Hiring? Gain a competitive edge in a candidate’s market

 

It’s official. Unemployment just hit its lowest rate in 50 years.1 While that is certainly something to celebrate, recruitment specialists don’t exactly have their party hats on. The battle for top talent is getting harder and harder to win.

Many HR leaders have already made drastic changes to their talent acquisition strategies to ensure they successfully keep recruiting the best people in the candidate-driven market. According to recruiting specialists, here are five practices that deliver more qualified applicants and higher-caliber hires:

 

Understand the real-time competitive landscape

Is your compensation package too light? How many local candidates exist to fill a given role? Accurate market intelligence is key to building an attractive employment opportunity that will attract premium talent.

Successful recruiters suggest letting technology gather this data for you. A best-in-class technology solution should connect you to the live market and save you hours of legwork by instantly presenting:

  • Current active supply and demand for your position
  • Region-based low, median and high competitor compensation for the same role
  • Average time-to-fill for your specified job
  • A preview of prospects that match your requirements (before you post your opening)

 

Search more effectively

Few people are “pounding the pavement” in today’s market. Sought-after professionals who know their value are unlikely to peruse job boards (and even less likely to stumble upon your website’s careers page!).

Today’s successful recruiters recommend using recruiting software or a Talent Discovery Platform to cast a wide but discriminating net. 

Some features to look for include: 

  • Access to a large and diverse candidate pool culled from a wide variety of sources 
  • Tech-powered resume screening, sourcing and candidate outreach
  • Instant insight into the current applicant pool and competitive offers
  • Semantic search capabilities
  • Mobile functionality

 

Prioritize those you know

Promoting from within certainly isn’t a new strategy – it may just need to be executed more strategically in a candidate’s market. For instance, promoting or laterally moving an employee looking for a change may leave a less challenging role to fill (and improve engagement with the promoted employee, too). For hard-to-fill positions, consider investing in training for keen employees who could grow into the role. 

Just as important as recruiting internally, don’t forget to mine your previous applicants. These candidates already have an interest in your organization. Top recruiters recommend using recruiting technology that syncs with your Applicant Tracking System (ATS) so that previous applicants and current employees can be considered alongside fresh talent in one interface.

 

Demonstrate how you provide more than just a paycheck

To convert job seekers into applicants, include details about your culture and compensation right in your job description. (In fact, many top recruiters recommend replacing the term “job description” with “employee value proposition” entirely.) Here are some of the most compelling points to include:

  • Salary range
  • An outline of your standard benefits package
  • Cultural perks such as a free on-site gym, pet-friendly office and weekly catered lunch
  • Work/life balance specifics like summer hours, work-from-home options, sabbaticals and paid volunteer hours
  • Training and advancement opportunities specific to the role

Propositions with these details included will be much more enticing to candidates, thereby boosting applications. The most robust recruiting technology will actually be able to measure the attractiveness of your postings before they go live and make proactive suggestions to boost candidate appeal. 

 

Keep the candidate experience top of mind

Candidates who feel they’ve had a positive recruitment experience are more likely to apply for your job, accept your offer or apply again for future roles even if not selected the first time.

So what constitutes a positive candidate experience? Not surprisingly, it starts with a benefit-driven job description (employee value proposition if you’ve already made the switch). Next, an easy application process is key to minimizing candidate drop-off. And finally, timely and transparent communication every step of the way is crucial. Candidates who don’t hear from you promptly or understand the next steps can quickly assume you’re not interested and become much more likely to accept a competing offer. 

With HR ever-more pressed for time, technology can aid in the candidate experience as well, with reminders, easy-to-use outreach tools and more.

By employing these tactics, your organization should enjoy a measurable boost in applicant volumes (maximizing job description appeal alone can increase applications by as much as 175%!). Designed to address the unique challenges of a candidate’s market, see how CareerBuilder’s next-gen recruiting technology can help you find, engage and hire top talent faster.

 

1 Source: MarketWatch, October 2019

 

 

 

 

 

 

 

 

 

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