The research is conclusive: today’s job market is 90% candidate driven. What this means is that recruiters aren’t picking talent, the talent out there is picking who to work for. Because the best-qualified people have so much leverage, the price tag for using a recruiter can be anywhere from 15 to 25% of the employee’s annual salary. And one report found that companies pay an average of over $16,000 for each job placement.
With so much being invested in recruitment, is there anything recruiters can do to boost their chances of closing a deal with a much sought after candidate? The answer is a resounding ‘yes’. Check out these proven and easy to implement tips to improve your chances of getting candidates to accept your job offers.
1) To the point postings: Research shows that bad hiring decisions can cost a company dearly, with 75% of employers saying that they’ve hired the wrong person for a position. To attract the right candidates quickly, clients should take the time needed to write up a clear and accurate job description. An effective job posting describes the specific skills and experiences that a position requires. Adding some straightforward info about a company’s past, present and future goals is also a good idea. But while you want to get to the point, a job posting shouldn’t be too short, since a vague description is more likely to attract applicants who are unqualified for the position being advertised. Also, don’t forget to have your clients update descriptions as their needs change.
2) Advancement opportunities: Of course, candidates will try to maximize their earning potential when on the market for a new job. But it’s not only about earning top dollar today. Studies show that it’s more or less a toss-up between compensation, professional advancement and stimulating work. Beyond basic salary expectations, recruiters should constantly remind candidates about what makes a particular job opening unique, as well as the potential to advance within a new company.
3) Short and sweet: One study found that the best and brightest candidates stick with a company’s hiring process for only four weeks, at most. So if you haven’t closed after a month, your chances of doing so will drop dramatically. It makes sense to try and convince your clients to shorten their hiring processes as much as possible. This is easier said than done, but a bit of gentle persuasion, especially if an opening hasn’t been filled after many months, may find a receptive audience with a client who has become frustrated about the failure to locate and hire a worthy candidate.
4) A push from a peer: Turns out that the number one channel for finding top quality new hires is…employee referrals. One way for your clients to encourage their people to spread the word about a new position is by implementing a great employee referral program. Then, peers should be incorporated into the hiring process. Candidates usually feel more relaxed with their peers, and will ask tough questions about the company, team and any issues related to the open position. And answers that peers give tend to be taken more seriously than those given by a hiring manager.
5) Data is power: To make the most out of every opportunity to place the right candidate with the right client, recruiters have a powerful ally: data. There are a lot of stats to choose from, but the KPIs that recruiters should focus on should include qualified candidates per opening, candidate survey results, sources to close and offer acceptance rates. Using data-driven metrics will quickly improve your hiring process, by supporting a more strategic recruiting function.
Conclusion: In this talent-driven job market, top candidates are likely to get many job offers that pay about the same. By putting these tips into practice, however, you’ll be able to set your client apart by making highly qualified people feel wanted and special. This X factor is what these five ideas to improve your recruitment rates have in common: distinguishing your client from its competitors.