2022 is ushering in a completely new workforce structure. With the massive changes that hit hard in 2020, 2021 was about determining the new normal and the ways we can make these changes to employment work in the long term. Recruitment will be changed for good, so companies need to understand and rank the best talent sources for open positions.
An underutilized resource for talent in many organizations is internal mobility. Upskilling and reskilling current team members can not only provide you with the right talent in the right roles, but it also promotes employees satisfaction and retention.
In each passing year without a promotion, the likelihood of an employee remaining with the company begins to dwindle. In a recent survey of LinkedIn users, one year after being hired, 76% of the employees were still with the company, but after five years, retention was down to 38%.
Many companies and recruiters spend a lot of time with active job seekers. By posting opening positions online and funneling people into the online application, companies can tap into vast talent resources for all levels of opportunities.
But applicants have their funnel issues with this process. Only about five applicants out of every hundred will make it to the final interview process. And even then, if there is only one available job, only an individual applicant will be hired. The process can be inefficient and, without the right touchstones, will alienate more job seekers than it attracts.
Over 70% of the global workforce are passive candidates. This means they are actively working professionals not currently engaged in a job search but would consider transitioning their career if they have the right opportunity presented to them.
But passive talent is out there and can be an excellent resource for companies to consider for their positions. They are often best sought out as a proactive recruiting strategy and engaged with online content and interaction. But studies show that 85% of currently employed workers would consider switching for the right offer.
Employee Referral Programs
Sometimes, the best source for new talent is your current workforce. Networks are expansive and exponential, so by tapping into your employees’ connections, you have a lot of potential resources.
And the statistics support the claim that referral programs are a great way to find talent. They have the highest conversion rate of any other source. Only 7% apply through referrals, but they account for 40% of all hires. They also have a higher retention rate and career satisfaction and are more likely to remain on the job for multiple years.
Applicant Tracking Systems
Many companies and recruiters will utilize ATS or applicant tracking systems for the hiring process. They populate the database with applications, but they sometimes forget to return when a new opening arises. But your ATS should be the first resource and often the best. By reaching out to candidates who didn’t make the cut for the last potential role, you’re reducing your time to recruit and hire. They’ve already been screened and only need to engage in the final stages of recruitment if they are interested in the new position.
However, it’s imperative to ensure that your ATS has an easy-to-use online application, or you won’t see the quality of candidates you need. An astounding 95% of job seekers who click on an online application don’t complete the process.
Conclusion: Talent Intelligence Improves the Process from Start to Finish
Regardless of the resource for your candidates, you need to ensure they’re the right fit for each position and your company. That’s where talent intelligence can come into play. By using this ethical and reliable AI process, you can screen all applicants to provide a fair and equitable means of evaluation across the board.