In 2015, there are dozens of tools which employers use to source talent. From classified ads to job boards, career fairs to mentoring programs, companies need to attract the best talent to succeed.
According to the April report from the Bureau of Labor Statistics on Job Openings and Labor Turnover, the number of open jobs has surpassed the number of new hires for the first time since 2009. This means that for the first time in 6 years, the number of jobs to fill outweigh the number of people to fill them.
This trend shows a definitive shift towards a talent-centric market, where candidates will have their choice of several job opportunities and several companies. Employers who do not strongly consider the candidate experience will likely turn away the more talented candidates, leaving key positions open for months, if not years.
As a preemptive measure, many forward thinking companies have begun leveraging new marketing tools to engage with potential candidates and current employees as a way of heading off this trend, growing their reputation as a preferred employer and lowering their recruiting costs in the process.
In a case study reported by Link Humans in 2013, Deloitte Netherlands conducted a 4 year initiative and consequent study to ascertain the value of Employer Branding on the bottom line, indicating key performance markers as the number of annual hires and the overall expenditures for recruiting.The study finds that since implementing these processes, campaigns, and initiatives, Deloitte has seen their cost per hire shrink from $10,000 per hire to $4,000, while at the same time reducing their overall recruiting costs by 50%.
The study cites a number of key takeaways which helped contribute to their success. Most importantly, a steady stream of content is regularly provided about the company. The content is usually geared towards activity within the company and not push announcements for job openings.
Remarkably, Deloitte hires hundreds of people each year, but does not post official job descriptions, with the exception of 10 rotating job slots on LinkedIn. Instead of posting, their talent acquisition team spends a portion of each day blogging in various forms, collaborating with their marketing department on social campaigns, and meticulously recording the responses to see what is really “moving the needle”.
Above all else, a concerted effort to gain social referrals helps Deloitte connect to talent in a creative and organic way that ultimately brings in more qualified candidates and limits the need for outsourced recruiting services.
This particular case is exceptional because the recruiting team at Deloitte was able to be successful at scale. Their efforts created a transparent look at a massive corporation that is not universally known for its offerings.
Through their new career website, Deloitte has made it a priority to give candidates a positive user experience that is separated into 3 categories, students, young professionals, and professionals. Each position that is advertised is coupled with a full recruiter profile, a short bio, contact information, and even live chat capabilities. Each visit feels tailored to suit the visitor and give as much information to job seekers as possible on the organization.
In doing so, they make it far easier for candidates to choose whether Deloitte is the right company for them.
The result is a company that feels more accessible, more like the people who work there, and more like an organization that talented professionals want to work for. Since the revision of their careers site, Deloitte has seen a 177% increase in visitors to the site.
So how can you take advantage of benefits like these and lower your recruiting expenses? It starts by collecting the right people, which we will cover in our next post.
