Your Talent Pipeline Playbook

Transcription

1 INVEST IN INTERNS a Research ebook by: ENGAGE AND INTERACT EMBRACE SOCIAL MEDIA MAKE IT MOBILE BUILD TALENT POOLS 8 Key Strategies for Connecting with Candidates CONNECT WITH PASSIVE CANDIDATES Your Talent Pipeline Playbook EMPLOYEE REFERRALS

2 Table of Contents The War for Talent Wages On What It Means The Demand for Talent Pipelines Play #1: Assess Strengths and Weaknesses Play #2: Look Within...to Internal Talent Play #3: Play to Passives Play #4: Be the Social Butterfly Play #5: Engage and Interact Play #6: Make It Mobile Play #7: Invest in Interns Play #8: Reference the Referrals Final Thoughts How icims Can Help

3 The War for Talent Wages On It s no secret that because candidates are in control of today s talent acquisition landscape, companies are competing to capture the best, reigniting a war for talent. However, new research predicts that companies will be waging this war for longer than anticipated, as a result of forthcoming talent shortages. The Challenge Companies in the legal, energy, and transportation industries are struggling to find top talent, according to icims 2015 Q2 U.S. Hiring Trends Report. Legal Energy, Chemical and Utililies Transportation and Distribution By 2020, around the world there will be a:.57 applicants per opening SHORTAGE of high-skilled workers SURPLUS of low-skilled workers 40 MILLION +95 MILLION.45 applicants per opening.44 applicants per opening

4 What It Means Ninety-two percent of executives believe there is a serious gap in workforce skills, and nearly 50 percent are struggling to fill jobs.2 Additionally, 80 percent of hiring managers and 84 percent of recruiters agree that hiring the right people has a direct impact on a company s ability to achieve its strategic goals, and believe that talent acquisition is key to overall success and profitability. 3 In fact, when talent can t be found, lost profit and revenue can be as high as $23,000 per unfilled position. 4 The Millennial FACTOR It doesn t help that today s professionals change jobs more frequently. The Labor Department reports that millennials, who will comprise half of the U.S. workforce by 2020, will hold six jobs by the age of 26, more than any other generation. Employers surveyed by the Manpower Group said that talent shortages also result in: 40% Reduced competitiveness and productivity 27% Increased employee turnover Reduced employee engagement and morale Higher compensation costs 24% 22% Hire Expectations Institute, 2015 Yet, 20 percent of U.S. employers are still not pursuing strategies to overcome talent shortages, despite the negative impact on their business. 4. U.S. Chamber of Commerce Foundation 4

5 The Demand for Talent Pipelines Companies must develop robust talent pipelines to nurture both active and passive high-skill candidates.? Why As noted by the U.S. Chamber of Commerce Foundation, today s talent acquisition requires According to icims proprietary research: 52% of U.S. companies surveyed 52% believe that building a talent pipeline or candidate pool is the top talent acquisition priority. 22% However, only 22% of companies have a strong pipeline for critical positions.5 a demand-driven strategy for a continuously evolving business landscape. Talent pipelines are a key part of this strategy. In fact, research Lee Lecht Harrison 30% reports that 30% of employers described their pipeline as poor or nonexistent. Talent Acquisition for Today's Business Landscape 1950s 1980s Today Employer-driven in-house Outsourcing Talent pipelines We need a workforce strategy for our time, not one designed to address the talent needs of the past Talent Pipeline tal-uh nt pahyp-lahyn noun A pool of candidates qualified to assume open positions that have been newly created or vacated. 5. Human Capital Institute,

6 How will YOUR organization build its talent pipeline? We ve got you covered. 6

7 Play #1 Assess Strengths and Weaknesses As the saying goes, knowledge is power. That s why the first step in developing your robust talent pipeline is assessing current talent acquisition strengths and weaknesses. Identify talent gaps in your organization, as well as assess other key metrics. Is talent diversity a strength or weakness in your company? Talent pipelines can help you find more diverse talent, which is good news for business. McKinsey & Company finds that gender-diverse companies are 15 percent more likely to perform better financially, while ethnically-diverse companies are 35 percent more likely. Take Action: Your Evaluation Checklist? What critical positions and skills are needed at your company?? Where does your company currently find its best hires?? What is your average time-to-fill?? What is your company s talent makeup?? What is your company s projected growth? These questions should guide how you source talent to your pipeline. 7

8 Play #2 Look Within...for Internal Talent Determine if your organization already has employees that could rise to fill critical positions. Internal hires may possess the industry experience and insight your organization needs to stay competitive. There are other reasons it pays to look within. On average, external hires are paid more and for their first two years on the job, they receive significantly lower marks in performance reviews. 6 Take Action: External hires are paid Establish competency models and profiles of success to identify high performers in your company. 18% MORE than internal promotes in the same positions. Create a strong pool of internal employees with onboarding solutions that engages new hires from the start. Start new hires on the path to success with 90-Day Plans that lay out expectations. 6. Matthew Bidwell, University of Pennsylvania Wharton School of Business 8

9 Play #3 Pursue the Passives Who makes up a significant portion of your talent pipeline? Passive candidates. These candidates are willing to entertain a job offer but aren t actively seeking a new position, and they re valuable. The reality is that only 30 percent of professionals surveyed are actively seeking jobs. 7 Yet, according to a 2015 icims study, 78 percent of survey respondents would be open to a new career opportunity if contacted by a recruiter with a relevant opportunity, even if they weren t actively seeking a new job. U.S. Workforce LinkedIn Talent Trends Survey 80% 60% 40% 20% 0% Actively looking for jobs Not actively looking for jobs The top two reasons candidates switch to a new position? 8 Passives vs. Actives $ Better compensation and benefits Better work/life balance More opportunities for advancement Take Action: Understand what your passive candidates are looking for and focus your recruitment efforts on these interests. Make communicating these benefits easy with software that facilitates powerful recruitment marketing automation. 7. LinkedIn Talent Trends Survey 8. LinkedIn Talent Trends Survey 9

10 Play #4 Be a Social Butterfly One of the most important parts of building a talent pipeline? Expanding your candidate reach. Make your company more visible by regularly participating on a variety of social media channels (not just LinkedIn).? Why Recruiting on social media yields results. In fact, 73 percent of companies have successfully hired a candidate with social media. As a result of using social media for recruiting, 42 percent of companies say candidate quality has improved and 31 percent saw an increase in employee referrals.9 Although icims proprietary research finds that 60 percent of companies claim they intend to implement social recruiting strategies this year, very few are technologically prepared to support that strategy. Take Action: Fast Facts Establish corporate profiles on a variety of social media platforms and share relevant, industry-related content on these profiles, in addition to job postings. Attract candidates by using social media profiles to share more about your company culture. Use social recruiting technology to collect information about potential candidates and build more strategic talent pools. Average number of times jobs are viewed on social networks Google+ LinkedIn Facebook Twitter icims Proprietary Research 10

11 Play #5 Engage and Interact Engaging candidates on an ongoing basis is critical to sustaining a robust talent pipeline, and many candidates want this engagement. Forty-two percent of job seekers are more likely to According to Talent Board, 44 percent of 44% job seekers say they need time to get to know an employer before applying for a position. Organizations can influence this assessment with 42% proactive, positive candidate engagement. apply for a job at a company after they ve interacted with a brand s career presence online, a 2015 Futurestep survey finds. Your fully-branded career portal is the perfect place to introduce your company to prospective candidates and facilitate ongoing engagement. Take Action: Your Engagement Toolbox CONNECT US!CONNECT WITH US! CONNECT WITH US! WITH Name Name CONNECT Name ! X! X X CONNECT CONNECT! X! Quick Connect Interests Option Unique Content Social Media Postings Building Relationships Give visitors to your career portal Allow passive candidates to Frequently publish engaging, Post to all relevant social media Make personal connections via the option to connect with your identify aspects of your informative content on your channels on a regular basis invitations to your organization s company s social media profiles for organization they want to learn corporate blog or other platforms to keep your organization recruitment events. However, ongoing updates, insight, and more about. Get creative with how that helps position your top-of-mind to members of be cautious of becoming too announcements. you distribute interest-based organization as an industry expert. your talent pipeline. persistent in your communication. content to your audience! 11

12 840 search results Play #6 Make It Mobile $50K - 70K New York, NY Small Company There s no doubt about it: job seekers are using mobile to find career opportunities and apply for jobs. Sales Positions According to icims proprietary research, mobile and tablet usage among job seekers has increased 60 percent since Yet, only 9 percent of businesses have implemented a mobile-friendly career portal. View Search Results Take Action: Ensure you reach as many qualified candidates as possible with mobile-optimized career portals. This means your career portal should: -365% Did you know? Application rates drop by a staggering 365 percent if an application on a mobile device takes more than 15 minutes to complete.11 Applications that aren t mobile-optimized can increase this completion time. Integrate responsive design that automatically adjusts the viewing screen to fit the device in use. Enable direct uploads of application documents from Google Drive or Dropbox. CLICK HERE SUBMIT UPLOAD Offer easy-click buttons and links for optimal functionality. 11. icims Hire Expectations Institute 12

13 Play #7 Invest in Interns Interns can be one of an organization s most secure sources of entry-level new hires, and are therefore an important part of your talent pipeline. According to a 2015 study by the National Association of Colleges and Employers, approximately 71 percent of employers plan to transition interns into full-time employees, and 63 percent of companies would like to hire interns for entry-level positions. Take Action: Improve your organization s internship program with icims talent acquisition software. Connect: Create intern talent pools to nurture talent early on. Target students from career-focused high schools or target colleges to help build meaningful relationships over time. Employer Experience with Interns Approximately 84 percent of employers said hiring interns was a positive experience. Recruit: Engage interns on the social channels they use most, like Facebook, Instagram, and Twitter, to help them feel a part of the company culture and community. 84% 16% 1 Positive experience STEP 1 2 STEP 2 3 STEP 3 Onboard: Facilitate organized onboarding with seamless intern training, task, and event scheduling. Negative experience 13

14 Play #8 Reference the Referrals Studies find that one of the best ways to hire top talent is through employee referrals. As revealed by icims proprietary research, 43 percent of companies say their best candidates come from employee referrals. However, only 14 percent say they currently leverage employee referral technology to sustain an effective employee referral program. The Disconnect Take Action: Launch an incentivized employee referral program. Give employees a reason to want to make referrals with rewards like extra vacation days and bonuses. Leading social distribution services allow employees to set up automatic job postings to their social media profiles at a frequency they choose, making participation easy and effective. Top Sourcing Channels (Percentage of Hires) 40% 30% Research from Glassdoor finds that only 10 percent of sourcing comes from employee referrals. 20% 10% 0% Recruiter Referrals College & University Referrals Employee Referrals Online Applications Yet, the chances of a successful job match increase from 2.6 to 6.6 in statistical significance when an employee referral is hired

15 Final Thoughts In light of future shortages of highly-skilled workers, companies must build robust talent pipelines to more strategically source talent for tomorrow s workforce. Dedicated talent acquisition technology helps companies more effectively build these pipelines with automation and ease. 46% Talent acquisition software that streamlines processes can be an ideal solution, given that 46 percent of hiring managers cite lack of time as the reason their company doesn t have a strong talent pipeline.13 Leading companies already recognize the value of this technology

16 How icims Can Help. icims is the leading provider of talent acquisition solutions that help businesses win the war for top talent. icims empowers companies to manage their entire hiring process within the industry s most robust Platform-as-a-Service (PaaS). Built on the foundation of a best-to-market talent acquisition software suite, icims PaaS framework, UNIFi, allows employers to expand the capabilities of their core talent acquisition technology by integrating with the largest partner ecosystem in talent acquisition to help them attract, find, screen, and manage candidates. Offering scalable, easy-to-use solutions that are backed by award-winning customer service, icims supports more than 3,500 contracted customers and is one of the largest and fastest-growing talent acquisition solution providers. Connect with icims on social media! Learn more about how icims can help your organization today. Visit call us at (800) , or view a free online demo of the icims Talent Platform. 16