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There is a global talent shortage underway, and companies need to be more resourceful than ever to stay competitive. Workforce development is an incredibly effective way to get the talent you need, and so is passive sourcing.
According to a recent Gallup survey, up to 65% of the workforce is not engaged at work. The reasons are many. Lack of mission, career opportunities, and acknowledgement at work take the lead. And this means that there is a large group of individuals who would love to work for a company with a better mission or career development opportunities.
In fact, two-thirds of employees say they may leave their jobs in hopes of finding something better. Shockingly, this includes employees still in the “honeymoon phase” at their current company.
Passive talent already shows the hallmarks of being high-quality candidates. They are, after all, well versed in their fields and actively working on similar projects (usually for one of your competitors).
If you’re looking for similar candidates, passive candidate sourcing can start in your very own ATS. Think of the hundreds of resumés you’ve received in the past. Your ATS could already hold the perfect candidate for an open position: qualified and interested in your company.
Seven out of eight companies say they’ve extended an offer to someone they previously passed over in favor of another candidate: the “silver medalists.”
Another source of passive candidates is your own workforce. Internally promoted candidates come with a host of benefits. They are faster to onboard, more effective for two years, boost your retention and engagement, and cheaper, to name a few. Using tools like Censia’s Talent Intelligence allows you to simultaneously source from your own ranks, competitors, and previous ATS applicants, all in one search.
Finally, there is the great, wide internet.
Passive sourcing is daunting, but it doesn’t have to be. With the right tools and know-how, recruiters can create slates of passively sourced candidates in minutes.
“With the right tools and know-how, recruiters can create slates of passively sourced candidates in minutes.”
Job titles are a poor indicator of skills and performance.
Why? Because the research shows us that job titles are inherently biased. Women, people of color, and veterans often have the skills without the qualifying titles. By looking at skills rather than job titles, you tap into a candidate pool that is highly qualified, eager to advance, and free of expensive price tags.
For many job candidates, especially Millennials and Gen-X, mission, lifestyle, and development opportunities are key. Passive candidates are 33% more likely to want challenging work, and 120% more likely to want impactful work.
Many passive searches peter out because the candidate gets cold feet. An easy way to shorten the hiring cycle and close more deals is to be upfront about benefits, compensation, mission, and expectations.
A long hiring process can cause up to 57% of candidates to give up on the opportunity, according to Robert Half. Nearly two out of five candidates say 7-14 days to hire is too long of a window. Dragging out the recruitment process can lose you the very candidates you’re trying to bring in, giving them the impression you really aren’t that committed to them, so why should they leave the secure job they’ve already got?
Censia’s Talent Intelligence™ solution harnesses the power of AI to help enterprises scale faster and hire better people that stay longer. With Censia, you leverage Passive Candidate Sourcing and ATS Talent Rediscovery to find the exact person you need for your must-fill role.