Recruiting can go awry in many different ways. Poor recruiting can mean hiring the wrong candidate. Worse, it can mean not finding a pool of candidates at all.
Either way, you’re draining resources – and likely diminishing the workplace morale. So, how can you strengthen your recruiting strategy, and in turn improve your bottom line?
Identify Gaps in Your Recruiting Process
The first step is admitting – or discovering – that you have a problem. If you haven’t already, this is a good time to start implementing better tracking and monitoring of your recruiting process so you can make more informed decisions about improvements in the long run.
Ask yourself some questions. If you don’t know the answers yet, start here:
- What is the average tenure of an employee at your organization?
- Which managers have the least amount of turnover, and which have the highest?
- Can you pinpoint which channels have been the most and least successful for your recruiting efforts?
Without understanding the answers to some of these basic questions, it can be challenging to fix a recruiting issue.
Build a Recruiting Pipeline
The most effective recruiting approach is to always be looking for and finding candidates. Having a backlog of candidates for high-priority or high-turnover roles can help balance attrition.
You don’t necessarily need to spend money on job board listings or paid searches. You can network, and connect with candidates on LinkedIn to help build up your pipeline and recruiting pool. Even if a spot isn’t currently open, you are planning, branding and sourcing so that when you’re ready to onboard, you know which candidates to approach first.
Embrace Employee Referrals
Employee referrals are your company’s best word-of-mouth marketing. Companies with a strong image are the most sought-after for employment. If your current employees are boasting about you, it becomes easier to tap into their network. Those individuals associated with your employees are already reading, hearing and seeing why your company is a great place to work. This makes your job easier and it can increase the number and quality of applicants you receive.
Research and Find the Best Candidate for the Position
Top talent is hard to come by. One of the reasons is that the most talented employees aren’t on the job market. Those who don’t need a job are more particular when it comes to the interviewing process.
It’s difficult to take time off of work, or perhaps they don’t want to disappoint their loyal employers. With a mixture of skill and attention to detail, the employed applicants who do come for an interview will be more serious. They will ensure the job description and responsibilities are in line with their needs. This extra upfront research by the candidate can decrease attrition at your company.
Don’t Waste the Job Candidate’s Time
Nothing is more frustrating than an interview process that drags on forever. Between phone calls, panel-based interview sessions and HR’s due diligence, it can take weeks or months before the hiring process is complete.
For the potential employee, it’s difficult to take time off from work (or remain without employment for prolonged periods of time). If time is of the essence, your slow hiring process can cost you, especially if your competitors move faster.
Offer a Comprehensive Benefits Package
Employers who offer a range of benefits understand the value this approach can add to your recruiting process. According to a survey conducted in February 2022 by Gallup, 64% of the employees polled cited a significant increase in income or benefits as the main reason they look for a new job opportunity.1
In addition to these ‘traditional’ benefits such as health insurance, paid time off and retirement savings, many companies are also exploring the option of offering employees better access to their earned pay through earned wage access.
Whatever benefits package you decide on, make sure it fits the needs of your employees. Don’t be afraid to ask what benefits they most want, and do your best to meet their needs.
Giving your existing employees a great benefits package will increase the likelihood they’ll spread the word about your organization, and can help grow your recruiting efforts exponentially.
All information herein is for educational purposes only and should not be relied upon for any other use. The information herein does not constitute the rendering of financial advice or other professional advice by DailyPay. No fiduciary obligation or duty exists, or is created, between you and DailyPay. DailyPay does not warrant the completeness or accuracy of any information provided to you.