How does the human resource manager measure top talent?
A recent study conducted in the U.S stated that recruiters normally use three main avenues to make sure they acquire the greatest talent. These are hiring manager satisfaction (42 percent), turnover or retention statistics (57 percent), and new hire performance evaluations (40 percent) round out their methods.
If your company wants to recruit the best candidate, you should be very proactive in the various ways you approach them, or in most cases, make them approach you. You can’t expect them to come knocking at your doorstep offering their top class services to you. It’s far more complex than that. Attracting and retaining the best talents is solely based on building relationships.
Here are a few steps to help you out:
Build a Current in Existing Talent Pools
The United States have adopted a certain method of recruiting highly skilled talent which includes either sourcing new talent or manage client relationships and/or a recruitment team. Recruitment is a top class priority for 30 percent of more than 1,600 individuals surveyed by LinkedIn.
Out of the company’s surveyed, about 70 percent have admitted that other recruitment firms are the biggest challenges they face- as they are also searching for the best talents. Branding plays a huge role in getting an edge over the competition, and this is something most companies are aware of. Be it small-scale or large, companies are constantly trying to promote their brands because they know that more company promotion leads to more profits.
A large number, if not all of these companies, know the value in creating dialogue and building relationships with candidates who have the potential to be recruited. So as a result, company promotions are transitioning away from traditional job boards to online professional networks.
Introduce Referral Programs
It’s estimated that over 32 percent of quality talent have been recruited through employee referral programs. In the U.S job board accounts for 39 percent, employee referrals 43 percent, and social professional networks are up to 44 percent of new hires. However, some companies have discovered that’s not just the quantity that matters but the quality.
As a result, they’ve started to depend on more on employee referral programs. Here’s what we suggest you could do in case you don’t have an employee referral program in place:
- Only one candidate should be hired for every five referred instead of one for every 100 job board candidates.
- Referral candidates are top class candidates that are more likely to be hired.
- According to statistics from very reliable sources, most companies acquire referred employees at a rate of 46 percent.
- Referred employees are high performers in comparison to any other recruitment avenues.
- Referrals offer your highest return on investment.
Retention is Key
Internal recruitment is one of the most strategic ways to retain the top talent you’ve managed to recruit. In the U.S however, it’s quite a different story. Most company’s internal recruitment strategies have been found to occur intermittently. This implies that many bosses drop the ball immediately after they recruit their desired candidates.
Although internal recruiting is one of the best-recruiting strategies and also the most direct avenues towards employee retention, only 24 percent of the world organizations have a distinct and more suitable internal advancement program.
What’s the point of recruiting top talent without a plan to retain those new employees? Here are a few recommendations you should consider to assist you with your retention strategies:
- Creating an onboarding experience for new employees that makes them feel as though they’ve been working with you for quite a while, one that also assists them to transition into the company and gain more expertise about the company.
- Internal advancement initiatives help employees foresee a long-term commitment with your company.