Holding out for the Best Candidate?
Getting the right candidate for the job is becoming increasingly tough in an environment of low unemployment.
At the same time, candidates are increasingly aware about job opportunities and employer brands, which adds to the hiring challenges. Recruiters must up their game in this scenario, or they risk losing the best talent to their competitors.
Candidate-Oriented Job Market
A 2018 survey showed that companies in the US are boosting their hiring efforts in order to fill full-time as well as temporary job positions. However, nearly half of the recruiters feel that they are not likely to fill many of their vacant positions because of a shortage of qualified candidates.
Another recent study found that as many as 86 percent of the most qualified job candidates for open positions are already working with another employer and are not actively looking for a new job. Therefore, in the current candidate-driven job market, recruiters need to improvise their hiring strategies.
Strategies for Employers
According to LinkedIn’s Global Recruiting Trends report, the following four hiring strategies are likely to have a key influence on the hiring process in the current business environment:
Practice diversity in recruitment
Organizations must be proactive about practicing diversity in terms of ethnicity, gender, and any other considerations. Companies must demonstrate that they are willing to provide equal job and career opportunities to all candidates, including veterans and those with disabilities.
Transparent hiring policies with regard to diversity are seen favorably by top talented candidates that are highly motivated and socially conscious at the same time.
Embrace advanced interviewing processes and tools
Choosing the traditional interview route may no longer be a very effective way to have access to the topmost talent pool.
Recruiters must be willing to adopt cutting-edge interviewing platforms, selection tools and technologies in order to achieve their goals.
Latest tools can help them reach out to the right candidates, evaluate their skills more accurately, and complete the hiring process in a much lesser time.
Make greater use of data for strategic hiring decisions
In a digitized recruiting environment, the relevant data is available in abundance, which makes it possible to keep a track of the most qualified candidates for a particular job role.
It is even possible to create predictive models about which could be the right candidates for the job, and make advance estimates about the hiring outcomes. Extensive use of data is now vital to hiring and retaining the right talent for the right jobs.
Use automation and AI applications
Artificial intelligence (AI) tools are already making a critical influence on the assessment and selection of qualified candidates. By using these tools, employers and recruiting firms can not only automate the recruitment process, but also make it more effective and error-free.
Do not ignore human engagement
While technology and automation are transforming the way qualified candidates can be identified and hired, these solutions are not likely to replace human engagement at least in the foreseeable future. To acquire top talent, companies should continue to focus on:
- Building relationships with top candidates
- Assessing the potential of a candidate beyond on-paper credentials
- Evaluating a candidate’s team participating and interpersonal skills
- Judging whether the candidate is a good “culture fit”
- Convincing the best candidate to accept a job offer
The right mix of technological capability and human involvement can help companies identify and hire qualified candidates in a competitive job market.