With jobless rates at multi-year lows in the U.S., reaching top talent is becoming a bigger task for talent teams.
On top of that, employment is expected to grow at the fastest rate ever [^1] in the coming decade meaning companies (big and small) need to get a little more creative at sourcing talent now.
To help, we’ve put together four pain points that impact hiring and candidate quality and what you can do differently to stand out from the competition.
Here are the reasons why you probably aren’t getting the best talent in your door:
- You haven’t changed where you source from and only reach out to the usual networks (with the same candidates) to try and find people with the skill set and background you want. The best people aren’t looking for jobs on job boards, and they they aren’t taking career advice from people they don’t know.
- You don’t know what help you really need, and this is especially true for startups. Replacing an employee today can cost more than 200 percent of their salary – not the kind of money most companies can spare. When forming a job description or thinking about the role, it’s incredibly easy companies to slip into wanting ten or twenty “must-haves” because there is often so much to do.
- You have a long time-to-hire process and don't have the right things in place to ensure you weed out talking to candidates who are an ill-fit for the role, early on in the hiring process.
- You’re lacking a strong employer brand and candidates don’t know who you are. Unless you’re a big-name company (or a hot startup coming off a decently sized raise) it’s more than likely the average person won't know much about what you do. Eve for more established companies, it can also be that the people you really need still think of you in one way.
Here’s how you can stand out:
- Build your employer brand in all phases of the hiring process. The challenge for hiring managers and internal recruiters is that things have become a bit transactional, and most people just want to understand how a candidate stacks up. A big part of the recruiting process is to talk about what makes your company a great place to work and grow – from initial contact (i.e., website, social media, partner events, sponsorships) in interviews and hiring, and beyond.
- Deliver a white-glove candidate experience. Expect to do a lot of courting and always understand what the candidate's needs are, and give back, first. Whether it’s being generous with your time, energy, effort, information or opportunities. We've actually written a lot about how to do this here and (if you're more of a visual leaner,) here.
- Tap into referrals to reach outside networks. Don’t just hire based on internal referrals alone. Think outside of your usual networks and professional organizations to find a broader range of talent. One of the easiest ways to do this is to look into on and/or off-campus college recruiting. In-person events are great but can eat up your staff’s limited time to physically travel from school to school. Instead, maybe consider online events as a way to reach more schools and encourage students to join wherever they are. Also, consider joining conversations that are happening throughout various social media communities. Tap into those LinkedIn Groups or Facebook communities with topics related to your business, and then strike up conversations with other members.
- Partner with an external firm. An external firm is like having your own PR firm. The best talent is passive and they aren’t out there looking for their next move, and an outsider can help with perspective, and build real relationships with trust. Without that, it's hard to get somebody to actually listen to what you’re working on and what the opportunity might be.
In the end
We’re in a tight labor market, probably the tightest ever we’ve seen for top talent. When you cast a wide net, develop real relationships and use all channels available to you, the odds of landing the top people over your competition, will be in your favor.
If you need a guide on your hiring journey, find out how we can get you to where you want to go, faster.