According to recent Allegis Group research, satisfaction is low with current recruitment processes globally. Less than a third of hiring managers and even fewer HR managers stated that they are satisfied with the current recruitment process. Further, a third said their recruitment process does not help them compete for top talent. One in three companies acknowledged that their time to fill open positions is also an issue, which can be a fatal flaw in a time of fierce talent competition.
Five factors of success
To make sure your recruitment strategy is positioned to attract quality candidates, consider these five critical factors:
1. Workforce needs: Certain positions may be distinctly suited as permanent, internal positions — for example, upper management and business development — but other positions, such as seasonal work with rapid ramp-up or ramp-down periods and niche-based projects with defined deliverables and timelines, may be better suited for contract employees.
2. Business strategy and stakeholder alignment: When you’re determining your recruitment strategy, ensure that all stakeholders have a seat at the table at the beginning of the process. Operating with a degree of transparency around the following key issues can help avoid issues down the line and increase the probability of success:
o Business pains
o Target business outcomes
o Organisational challenges
o Details of the requirements
Companies that successfully align stakeholder needs report significantly higher satisfaction levels with their recruitment process — almost three times more likely to be satisfied with the recruitment process and six times more likely to say their process enables them to compete for talent than companies that are not aligned.
3. Market rate pay: In a candidate-driven market, employers need to be aware of the going rate for top talent. Employers who continue to demand specific experience, skills and credentials but fail to increase compensation will face ongoing hardship in filling positions, jeopardising both the efficiency of their recruitment process and their reputation.
4. Employee Value Proposition: Many companies have become adept at articulating their Employee Value Proposition (EVP) for permanent positions, but they have not made a similar investment into developing this for the contracting space, resulting in a missed opportunity to attract highly capable talent. The more a company can identify its leadership strategy, benefits and other employee perks and advantages for contract staff, the more effective they will be. Prioritising candidate needs can be a game-changer in the quest for the highest calibre of new hires.
5. Leverage your unique culture: At the end of the day, most candidates want to work for a company that meets their basic needs, they want a role that is challenging and rewarding with a great employer, and they want to feel valued.
The way a company presents its culture, workplace and brand is an increasingly crucial component of an effective talent acquisition strategy and some employers may be surprised to learn how highly candidates value culture fit. Candidates rated culture/environment (49 percent) second only to compensation (73 percent). Yet 74 percent of candidates surveyed say they are not always given information about culture.
If you’d like to learn more, contact your Aerotek recruitment consultant today.