Unemployment rates are hovering at 2.5% for those with a graduate or higher degree. Organizations are struggling to hire top talent. Over 70% of employers say there is a shortage of skilled workforce. Seems like there is some kind of disconnect between the two. Who is to blame in this scenario, the talent-pool, the regulatory bodies, educational institutions, or the companies themselves?
While changing anything related to the education system or with the government might be a long shot, companies can actually afford to look into their own recruitment strategies and come up with rather polished ones. Here are some pointers on how to do that.
5 Ways for Companies to Improve Their Recruiting Strategy and Hire Top Talent
1. Go Digital, Go Mobile
It is a digital world today. Paper advertisements are just another (and less effective) medium to reach potential candidates. Even career sites and job boards are things of the past. Forbes says 79% of candidates look for jobs on the Internet. Also, social media and recruiting go hand-in-hand. Candidates now employ social media to get notified about possible job openings. Then they proceed with their research and application process. Furthermore, being mobile-ready with regards to your career site is extremely important. This is because 45% of job-seekers use mobile to search for jobs at least once a day.
Consider candidates as your customers. Stay connected, engage prospects, delight them; and their positive reviews will further help you with your employer branding. 55% of job seekers abandon applications after reading negative reviews online. Companies need to address these concerns too. Taking the digital path also helps you tap into the passive talent pool.
2. Invest in HR Software
Candidates who are satisfied with their experience are twice as likely to join the hiring organization compared to unsatisfied candidates. Not only this, but they are also more likely to provide recommendations even if they do not receive a job offer. 67% of organizations using a top-class recruitment solution experience a consistent candidate experience, reports iCIMS. In addition, having proper HR software signifies candidate screening and talent acquisition are important to the organization.
Furthermore, recruitment analytics has a crucial role to play. Using data analytics and metrics is still a new trend in recruiting. But to become a data-driven recruiter, tracking and measuring some key metrics become important. Source of hire, time to hire, retention rates, cost per hire, and similar other metrics need to be measured. And there are various types of HR software packages for recruiters and HR managers. Whether you want to automate administrative tasks, optimize the hiring process, foster communication, or improve employee experience – there is software for all. HCM, HRIS, and payroll management software are at the forefront of the league.
Read More: What is HR Automation?
3. AI in Recruiting
Unilever adopted an AI-driven college hire candidate sorting and assessment method. The system uses LinkedIn profiles instead of the job-seekers’ resumes. Next, AI comes into play. It selects the best prospects from the available pool. After that, it uses a series of online games to further assess them and narrow down the field. The next process is using HireVue recorded video interviews that assess facial expressions, among many other pointers. The candidates are called in for a final, in-person interview only after these procedures are completed.
The application of AI in recruiting saves time. You can reach out to candidates via automated messages; chatbots can be used to reply to their queries and schedule interviews. AI-driven software/tools screen them for defined criteria. Needless to mention, without any scope of bias. And the hiring team will only need to communicate in person after all these formalities are completed and it is established that the prospects are the perfect matches indeed.
4. Incorporate VR Videos
Videos have shown to have a high impact on prospects. They show the culture at the company and reveal the excitement of working there. However, virtual reality clearly outperforms traditional videos. The British Army and General Mills are already using Virtual Reality headsets to show a much higher level of excitement, realism, and detail to build their employer brand and to excite prospects. Using VR also affirms that the company is abreast of the latest happenings in the field of technology and that it will offer enormous growth to its employees. VR is helpful at later stages too when it comes to training, learning, and development (TLD) of the candidates.
Read More: HR Tech Primer: What is Employee Engagement?
5. Make the Application Process Simpler
Lastly, the application process for the candidates needs to be smooth. Application abandonment is possibly the biggest undetected leak in the recruitment funnel. Sadly, not many companies look into the matter. The idea is to ask the right questions in a short and crisp way. Tedious or long-winded application forms put people off. Drop off can be high on digital applications that ask too many (irrelevant) questions. Abandonment rates can be sometimes as high as 95%. HR personnel needs to make sure the application process is simple so as to generate and maintain interest.
It all boils down to making use of the latest technology available to reach and engage the right candidates. It is high time HR managers upgrade their recruiting strategies for good. AI and ML are on the rise today and can help modern recruiters with their hiring and recruiting needs. As a consequence, the process will become faster, smoother, and more reliable.