February 2nd, 2017 | Debbie Lamb, Sterling Talent Solutions
Recruiting in 2017: Jobvite and Sterling Talent Solutions present the New Normal
The human capital management industry is exciting and ever changing. The New Year is off and we’ve already seen changes in hiring regulations, marijuana laws and background screening rules. There will be more modifications to come as the new administration and legislatures get into place. All of these changes have a major effect on the current job market and recruiting practices. In our latest webinar, Sterling Talent Solutions partnered with Jobvite to present on this very topic: “Recruiting in 2017: The New Normal.” The presenters discussed a some eye-opening discoveries in Jobvite’s recently released “Recruiter Nation Report 2016” and how these findings are important for recruiters, HR professionals and employment background screening companies.
The Jobvite report examines large-scale recruiting trends, challenges and job seeker behaviors that reveal the landscape of the recruiting industry. The report reflects how the job market is changing and how that is influencing the way recruiters and HR managers find new talent. The report findings will, in turn, influence the employee background screening industry.
Changing Job Market
The job market has dramatically changed since the time of the Great Recession. Today, there are over 5.6 million job vacancies that need to be filled. When job vacancies increase and unemployment rates are low, the market changes to a candidate-driven job market. Competition is increasing to get the best talent. Higher demand for specific job skills together with longer hiring cycles mean job applicants can be more selective in their job and company choices.
Because of this switch, recruiters must adjust the way they find candidates. HR professionals and recruiters need to approach the hiring process as a sales funnel, while simultaneously studying data and metrics to find top candidates. Recruiters should have a relationship with the hiring managers to find the best process and allow the candidates to have the best overall experience with their organizations. They also need to partner with other departments in the company to make the hiring process more holistic. There needs to be a consistent candidate experience through each stage of the hiring process from the job ad through filing out the application to the interview, screening and onboarding process.
What does this mean for background screening? It is important for the recruiting and hiring team to do all that they can do to vet their candidates. 58% of employers have caught a lie on candidates’ resumes including embellishing skills and capabilities and extending employment dates. The new hire should wait to start their job until the background screening process is completed to prevent a possible bad hire. Background screening turnaround times will depend on the jurisdiction of the candidate. Some court houses have clerk assisted record keeping, which could take up to 1 to 2 weeks to find the needed information, while unassisted or computerized court houses can take 10 to 18 hours on average.
Using Metrics to Measure Successful Recruiting
Recruiters need to think of the recruiting process in the same terms as the sales funnel. The top of the sales funnel is the awareness stage. For recruiters, this means that they are trying to attract the right people with job ads. Job candidates, just like clients or prospects, will then move through the different stages starting at awareness then moving to evaluation, then interest and finally to retention (or starting the job). When you break it down to the different sections of the recruiting funnel, you can track and measure each level to learn valuable insights into your company’s recruiting process. Major data points include what the average number of applicants per open rate, the percentage of interview to hire or offer to hire. Recruiters can then measure success or failure rates, isolate the issues and fix them for future hiring campaigns.
Strategies to Attract Top Talent in a Candidate Driven Market
Recruiters need to be able to adjust to the changing job market. What are strategies that recruiters can use to attract top talent in a candidate driven market? The webinar offered five suggestions:
- Find a candidate with the right cultural fit. Culture can be difficult to measure, but companies that have employees who are contented with their jobs fit more into a company’s culture. Recruiters are looking more on job skills than on the perfectly written cover letter or grade point averages and test scores.
- Recruiters need to think like marketers and partner with marketing for branding job descriptions and culture. The entire recruiting approach should be more holistic working with all departments of a company.
- Find top talent by utilizing employee referrals and internal hires. According to Jobvite’s report, 64% of companies incentivize referrals and 45% plan on increasing these incentives in the next year.
- Use social media in recruiting. Recruiters should target their job promotion content on a specific social media platform, such as Linkedin or Facebook. Once the candidate is hired, close the loop with the proper approach to social media background screening.
- Go Mobile. 45 % of companies surveyed have career mobile websites. More job seekers are viewing jobs on a mobile device versus applying via a laptop or personal computer.
With the changes to the job market, recruiters need to re-evaluate and evolve how they find the best candidate. Candidate experience has become extremely important for the HR and background screening industries. To find out more findings from the report, check out the On Demand version of the webinar.
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