and mysterious. It`s just about establishing relationships with job seekers (both active and passive), understanding the desires and needs of prospective candidates, and consultative selling the opportunity and closing.
As a recruiter, you just have to talk to potential candidates and learn what`s important to them, what`s happening to them, what they`d ideally be doing; and match them with job opportunities that closely relate to their ideal employment. Simply put, recruiting is a matter of creating rapport with people.
2. Talent identification only seems easy
With the proverbial haystack getting larger, it`s increasingly difficult to find the needle! This makes finding the right talent the real challenge when recruiting.
Some might argue that talent sourcing is just a few searches away. True! Running an imprecise search on LinkedIn, Monster and other job boards is, in fact, deceptively simple! However, having access to something doesn`t translate to a certain level of expertise, right? Better put: doing something doesn`t mean you`re any good at it and while finding people is easy, finding the right ones is not!
Think about it. When searching a database or a site, it`s impossible to see job seekers your search didn`t find. Unfortunately, most recruiters assume that anyone not retrieved in their search doesn`t exist! A rather sad state of ignorant bliss given that majority of great candidates are probably inactive on those platforms.
And no wonder, in a just-concluded study by HR.com in partnership with IBM Smarter Workforce Institute, 68% of respondents cited “finding prospects with the right skill set” as the greatest sourcing hurdle. It could be due to a number of factors among them: a low number of applications, inadequate work experience among applicants, limited qualified candidates, and lack of technical skills among candidates.
Worse, as tough as matching and selecting great talent is, too often businesses can`t recruit their ideal candidates as 14% of job offers are declined.
3. Talent acquisition technology is ever changing
While core aspects of some recruiting practices haven`t changed over time, a lot has sprung up in the past few years. From advanced internet search techniques, evolved CRM/ATS applications to the rise of numerous social networks and job boards.
With this, more data is made available on a daily basis. Whether it`s a resume submitted to job boards databases, a blog, tweet, press release, or a social media profile. This makes it easier to find people electronically both directly and indirectly.
The downside, however, each evolution of technology calls for HR professionals to keep up and adapt while learning to leverage the new sources of talent. Otherwise, they`ll be at a competitive disadvantage or worse, out of business altogether.
Despite the strides, however, there`s still a big room for improvement in the technology sector. According to the study by HR.com, only ¼ of respondents were totally satisfied with the current technology meeting all their hiring needs. In fact, most study participants just hoped that Artificial Intelligence will help improve the quality, speed, and productivity of the recruiting process.
4. Regrettable hires are a real problem
As we stay and hope that AI will spring forth the much-needed breakthrough in the human resource management sector, let`s appreciate that regrettable hires are a real problem! Worse, HR staff seem to be in a tight spot. They`re tone between conducting a rigorous, time-consuming vetting process and hastening the TA process at the expense of quality results. Given that a lengthy hiring process can lead to the loss of promising candidates, it`s never an easy choice!
It`s amidst this tangle that regrettable hires occur!
In the aforementioned study, the respondents reported that, averagely, they wouldn`t rehire 31% of their just hired candidates. And given that a wrong hire can cost your business up to $50, 000, this is quite alarming. Worse, if the regrettable hire fails and leaves say, after six months; the company will have wasted not only 33% of their salary but also cash spent to attract, engage, and hire a replacement.
Note, a great talent should be a good fit both with the employer and the role! If not, there’s a high chance of turnover – an action that can cost you up to up to $ 11billion annually.
The situation is worse for startups or companies with a poor financial status. In their study, HR.com found out that higher-performing organizations are better at key TA aspects compared to their lower-performing counterparts. Could salaries and wages have something to do with it?
Maybe. Regardless, the fact remains that the most successful companies excel at acquiring the right talent.
5. The rather simple secret
To make your recruiting all easier, you can either outsource HR functions to a professional consulting firm or focus your expertise and efforts on identifying great talents. If you can find a great talent at the right time, ideally you won`t have to “close” the candidate or “sell” the opportunity.
Yes, some might argue that if you can`t find a rounded pin for a round hole, reshaping a square pin to fit into the round hole will do. However, that`s too much work compared to just finding the round pin in the first place.
So, how do you find the right candidate?
Here are a few pointers:
- Look for intellectually curious persons
- Frequently attend industry related events and constantly network
- Become a brand of choice
- Don`t hesitate to hire the right talent remotely (if it`s the only available option)
- Enhance your current workforce to actively participate in conferences and professional associations (as they`re likely to meet great talents you can successfully woo)
- Do your best to develop relationships with executive search firms, university placement offices, and recruiters
- Consider HR outsourcing
Real talent acquisition is a continuous process that has its ups and downs. And, as a business person, you`re bound to find countless advice as far as sourcing, hiring, and retention of top-notch talent is concerned. Here, we`ve just tried to keep it real! Helping you commence the recruiting process with an open mind.