According to a 2018 Conference Board study, “failure to attract and retain top talent” is now the number one issue on the minds of CEOs. How can your organization compete in a tight labor market?
Expand Your Reach
Many companies rely primarily on transactional recruiting or posting open positions on a job board. Although this method has its place, its focus is too narrow for overall hiring needs. Scott Wintrip, author of High Velocity Hiring, recommends leveraging eight streams of talent. Each one taps into a different pool of people. These include:
- Traditional Advertising
- Automation to streamline recruiting
- Candidate Mining or revisiting old resumes
- Market Presence created by reputation and overall identity
- Networking with colleges and schools as prime territory
- Referrals from current employees, interviewing candidates and even references
- Talent Manufacturing through internships, reskilling, upskilling and cross-training
- Talent Scouts including employment agencies, staffing services and recruiters
Reevaluate Your Expectations
Every recruiter loves the idea of finding a purple squirrel, but most of the time, this isn’t realistic. If none of your applicants match a job’s requirements, you may need to review your hiring criteria. Maybe your organization would prefer a candidate with a four-year degree, but a two-year degree would suffice. Try to distinguish between “must-haves,” such as required certifications, versus “would like to haves,” such as five years of industry-specific experience. And keep in mind, often candidates who are not perfect fits on paper turn out to be fantastic employees.
Hire with Efficiency
Hiring is risky and expensive. In response, many companies have created increasingly complex hiring processes. They assume more time, more effort and more hoops for applicants to jump through will lead to better results. Unfortunately, this is not true. In fact, many great candidates will look elsewhere when interview procedures take too long or become overly complicated. Obviously, organizations need to have systems in place. However, don’t let indecision interfere with quality hiring. As Obed Louissaint, vice president of HR for IBM Watson, comments, “There’s a big difference between speed and haste. Haste has no place in employee selection. Rushed decisions often lead to poor choices… Speed is different. It is simply part of a well-planned process for achieving great results quickly.”
Create a Talent Pipeline
Organizations that begin looking for qualified candidates only when there is a job opening are destined to fall behind. Recruiting should be an ongoing process. Using the eight streams of talent, your company can continually cultivate relationships with talented individuals who would be an asset to your team. Keep in touch and when opportunities arise, give them a call. Although this method involves some work, having an available list of great prospects is well worth the effort in the long term.
Could your company hire better and faster? Are you ready to try new recruiting methods to achieve improved results? Aventure Staffing offers a wide range of staffing options. Learn more about how we locate top talent throughout the Midwest.