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3 ways to win more talent
Kevin Green, Chief Executive of the Recruitment Employment Confederation in the UK, recently talked about the “inch wide, mile deep” approach to recruitment. Recruitment companies that have become more niche in their approach are actually seeing increased revenue numbers. Wait?! Focusing on smaller candidate pools is equating to bigger billings, how exactly?
These companies are hyper-focused on a small, manageable volume of candidates. They nurture deep relationships with these candidates by understanding their area of focus, motivators, skill sets. They then take this a level further by creating a community of like-minded professionals, and they can connect with these candidates at e-breakfast events, luncheons, conferences, round tables, and other value-adding events. Because they are so close to these candidates, they can ask them to invite their friends, who “just-so happen” to have a similar skillset to the original candidate.
By getting these referrals and providing an incredible experience, these candidates have the utmost confidence in the recruiter, and therefore trust them on a role. On the other side of the coin, companies hiring this specialist group of people know exactly where to turn, because all of the candidates are accessible by this hyper-focused recruitment agency. And with supply versus demand, these businesses can charge a higher than average rate and ultimately increase their revenue numbers with fewer placements.
2. Get Personal
Better relationships and more thoughtful interactions lead to greater loyalty and trust. Building the relationship is the first step of this process. One roadblock? Generational differences can prove to be a challenge that recruiters have to overcome, which makes embracing new technology is more important than ever. With 46 percent of respondents to GRID stating that Millennial’s are the most difficult to engage, there is research out there that suggests chatbots and technology are actually the type of interaction millennials crave. Personalisation is not just about having every interaction face-to-face, it’s also about understanding your customer and how they want to work with you.
With the speed of innovation and number of new recruitment software companies being created, when you are looking at the central point of your recruitment technology ecosystem you want to ensure they have the ability to integrate with other technology but also that they are at the cutting edge of their own domain and the general recruitment technology space. It is extremely common to have 5 or 6 technologies all speaking to each other ultimately storing data in the CRM/ATS for recruiters to use to enhance their relationships and conversations. Being able to customise and integrate your technology as you grow is not just a nice to have, it’s a must-have.
From the GRID survey results, we can see that 54 percent of participants rated themselves less than 5/9 for knowledge of Artificial Intelligence and Machine Learning. The first thing to think about if you are considering any artificial intelligence or machine learning would be “Is my data in good shape?”. If you have triggers, automations, machine learning using bad data, things can get considerably worse. So make sure you start with your data integrity and perhaps some reporting tools could help to uncover that. Technology is not going to do everything, nor do we want it to (remember iRobot?), combine Artificial Intelligence and Human Intelligence to create Collaborative Intelligence and you’ll have a far more advanced strategy.
3. Provide Additional Services
Differentiators come in all shapes and sizes, but if they can directly result in more revenue or exclusivity of candidates, then they are more fruitful than most. 78 percent of GRID respondents believe “employers must accelerate pay increases to compete for qualified candidates”, but I’m sorry to report that only 45 percent of companies are considering this as a strategy.
Other strategies, however, could provide an opportunity to get ahead:
This enables recruiters to capitalise on the close to 1 million persons that “had not searched for work for reasons such as school attendance or family responsibilities.”
31 percent train current employees to fill vacant positions and 24 percent hiring more employees that take upfront training
There have been numerous accounts of success in delivering billable training and consulting services for prospective candidates but also for current contractors that are working for clients. A lot of people already know this with 74 percent of respondents on GRID stating that this is an effective way to address talent shortages, however, a Robert Half survey suggests that 70 percent of HR managers are open to hiring people who don’t have all the skills but do have the “soft skills”. It’s worth considering what can be offered to candidates for free but also is there a diversification option that could be revenue generating training for clients?