In 2017, the unemployment rate fell to 4.1 percent, the lowest that it’s been since 2000. In addition, more than 2 million jobs were added. This presents unique challenges for HR departments in terms of recruitment and retention. More than ever, potential employees have greater control over which jobs they apply for and where they ultimately end up working.
While corporate recruitment is largely undertaken by trial and error, developing a more streamlined approach can help HR professionals to recruit and retain the best and brightest talent. In the following, we’ll go over a few of the strategies that HR departments can use to guide their recruitment efforts.
Stay Competitive with Analytics
Analytics is a frequently used buzzword in a variety of fields, and analytics data can take recruitment to the next level if used properly. Analytics are a useful method for human resources professionals to be able to see how their current strategies stack up against the competition.
The most common way that human resources departments use analytics data is to track hires throughout the life cycle of employment: from recruitment to retirement, or another kind of separation from the company. Tracking new hires can help a company hone in on what it takes for a candidate to be successful and provide more in-depth data such as how many qualified candidates that a job post yielded, turnover rates, top skills needed for certain roles, and new hires’ performance. The metrics can assist HR departments in obtaining a more accurate view of the hiring process. Companies that do not use analytics data are not able to see where their recruitment efforts fall short.
Moreover, analytics can significantly improve the hiring process from the candidates’ viewpoint. Analytics also help to put the needs of the candidate at the forefront of the hiring process. According to Talent Board’s 2015 North American Candidate Experience Research report, the use of data analytics helps to significantly improve the candidate experience, and recruitment efforts tend to align more closely with overall business objectives. In addition, aggregating candidate data can help HR professionals to measure the overall effectiveness of their recruitment efforts which can, in turn, help to reduce the number of candidates who withdraw their applications.
Tap into the Worldwide Talent Pool
For C-suite positions, global recruitment is no longer optional—it is absolutely essential. If your company is experiencing exponential growth, global expansion is likely on the horizon, so a recruitment strategy that anticipates this is key. Your company may rely on US-based recruiters, which can make it somewhat difficult to tap into a worldwide talent pool. However, through proper research, global recruitment can be achievable.
When it comes to sourcing candidates from around the world, the first step is to narrow down the areas where you are likely to find talent. HR professionals should thoroughly research the industry and find out where the top candidates usually come from. Once you narrow your search, the administrative research begins. This includes understanding relevant laws as they pertain to foreign workers—not only from the United States, but abroad as well. HR professionals should ensure that they conduct research on visas and work permits to decrease the chances that you will have to eliminate candidates are eligible to work in the US.
Once the proper research has been completed, the actual strategizing begins. You should avoid posting job ads on general job search sites and opt instead for targeted ads that will be easily seen by international candidates. Targeted advertising, which may include more traditional forms of advertising such as print, television, and radio, could yield a better selection of international candidates in the end.
Develop An Employee Referral Program
HR professionals often become accustomed to using the same techniques that they’ve always used to bring in qualified applicants. Using the same methods is fine if they continue to work. However, many companies find that their past recruitment efforts are not generating the types of candidates they need. If this is the case, it’s a good idea for them to rethink how their company sources candidates.
One of the easiest and most effective methods for finding potential employees is through referral incentives. Offering a bonus or other reward to employees who refer qualified candidates is a great way to get everyone invested in the talent recruitment process. Using a referral network allows you to tap into applicants you may not have otherwise known about and opens the company up to a much larger selection of qualified individuals. Not only will the referring employees be rewarded, but they will also feel like they have a real stake in the employees who are brought into the company.
While every organization has different needs when it comes to recruiting top talent, starting with a concrete strategy will make the entire process simpler and more effective. Implementing some of these tips can positively impact your company’s recruitment efforts and help serve the needs of both the company and the new hire.