More than ¾ of executives state that people analytics are a priority, and more executives are recognizing the influence HR initiatives have on the organization. In fact in 2016, 51 percent of companies correlate business impact to HR programs, a 13 percentage point increase over 2015.1
Predictive Talent Pooling incorporates strategic sourcing methods to identify desired talent for specific pools. Candidates within the pools are then tracked to monitor more than 6,000 different data points from publicly available data sources (including social media, public job boards and licensed data sources) that indicate job seeking behavior activity. Candidates’ job seeking activity levels are measured, thereby indicating who is more likely to respond to your outreach.
Consider the efficiencies gained with this information. If a company has 500 candidate prospects inside a talent pool and a new critical role becomes vacant, the time and effort saved by the ability to identify and reach out to the most qualified and active job seekers in the pool is substantial.
Why not just craft a standard job offer email and blast it out to the 500 candidate prospects? In the era of over-communication, this has simply become less effective. Candidates with in-demand skills are in the driver’s seat, and they may not even reply to the inquiry.
Organizations need to take a proactive and customized approach to hiring rather than a reactive, form-letter approach for business-critical and hard-to-fill roles. Gone are the days where simply posting a job on a job board or blasting out a basic email will guarantee high quality results.
Symptoms of reactive recruiting include:
- Time-to-hire: Recruitment is taking too long, keeping critical roles vacant for extended periods of time.
- Cost-to-hire: Cost of recruitment is too high due to over-reliance on agencies to fill the roles.
- The rest, not the best: Your competitors have better-known employer brands, and the best candidates are choosing them instead of your company.
- Limited Gene Pool: The majority of hires for key positions come from the active job seeker market, rather than the entire talent market.
- Low Morale: Taking up the slack during long vacancies, existing employees experience burnout or disengagement.
A low volume of quality candidates coupled with budget and time constraints can undermine hiring. Take for example the highly specialized sales professionals who work in life sciences. They are hard to find, have a direct impact on revenue and without them the company cannot survive.
Reactively filling these kinds of roles for unplanned attrition can be a nail-biting, rushed and expensive process. And it often doesn’t result in hiring the best candidate — but rather only the best candidate who applies for the job.
Smart organizations are addressing this with a proactive approach to hiring. The result is faster placements at a lower cost per hire.
Want to learn about predictive analytics? Contact Hudson RPO.
1 “Global Human Capital Trends 2016: The new organization, different by design,” Deloitte University PressGet In Touch