Recruitment has fundamentally changed. We live in a world where 43% of American workforce between the age of 22–34 is freelance. In a time where the most major cultural and economic shock that we are trying to deal with is machines and AI taking over more and more human jobs. In the middle of all of this, as contradictory as it sounds, hiring has never been harder. The equation of recruitment has changed and now
Recruitment has become decidedly candidate centric.
The change has been a gradual one but irrefutable. There are three powerful macro forces trying to change the way people find work and look at work in the larger perspective.
- Economics of supply and demand of talent
We earlier believed that team performance distribution is a normal distribution. Now, we positively know that employee performance looks more like a power law function and not a normal distribution. Your top performer is not 2x of the average but closer to 100x of the average. The race is to find, attract and retain this 100x candidate. This limits your choices and makes the job infinitely more difficult.
2. Great talent can’t be found at the usual places
The 100x candidate that you are looking for is sure as hell not looking for you. They might know you, but they aren’t looking for you. The traditional sources of hiring are drying up and new sources with their new ways are emerging.
3. Gig economy makes sure that talented people can be really picky about what they want to do and achieve with their lives. There are hundreds of companies vying for their time. To be able to attract them, you need to stand out.
This changes a recruiter’s job. It is no longer going to be about getting a bunch of resumes in and managing the process. Attracting 100x talent and building and nurturing relationships with them is going to be critical for the success of talent acquisition leaders.
The candidates you need to go after are passive. Although 80% of them, (according to LinkedIn) are open to talking about new opportunities, they aren’t looking for new opportunities. That means, they aren’t coming to you, you have to get to them. To put this in perspective, world’s leading inbound marketing SaaS company HubSpot announced that 70% of their hires were passive candidates! This is an enormous challenge for recruitment. The challenge is to
- Consistently deliver brand message and employer value proposition to differentiate and attract the best talent
- Plan and execute strategy to engage with talent and nurture relationships with them
- Get a grip over candidate’s journey to provide a refreshingly unique and amazing experience
- Explore more innovative and unconventional channels of generating leads of better candidates
Why is just an ATS not enough?
Using an ATS to attract largely passive candidates is like bringing a knife to a gunfight. ATS, while critical to your hiring success, are not designed for engagement and relationship management. A system of engagement focuses on enabling you to engage with your candidates(or customers) and records all of those touch points. It gives you a better control over the journey and minimizes the effort and time required to create engagement at scale. To give it a name, CRM system for recruitment.
What are the telltale signs that maybe an ATS isn’t cutting it for you and you need a talent marketing and CRM solution?
- You actively source candidates on various channels who are mostly passive
- You have hard to fill positions that stay open for more than 2 months
- You are not able to attract great qualified candidates through traditional sources
- You are consistently losing candidates to competition
- The candidates you want are generally passive and don’t come to you via traditional job boards and job ads.
- Candidate experience and candidate engagement are critical to your success.
The organizations that will succeed at recruitment are the ones that have created a compelling brand and have nurtured relationships with the candidates. This is exactly what a talent CRM can achieve for you.
One of our partners, a venture funded Bangalore/SFO based company was having a hard time filling a few engineering roles that had been open for more than 5 months. Taking a CRM approach to the recruitment with automated touchpoints and carefully crafted campaigns, they were able to close the position within 40 days with an exceptional hire who scored top grades in all of her evaluation rounds!
Recruiterflow is a dedicated talent marketing and CRM solution that allows you to truly treat your candidates like customers. You can signup for a demo with us here.
Use Recruiterflow to source candidates with super personalized drip email campaigns that convert 2.3X better.
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