From communicating your company’s goals via job ads to onboarding the candidate in your company, a recruiting strategy plays an important role. An effective recruitment strategy is a game-changer – it can either establish your employer as a brand or break it. It depends on how you execute it.
Allocating considerable time and energy in brainstorming and putting together a good recruitment plan in place would eventually save plenty of capital and hassle later during decisive times.
Owing to the same, we list out four effective recruitment strategies and practices to help you draft your ideal hiring plan.
Employee Referral Program
Having an effective employee referral program helps you unlock many rewards. This makes your employees efficient talent sourcing touchpoints. This leads to less time taken to hire, a better quality of talent, easier onboarding, and cost savings.
Companies usually pay a referral bonus to employees whose referrals get onboard. Even with that, they end up saving on the cost of a tiresome talent hunt with internal recruiters or commissions to hiring agencies.
The core idea behind employee referrals is that we are the average of the five people we communicate with. This means skilled employees would have at least two highly proficient professionals in their inner circle. Referrals, thus as work as a pre-process background check.
This strategy helps hire organization-fit people since the referring employee would have already thought about that.
Choose insights over data
We live in an era of data abundance. However, that does not mean we always have access to the right information to make informed decisions. Being able to infer insights from the data dump is important. This is achievable through intelligent analysis of relevant metrics. Most Application Tracking Systems (ATS) offer a wealth of insights.
The first step to executing well is to measure well. Metrics that have a great bearing on your hiring strategy include the hiring source, time and cost per hire, job-post to application ratio, retention rates, email response rates, application to offer time and ratios, and the quality of hire’s performance.
Gaining insights and effectively understanding these metrics is a crucial aspect of getting the recruitment strategy on track. An insight-focused strategy helps you understand retrospective and real-time data to prepare better for the future. Simple elements like the percentage of candidates who complete the application enable the organization to understand the process’s aspects to improve.
Social Media Strategies
When you think about talent acquisition best practices, you can’t take Social Media out of the equation. Social media has seen a colossal change over the past decade, and the Human Resource department is not untouched by its influence. Social Media Channels can be a massive masterstroke in hiring and recruiting, particularly passive candidates.
As per stats, 55% of applicants find social networking more helpful in their job hunt process. Posting jobs on social platforms like Facebook, Instagram, and LinkedIn can increase your brand awareness and attract talent relevant to your terms.
A Few Examples:
Goldman Sachs is leveraging a new platform to help hire young talent. The firm recently started an advertising campaign on Spotify, the music streaming app, to grasp millennials’ attention.
It will operate in both the US and the UK and link back to the company’s careers quiz, which helps job aspirants understand which categories are best suited to them.
Here’s the content of the ad:
What advice would you give a tech firm breaking into a new market? How would you help grow a university’s endowment? Discover this and more at Goldman Sachs because a career here could take you anywhere.
McDonald’s leverages video ads and “snaplications” to engage young prospective employees in its recruiting efforts in the US.
The company runs 10-second video ads on Snapchat showcasing McDonald’s employees talking about their experience in the company. Anyone looking for a job can swipe up and will be taken to McDonald’s career webpage in the app.
Once there, an in-built Snapchat lens allows the candidate to put on a virtual McDonald’s uniform and send a 10-second video explaining why they’d be a great employee. It’s a pretty enjoyable and simple idea to apply for a job, and McDonald’s has found several tech-savvy candidates from this idea alone.
According to reports, digital channels are tremendous contributors to finding suitable jobs today. Many technology companies conduct coding competitions and hackathons to recognize good talent and conclude their headhunting in the swiftest way possible.
This is a win-win situation for job aspirants as this gives them a platform to show their abilities and get handpicked by organizations for employment. Also, it serves as a great testing tool for the company which can measure each participant against a wide range of other participants.
Hiring Trends are changing rapidly. Strategies that worked a couple of years ago might not be effective as much today. That is why you should keep tweaking your Recruitment Strategies from time to time to ensure you’re following the best hiring practices at all times.
For example, Social Media Platforms have been on the rise for the last decade. We showed you how Goldman Sachs and MacDonald’s are leveraging Spotify and Snapchat to level up their hiring game. Similarly, you can consider the points discussed in this article and draft an actionable and achievable hiring strategy that suits your requirements.