The labor market continues to be tight. The U.S. unemployment rate is at a 17-year low. What will you do if one of your best employees announces his or her upcoming departure from your company?
Keith Johnstone, head of marketing at Peak Sales Recruiting, which is based in New York, provided these suggestions for companies which increasingly must be ready to replace employees on short notice:
1) Aggressively Target Passive Job Seekers: LinkedIn reports that 70 percent of the worldwide workforce is made of passive candidates who aren’t pursuing new employment opportunities but may be open to listening. Passive recruiting is important because most high-performers are already gainfully employed.
2) Leverage Cutting-Edge Technology: Since implementing artificial intelligence into their recruiting process, Unilever saw the average time to hire an entry level candidate dramatically reduced from four months to four weeks. Instead of visiting colleges, collecting resumes and arranging interviews, the consumer goods giant made the jobs known via social media and then partnered with an artificial intelligence company to screen the applicants. This took place in 68 countries in 15 languages with 250,000 applicants from July 2016 to June 2017. Recruiters’ time spent reviewing applications decreased by 75 percent.
3) Become an Employer of Choice: Glassdoor reported that 84 percent of employees would consider leaving their current jobs if offered another role with a company that had an excellent corporate reputation. Great candidates, millennials especially, value a commitment to employee wellness, sustainability, as well as initiative that cater to gender and diversity equality. Having a strong culture, values and clear company mission are critical to building a strong talent pipeline.
4) Appeal to Diverse Candidates: To build a strong virtual bench you must widen your search and appeal to candidates from different backgrounds. A PwC study found that 71 percent of survey respondents who implemented diversity practices reported that the programs were having a positive impact on the companies’ recruiting efforts.