Last year around this time we conducted a survey to identify what the 2017 recruitment marketing trends would be. As the year is coming to a close and as a results focused company, we wanted to go back and see how accurate those trends were – or weren’t.
Yesterday we had the great benefit of hearing from Jade Bourelle, CEO of Talemetry and recruitment marketing industry leader, and Kevin Grossman, President of the Talent Board, discuss the real return on investment (ROI) of the candidate experience and how companies can improve upon it.
We were thrilled to see so much focus on innovation and talent acquisition at HR Tech 2017. From AI to analytics, to integration and the candidate experience, not to mention Google for Jobs, there were lots of attention on how to advance recruiting strategies. This is an exciting time in our space with new technologies, strategies, and ideas to help recruiters attract more of the best candidates.
Strategic recruiting organizations can work with a complex cadre of talent acquisition software vendors: employer branding and candidate experience platforms, resume databases, job ad distribution tools, job board posting integrations, recruiting agencies, candidate engagement and CRM tools, and the like.
We’ve just returned from the HR Technology Conference 2017 and it was great to see the innovation and focus on talent acquisition and more specifically recruitment marketing. We had so many talent acquisition leaders, marketing leaders, and HRIS operations leaders stop by our booth to talk about recruitment marketing and how they can make improvements.
Our research team has been studying application processes and have found that many organizations see as little as 10-30% application completion rates. Companies are making huge investments to attract and recruit candidates, typically $3,500 - $4,000 per candidate. So to make the investment to attract candidates to your career site, but then see only 10-30% of candidates actually complete applications isn’t exactly the ROI that CFOs are pleased with. Studying the process from when candidates reach your career site through completed application is an opportunity to make significant impact to the number of candidates and the ROI of your talent acquisition investment pretty quickly.
Meet Jim. Jim is your next great candidate who is going to fill that hard to find role. Jim has a middle manager level job as a business analyst in finance. He’s been at his company for 7 years. His job is okay, but not challenging him. He earned his MBA a couple of years ago, he’s itchy for new responsibilities. He knows he’s capable of making a much bigger and broader contribution to his company’s success. But he’s pigeonholed in his current job. His superiors are not going anywhere and there is no opportunity to move on or move up.
In general terms, we write a lot about recruitment marketing. By centralizing your candidates (recruiting CRM) into a single database, providing consumer quality candidate experiences online, auto distributing jobs to free and paid job boards and social networks, engaging with candidates over the long term, and analyzing and refining results, your finance or insurance company will be more effective in hiring. You'll attract more high quality candidates. That's good return on investment (ROI). That's good business.
For financial services companies, the ‘Path to success involves finding those bright, innovative minds’. But with unemployment rates in the 2% range, where are you going to find those creative, innovative, talented minds? They aren’t sitting home waiting for a call. The best quality candidates are already working. An ongoing social sourcing and recruiting strategy will help find them and then entice them to join your team.
With a 2.1% unemployment rate, the financial services and insurance industries face dire challenges in terms of recruiting now in late 2017. The industry as a whole is faced with significant regulation and compliance, wide supply and demand talent shortages, and a real revenue-impact related to the candidate-consumer experience.