Hiring has become a battle over the past years. Remember when candidates used to fight for companies? These times are over.
The war over talent has incrementally increased and actively looking candidates have many job offers to choose from.
We want to throw light on the three biggest pain-points in HR and how to overcome them, based on our daily experience within the recruitment landscape.
Good Talent is Off the Market Quickly
Your company is hiring and decides to post a vacancy online. You probably know it all too well, but most job posts actually only get uploaded when talent is already urgently needed. This results in pressuring hiring needs, ideally having filled the position yesterday. 60% of employers admit to being scared of associated costs of an unfilled position. The best candidates are off the market within 10 days, as studies found, but the time to hire, with it taking 27 working days, is at an all time high in 2017. Almost two third of applicants actually quit an application process because the company took too long. With not only an increased time to hire but also cost to hire at almost 4000€/hire it is easy to get stuck in the process. In order to snag the talent off the market before they are gone, you need to act fast and spot skilled talent when you see them. Convincing them to choose you is intertwined with a strong employer brand.
HR is Becoming like Marketing
In today’s online society, candidates publish their hiring experience. In fact, 72% of applicants have shared their negative experience online or with someone in person. One third of applicants would even discourage other people from applying. This being said, it is apparent that your company needs to position itself well in the market by building an employer brand and creating a positive candidate experience. This includes being on top of four topics: Interview, Online research, Initial contact and Company Reputation. Much is being done by actually informing your candidates about their application status, even when negative. Keeping the bigger picture in mind: These candidates might be the ones who reapply a couple of years later, which they would 3.5x more likely NOT do if they had not been informed. Additionally, while recruiting you will only see a snapshot of all candidates on the market as 75% of professionals are, as a matter of fact, passive candidates whom you will only be able to attract if you BUILD YOUR EMPLOYER BRAND!
Finding the Purple Squirrel
Let us think about the scenario that you DO have optimised hiring processes and a strong employer brand, one obstacle remains: finding your purple squirrel. The term purple squirrel is used in hiring to describe the perfect mix of skills, experience and cultural fit in a candidate. You can imagine it is rather rare, but you could get lucky as it is also not impossible. Getting lucky is actually less of being lucky than hard-bitten preparation. To find who you are looking for, you need to define yourself first. Only then, recruiting can begin. 65% of recruiters claim that talent shortage is the largest obstacle to hiring but studies also found that the EQ (emotional intelligence) is one of the biggest factors to ensure long-term hiring. Your first impulse might be to go for the 20+ years experienced multi-talent but picking a less experienced applicants with a better company fit might pay off due to a lower chance of employee turnover. This decision goes back to your definition of a company culture, company vision and branding and cannot be used universally. The purple squirrel is individual.
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