Strategies for Recruiting Top Talent
There is an abundance of strategies and tactics that organizations can use when recruiting and retaining talent for their team. The combination of tactics and strategies that will best suit an organization can depend on factors such as recruitment tools, geographical location, industry, position you are hiring for, promotion opportunity, employee engagement, and company culture. Successful recruiting of talent and employee retention in today’s market not only requires an understanding of this but also demands that organizations be innovative, introspective, communicative, and flexible.
Although data is not everything, data is essential in understanding the recruiting process and developing a recruiting strategy plan in any sized organization. Utilizing specific data and tactics in your recruiting strategy is not only smart business but can make the process significantly more manageable, more efficient, and cost-effective. Whether you are using job boards, job aggregators, stand-alone applicant tracking systems (ATS) like UnicusPar, candidate relationship management software (CRM), or working with industry leaders such as Incipio, it is imperative that your recruiting process include tracking certain recruiting and retention metrics. Some critical metrics that companies need to consider are application completion rate, qualified candidate rate, cost of hire, time to hire, acceptance rate, quality of hire, employee engagement, and employee retention. As with any area within an organization, you can not manage what you don’t measure. The recruiting and employee retention process is no different. Workforce solution leaders such as Incipio use a company’s specific data to design and create solutions that support a business in the areas of hiring, retention, and company branding.
What does the data tell us of the current workforce? According to Gallup’s State of the Global Workplace, only 15% of employees were engaged in the workplace. According to Gallup, “engaged employees are those who are involved in, enthusiastic about, and committed to their work and workplace.” What that means is that many employees would seriously consider changing jobs for a better opportunity. Opportunities referring to compensation, benefits, company culture, career path, work-life balance, to list a few.
Evaluating recruiting and retention processes requires introspection. Management teams and Human Resource Departments must pull back the curtain to find areas that the organization is excelling at and which areas may require revamping. Outsourcing this process can sometimes be the most effective course of action. Working with organizations like Incipio, allows companies to breakthrough change barriers and discover fresh, unbiased perspectives. Utilizing data, expertise, and experience when developing recruiting and retention strategies creates better teams and better results for any organization.
The role of human resources has evolved exponentially over the last few years. There is so much more to human resources than benefits, payroll, terminations, and exit interviews. A company’s Human Resources Department plays a crucial role in developing a company’s strategy for recruiting, retention, and employee engagement. Evaluating if your Human Resources Department is a part of your business strategy or just an afterthought is key when looking at recruiting and retention within an organization. In fact, the role of human resources is critical to the financial success of every organization.
As discussed above, recruiting top talent can be very complex, but it also requires precision. Hiring the right candidates can propel a company to meet or surpass its goals. Still, it can also be a financial shortfall when you take recruiting time, training time, job posting, and other expenses into account if you’re not retaining employees. Whether an organization chooses to have an in-house Human Resources Department or partners with a workforce solution company like Incipio, human resources plays an integral part in the success of any organization.
The terms company culture and employer branding have evolved from just being marketing buzzwords to essential elements of an organization’s strategy. Human resources is a critical player in creating an organization’s brand or culture both within and outside of any organization. They are indeed the bridge between the organization and the employees and/or candidates. A strong company brand that is communicated not only within an organization but also externally is crucial to how a business stands out among its current employees and how they can capture the attention of top talent. Consistency is vital with employer branding as reputation can sometimes carry more weight than compensation. CareerBuilder reports that 67% of candidates would essentially accept lower pay if the company they were interested in working for had very positive reviews. This statistic drives home the point that communicating your employer brand or company culture should not only occur internally but externally. Communicate your employer brand or company culture on your website, social media platforms, and hiring portals. Share your company’s awards, core values, employee success stories, employee community involvement, and partnerships with philanthropies. Tell your company’s story and show candidates how they can become a part of that story. Most people gravitate towards being a part of something great. Utilize images, videos, employee and industry partner testimonials to show your candidates what it would be like to be a part of your organization.
Recruiting and employee retention is essential for any organization and now more than ever, companies must accept that what has worked in the past may not work now or in the future. Organizations must remain diligent in measuring recruiting and retention metrics, keeping up to date with hiring trends, communicating with current employees, staying open-minded, and remembering that this is what will make them stand out in a sea of companies vying for talent.
Incipio Workforce Solutions is a strategic partner in helping businesses thrive through recruiting, HR solutions, direct hire recruiting, employer branding, team building and more! Since 2015, Incipio has been on a mission to transform the way companies attract, engage, and delight their team members. Our professional services break down the challenges you face and create manageable goals, obtainable standards, and process improvements to reorganize, revitalize, and redefine what WAS into WHAT IS possible. Comprised of expertise in HR, Recruiting, Employer Branding, and Service, Incipio gives companies the tools they need to successfully manage their employee experience from interview to retirement. For more information on how we can help you and your business, call us at 502-409-4821 or email us at [email protected]