Most companies know that recruiting and selection processes are both time-consuming and expensive. Whether working with a professional recruiting company or going it alone, vacant positions need to be advertised, potential candidates need to be sorted, interviewed, and evaluated before an offer is made. According to a report released by the Society for Human Resource Management (SHRM), it costs employers an average of $4,129 and 42 days to fill an open position (Glassdoor HR and Recruiting Stats for 2019 also support this average cost). SHRM also noted that the “cost to hire” increases proportionately based on the duration of search, the role to be filled, and the salary range. But there are additional costs that need to be considered, including the costs associated with onboarding new hires and the inevitable productivity delays that occur when existing employees are burdened with helping new hires “learn the ropes”.
The disruptions and adversities created by COVID-19 caused a shift in hiring strategies, permanently altering the recruiting process. Many companies began using virtual recruiting technologies, focusing on diversity, equity, and inclusion to attract new hires. The traditional “9 to 5” work model morphed, allowing greater flexibility to attract and retain employees. Work-from-home and remote work (work from anywhere) also became a viable trend.
Understanding the recruiting trends that emerged in 2020 will help companies fill more positions with better quality candidates, while decreasing the time to hire.
Here are six best practice strategies that HR and talent management professionals recommend:
1. Manage Employer Branding
This is an essential element for attracting, hiring, and retaining great talent. It’s about managing your company image and reputation, showcasing company culture, policies, and programs to enhance your position as an employer of choice. Studies indicate that more than 75% of job seekers check out a company’s reputation before applying, which means to stand out in a sea of similar businesses, you need to turn your company into a recognizable and memorable brand.
2. Use Recruitment Marketing Strategies
Companies need great employees to reach their maximum potential. Recruitment marketing became a best practice in 2020 and involves nurturing and attracting talented job candidates. The concept involves focusing on attracting candidates in the same way that you attract customers by building brand awareness, promoting benefits and gaining their interest.
3. Use Social Media Channels
Use of social media networks (Facebook, LinkedIn, Instagram ++.), along with websites (blogs, forums, job boards ++) to proactively find, attract and hire candidates, build relationships, and encourage them to apply has become a major player in recruitment strategies for 2021.
4. Develop a Talent Pool
Creating a talent pool database to stay ahead of talent needs is another trend for acquiring top candidates. Talent pools are more than a static database of prior candidate resumes. To build an effective talent pool you can begin with pre-screened and pre-assessed candidates that previously applied for a position with your company. Use sourcing tools that perform web searches to retrieve profiles of active and passive candidates to grow your talent pool. Other methods that can be used to expand your talent pool include using referral programs and inbound recruiting methods to attract candidates. Talent pools are a great resource for recruiters and HR managers to access for fulfilling current and future hiring needs.
5. Use Recruitment Automation Tools
Recruitment automation tools use technology to automate the recruiting process and help find, attract, engage, and convert potential candidates into applicants. These tools streamline and simplify the hiring process, making it more cost-efficient and faster.
6. Use Data-Driven Recruiting & HR Analytics
Data-driven recruiting uses tangible facts and stats to help recruiters and HR managers make informed hiring decisions, from selecting the best candidates to creating hiring plans. Using data-driven metrics can offer great insights on your current hiring strategies. By paying attention to HR analytics and using data-driven recruiting methods you can improve some of the most important hiring metrics, such as time to hire, cost to hire and quality of hire.
Recruiting strategies and the field of human resources are continually evolving and what works for some companies may not work for others. It’s important to keep current with the latest trends that affect the recruiting industry. The recruitment trends cited above are some of the best practices at play and employ new approaches, under utilized sources of talent and new uses of technology. Before implementing any recruiting strategy, it’s advisable to audit your existing practices. Vexxit can align you with an HR consultant to help assess your current practices and then implement employee hiring and retention best practices that work for your company and your industry. Everything is changing as we move to a post-COVID environment – we are living in a transformed working world that demands a new approach to hiring and retaining top talent.