4 Innovative Talent Acquisition Strategies for Effective Recruiting
Having a robust talent acquisition strategy in place is extremely important when trying to grow a company because of how quickly and efficiently you will be able to scale your business truly depends on the quality of your employees.
With the number of open job roles touching 10.9 million in December 2021, hiring managers need to work harder to source the best candidates for their company.
The hiring process can be complex and requires innovative strategies to boost candidate engagement, fish out top talent, and speed up recruitment. Hence, to simplify this recruitment process, here are the top four unique strategies that you can use to rope in the best applicant.
4 Innovative Talent Acquisition Strategies for Hiring Managers
1. Leverage Employee Referrals
As per the CareerBuilder survey, 82%of employers stated that employee referral sources generate a great return of investment (ROI). Hence, employee referrals are more than just a reliable talent source, and hiring managers rely on them to gain value during the recruiting process.
Employee referrals matter because the rate of active job seekers in the USA has dropped due to the Great Resignation.This shift has resulted in a candidate-driven market, pushing recruiters to adapt to innovative talent acquisition strategies.
This scenario has led to a rise in the cost-per-hire by a whopping $4,425 and is expected to rise in the coming years. In fact, Recruiter.com expects that there will be a $50 billion increase in hiring spent in 2022.
“In 2018, with 150 million employees in the US economy, the average employee turnover rate was 22%. This resulted in 5.8 million people being hired monthly at an average cost of $4,129 per hire for a total monthly hiring cost of $24 billion. This percentage was increasing already in 2019 as people were leaving jobs more frequently.
However, this number will be even higher according to the macro changes in the economy discussed earlier. An increase in turnover to 28% or greater would mean that over 33 million people are hired each year.
With the 2019 average cost per hire at $4,425, that means the US will see a $50 billion increase in hiring costs in 2022.”
Source: Recruiter.com
Besides, candidate expectations for a higher salary and quick hiring procedures are rising.
Employee referrals curb expenses by eliminating the need to invest in third-party hiring agencies or post job advertisements.
Further, referral bonuses are paid based on the outcome, thus containing costs and increasing the ROI. Referred candidates are likely to stay longer as they know a familiar face within the company for smooth work life.
Therefore, an employee referral program is recommended to accelerate the hiring process and reduce cost-per-hire for talent acquisition.
2. Harness New Hiring Technologies to Streamline Operations
Hiring managers can use the growing innovations in the technical field to uplift and smoothen their hiring process. Cutting-edge technologies used for the talent acquisition processes are as follows:
Artificial Intelligence
The goal of AI in hiring is to automate the recruiting process as this helps the hiring managers to recruit the best fit candidate, work efficiently, and spend more time on work. As per Glassdoor, the average time spent recruiting employees is approximately 23.8 days. AI-powered tools accelerate this process by screening relevant resumes according to the algorithm’s data.
In addition to this, AI tools automate the process by detecting the correct keywords, job boards, and data points to find the right candidate. Automated tools decrease the need for follow-ups, phone tags, and coordination issues between candidates and interviewers. AI saves time, reduces personal biases, and offers effective sourcing of candidates.
Data Analytics
According to a survey report, 84%of the hiring managers predict that scrutinizing data for decision-making will be expected in the next five years. Data-driven hiring simplifies your recruitment and makes it effective. Data is recommended for predictive analytics of future hirings.
Data analytics provides you with insights on candidates and helps you capture possibilities for a good hire. Here’s what you can predict using data –
- Duration required for candidate screening
- Locating effective sourcing platforms such as referrals, social media, or job sites.
- Analyzing future employment needs
- Retention rate of a fresh candidate
- Identifying which roles need to be filled up faster.
Applicant Tracking System (ATS)
ATS is a standard tool for organizations that have adopted digitization. This tool allows hiring managers to put aside the traditional method of pen and paper applications. ATS provides metrics on cost, time, and candidate quality. This tool automates mails, thus simplifying the interview scheduling process.
Also, 90% of the fortune 500 companies use an ATS to build strong teams and to reduce the number of irrelevant job applicants. Another advantage of ATS is that it creates a branded careers page, thus, in turn, attracting a talent pool.
3. Furnish Exceptional Candidate Experience
One obvious way to display exceptional candidate experience is to have your talent acquisition team treat all applicants respectfully. This helps to build relations and rapport for the other onboarding process.
According to the Talent Board North American Candidate Experience Research, most candidates take control of their job search, and 75% conduct their research through multiple channels before applying to a position.
Adding data on a company’s website or social media pages helps convey applicants’ messages regarding the firm’s profile, culture, employee testimonials, and more. This builds a positive candidate experience.
Responding to applicants post-interviews or giving them feedback creates a positive picture of the company in the candidate’s mind. Also, candidates are more likely to refer to others based on their experience.
Creating a fantastic candidate experience is one of the innovative talent acquisition strategies you can use for your firm.
4. Work on Building Your Brand Identity in the Job Market
As talent leaders, the responsibility to build a strong employer brand lies with us.
Set a style, pattern, voice, and statement of purpose in the market as this displays your brand’s core values and culture. Also, this is the best way to align yourself with potential candidates.
Employer brand positioning helps to attract top talent in the job market. As per the LinkedIn research report, an employer brand is twice as likely to drive an open position than a company’s brand.
The research further states that a company with a weak employer brand spends double on cost-per-hire compared to the firms with a strong employer brand. Therefore, employer branding is an effective talent acquisition strategy for hiring teams.
Build Your Talent Acquisition Strategy Today
These are four unique hiring strategies that you can use for your company, but Recruiter.com has the right solutions to help you out.
We have AI recruiting software, specialized career communities, and an extensive network of recruiters.
To know more about how you can optimize your talent acquisition process, fuel your talent strategy, enhance your company culture, and hire great talent for your company, contact us today.
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