One of the most expensive processes in growing organizations is the recruitment process. Companies spend enormous amounts of time and money on advertising job openings, screening hundreds of applicants, analysing and testing candidates, interviewing the potential once, and eventually, after all the fuss – making only one or two hires.
But what happens to the other 98% of the applicants?
And what do you do next time you need to make a hire for the same or a similar position?
Most companies usually go through the above mentioned procedure when hiring. In other words, they are wasting a great amount of resources on constantly attracting candidates – some of whom are hired – and others that remain potential, because they’re not.
Your applicants are future resources
The employment market continues to tighten, and it’s becoming increasingly difficult for employers to find the high quality and skilled candidates that meet a company’s needs.
Companies will therefore need to become increasingly inventive to attract valuable candidates.
And it also means they need to value all applicants even when they are not hired.
Why? you may ask…
- First of all, there’s most likely a 100% chance that several of the applicants who applied were actually fit for the position, but they just weren’t picked out due to a limited number of positions.
- Second of all, the chance that several of the most interesting applicants really found your company interesting is most likely 100% certain.
- Third of all, the chance that several of the most interesting applicants could potentially be great candidates for other positions in the company is most likely 100% certain.
- Fourth of all, the chance that several of the most interesting applicants would not return because their application was turned down is almost 100% certain.
But what if you did not turn them all down (as such)? What if you kept them interested, you interacted with them, and learned from the candidates who applied?
Future workspace are based on relations
The most successful companies in attracting and hiring talent efficiently are the ones that manage to keep the most qualified candidates close – even though they may not have an available position.
So here is what you should focus on when making your next recruitment:
- Promoting your purpose and values – and less the specific position and title (i.e. you want the ones that love your company, and potentially could also be used in other positions)
- Collect your applicants in an interactive database (i.e. don’t leave them in a “dead” folder for when you find them interesting. You should be able to keep a dialogue).
- Learn from data (i.e. make sure you structurally know who applies and where they come from. That is intelligent HR).
Build your recruitment process around the 3 key points – and you will become the most effective company in the world in recruiting! And yes, it will save you the cost, time, and need for external recruitment agencies!