Don’t be fooled, job postings aren’t dead and are still the most efficient way to attract talent quickly.
Will your organization be spending more on job postings in 2015? If not, you may want to reconsider. It seems that an increasing number of firms are planning to work with job boards more frequently this year given the improvements in the economy and an increase in job board investments, as noted in a recent post at Job Board Doctor.
In fact, job boards are becoming more crucial these days. Many sectors are seeing shortages of talent, such as among nurses, welders and technology workers, leading to more job requisitions going unfilled for longer periods. Mismatches in talent means that hiring departments need to become more efficient and open minded about where they seek to attract talent. A study by LinkedIn reminds us that at least 25% of today’s workforce is actively looking for a job at any given time. It only makes sense that marketing to active job seekers must remain a critical part of nearly every employer’s recruitment strategy.
Sourcing passive candidates is getting harder.
As the economy continues to grow, shortages of talent will become more prevalent. It’s a simple problem of supply and demand. In the recruitment space, we’re constantly hearing about the value of passive candidates. But, more recently, many employers are starting to realize that recruiting passive candidates is the most inefficient, expensive and risky way to attain talent. Here are some issues that are starting to percolate related to sourcing passive candidates:
-MailChimp, a leading provider of email marketing tools, puts email response (click) rates in the recruitment and staffing industry at about 3%. Remember, that’s just a potential applicant clicking on a link in an email. This is just the tip of the spear when it comes to ingesting talent. In short, email marketing is very ineffective and as with all email marketing, to achieve any modicum of success it’s almost a full time job.
-Sourcing tools are essentially turning up the same profiles. Recruiters that are allocating budget to sourcing tools are often looking for skill sets that are in high demand. With recruiters contacting the same people over and over again (typically via email these days), potential candidates behind the profiles are becoming fatigued by contact from recruiters and sourcing effectiveness continues to wane.
-Passive candidates don’t stay passive. Once a passive candidate starts looking at an opportunity, they, in many cases, aren’t passive anymore. Talent in high demand is seldom going to just take their first offer and often look to see what opportunities are available in the market. And, don’t forget about the counteroffers. That’s right, sourcing passive candidates often leads to competition that can make hiring a passive candidate a competitive situation.
Job postings should be a part of your 2015 recruiting budget
As you look at your recruitment strategies and recruitment budgets this year, we recommend taking a closer look at job postings. Start by studying your recruiting analytics in your applicant tracking system to determine your best source of hires in 2014. Pay close attention to the signal v. noise metrics. That is, how many applicants did you receive from each source? How many did you phone interview? How many did you interview? What job posting source yielded the most hires?
More good news on the job posting front is in store for 2015. Job posting vendors are getting more sophisticated with their offerings. Many are beefing up their efforts as related to, free job aggregation, diversity recruiting, better recruiting analytics, better segmentation and some are even making the mobile job seeking experience more of a reality. Finally, despite the arguments about how passive candidates are in some ways “better”, attracting people that are already job seekers can be a really efficient, effective way to attract talent in 2015.