The Battle of Talent Acquisition
Talent acquisition and employee retention has become a huge struggle for recruiters over the years. According to Jennifer Faught and Recruiter.com, it can cost a company 4-8 times a salary of an employee to replace them once they leave. With this in mind, companies both large and small are always looking for ways to cut expenses pertaining to the hiring process. Many times, this is where executive search or RPO teams come into play.
Most people in the workforce are gainfully employed. Recruiters need to somehow attract top talent including both passive and non-passive candidates. This proves to be a highly competitive race. Recruiters need to therefore enact highly ambitious and attractive hiring methods. With all of this in mind, how can recruiters have a leg-up to source the best talent?
What entices people?
How do we attract talent when the field is so full? What sets one company apart from another? One way is to address the core values of the organization. In most cases, candidates would be willing to leave their current job if the values or mission of an organization aligns with their personal beliefs. The dangling carrot could also be an improvement in office culture. Such things can be entirely convincing to someone unsure if they should jump into a new opportunity.
How to retain valuable individuals?
Okay, so now that you have successfully placed people into great new roles, how can companies make sure that people don’t leave and remain loyal? Fraught states that people must know their value and how the organization is benefitting from their contributions. When an employee is celebrated for their accomplishments, retention rates will go up leaps and bounds.
Know why people leave or are looking for new opportunities
Sometimes people leave their current employer due to money, but that is not always the case. If an employee does not feel appreciated for the work they do, chances are they will seek new opportunities elsewhere. Another key reason people leave an organization is due to lack of trust among the leadership team. As a recruiter, being aware of these reasons will help in guiding clients to lower the turnover rate of their hires.
Recruiting and talent acquisition can be very difficult, especially in today’s fierce market. How will you get ahead of the pack and overcome the challenges of a competitive industry?
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