Transformation in its truest sense is about people, and in a Recruitment context it relates to the way in which talent is both attracted and retained. And thanks to the current state of the economy, this transformation process is rapidly moving from a nice-to-have, to a business imperative.
London has one of the lowest unemployment rates in the country and while this is to be welcomed, such positive trading conditions do not always favour Employers. Indeed, the more people in work means fewer people available to fill the vacancies. To overcome this challenge, Employers are having to revise their existing hiring strategies. So, what shape is this transformation taking?
The traditional Recruitment model is rapidly evolving. It has to. While you may be clear on the skills you need and expectations of your new hire, your decision process to date has invariably been centred on reviewing a CV and undertaking a series of interviews. It is a tried and tested formula.
With competition between Employers to secure the best talent higher in London than anywhere else, such an approach has been shown to keep both the cost-per-hire and time-to-hire higher than they should be. It can also lead to poorer acquisition decisions, with the Harvard Business Review finding that 80% of employee turnover can be directly attributed to this.
So, how is the Recruitment model changing and where should Employers focus their energies? Here we take a look at three of the most effective ways that hiring managers can steal a march on their competitors and raise their profile as an Employer of choice.
Focus on your Employer brand: What makes you different to other Employers in London, why should the best Candidates want to work for you? Knowing your key differentiator – or Employee Value Proposition – is imperative. After all, people are driven by the what’s-in-it-for-me factor and your expectations of them. So, focus your Recruitment marketing on the opportunities for training and development, career prospects, and the expectations you have of the successful Candidate.
Accelerate the hiring process: Is your time-to-hire taking too long? Estimates suggest that it can take up to four months (sometimes more) from the point of making the decision to recruit, to when an offer is made. Why? London is brimming with great talent, but it won’t hang around for an Employer to move the Recruitment process from first to second interview and eventual offer. If you see a great Candidate, don’t stand on ceremony – any delay could see you lose out on great talent.
Widen your talent pool: How deep and wide is your existing pool of potential Candidates, and do you have both the time and resource to proactively search for new talent? If you’re like any of the hiring managers we have worked with over the last 20 years, the answers are probably “We could do with having more Candidates to choose from,” and “Time, if only!” London’s buoyant Employment market means fewer people available to fill the roles that are needed. This is where Recruiters come into their own. Established agencies are well-connected – they will have details of Candidates who are both in the market (already have a job but open to new opportunities) and on the market (readily available to take up a position). This is invaluable as it enables Employers to find the talent they need while saving them both time and money in the process.
The Recruitment model is ever-changing and those Employers who embrace the new way of searching for and attracting the people they need to fill their roles, will always end up on the winning side in the war for talent.
For more ideas on how to boost your Recruitment strategy, download our FREE Guide to Smarter Hiring.