Talent Acquisition is more complex than ever. A 2020 RecruiterNation survey by Censia partner Jobvite revealed that recruiter priorities are shifting dramatically, increasingly focusing on diversity, workforce reorganization and quality of hire. Meanwhile, traditional metrics such as improving time to hire and growing pipeline took the back seat.
Here are five of the most effective talent acquisition strategies that can help you grow your company and drive success.
1. Hire from unemployed or underemployed pools
Diversifying your candidate pool is the best place to start, for multiple reasons.
According to a Deloitte study, hiring unemployed candidates has a number of benefits. They show no difference in skill level, and perform higher on loyalty, retention and desire to learn new skills. The additional (and frankly, disheartening) benefit is that this particular candidate pool also has more diverse candidates.
It’s no secret that hiring diverse candidates has multiple benefits for your organization.According to McKinsey, hiring across the gender and ethnic spectrums can have concrete benefits for your organization. These benefits can be leveraged in the boardroom as a solid argument for diversifying your workforce.
Download our in-depth guide to creating a more diverse workforce.
Compared to their counterparts that don’t make diversity a priority when hiring, companies with diverse leadership teams are:
- 27 percent more likely to create and deliver value
- 21 percent more likely to outperform in profitability
- Capable of earning 41 percent more in revenues
2. Upskill and promote from within
Running into issues finding qualified candidates with exactly the right skills for your open or future planned positions? Worry about meeting demand for those hard-to-fill technical and leadership jobs? Looking inward at your own workforce may be the secret to finding that “almost perfect” candidate.
As your employees gain experience and knowledge, they may start looking further afield. By tracking your in-house talent and offering opportunities for upskilling and advancement, you can improve retention, engagement and build the ideal workforce of your company’s future.
3. Be proactive in your candidate sourcing
Include those who aren’t actively looking for new employment in your recruitment efforts. Even if someone isn’t seeking a change in company or position, they are likely to respond favorably to being “headhunted” if the approach and compensation are right.
Your ideal candidate could be working for a competitor, or they could be working for you or in another field all together. Focus on skills rather than titles, and widen your candidate pool to include passive sourcing and internal mobility. Tools such as Censia’s Workforce Intelligence can give you current and comprehensive insights into where to find the best talent, flight risks and skills gaps.
4. Hire raw talent and be willing to train
According to staffing company Robert Half, candidates who will bring the right attitude, work ethic, and soft skills to your company may be a better bet in the long run than ones who tick all of your technical boxes. Be willing to flex your parameters a little, and you could find diamonds in the rough just waiting for a chance to shine.
This flexibility can go beyond adjusting some of your “must-have” resume qualifications. Consider revisiting your compensation packages as well. Younger generations have different goals and needs than those who came before. According to Deloitte, incentivizing skills development throughout the career of an employee can be a strong motivator and a way to engender company loyalty.
5. Adopt AI as part of your recruitment strategy
According to reporting from Forbes, companies spend an average of $4,000 per candidate on interviewing, scheduling, and assessments. Adopting AI as part of your talent recruitment strategy can significantly cut down on time wasted on non-viable candidates, streamline resume review, and create ways to “blind” applications to promote diversity in your hiring practices.
Using Censia’s Talent Intelligence Platform can lead to a threefold increase in your talent pipeline diversity, and reduce time spent on passive sourcing and resumé review by 90%. This makes finding and hiring the best talent available less time consuming, and helps with retention since you’ll be able to focus your efforts on building strong relationships with your top candidates.