HOW TO BEAT SUPERSTAR BRANDS WHEN RECRUITING TALENT
Since we posted this in March, there has been great feedback from clients as they're dealing with similar issues. Competing with Superstar brands is something that most companies have to deal with on a daily basis. Building up your employment brand can allow you to be competitive in the talent marketplace.
Most companies have a professional employment brand that is usually supported with few materials and a website. Then there are the superstar brands. You know who they are. They are the companies either globally, nationally, regionally, or locally that seem to have it all together and an unlimited amount of money to promote their company with videos, web ads, billboards, events, and even airplane magazine ads.
These companies are competing for your talent every day and winning. However, as many of these superstar brands have a pristine image, they are a revolving door for employees. Employees receive training and leave almost as fast as they come in.
While this is a frustrating truth, it is also difficult to stomach as you know your company offers an excellent opportunity, and you’re saying, “if I only had the budget to outspend the big players and make a difference”. If this sounds familiar, you are not alone and it’s going to get worse in the next few years. A recent survey of CEOs revealed that 77% of companies are currently changing their talent strategy to increase their employment brand.
However, there is hope to compete and win without investing more. It boils down to leveraging your strengths against their weaknesses. Large companies are notoriously slow to move and always willing to cut their spend if they get a whiff of a slowdown. Recruitment departments are the first to get their budgets cut and the last to have resources added; therefore there are usually more bandwidth issues and increased turnover. This is an advantage for you and your company. Focus on the following three areas and you will beat your competition.
Speed to Talent
First, look at your ability to access talent? Are your resources focused mostly on tools to attract active candidates or do you have a balanced approach to attract passive candidates? Most large organizations utilize their brand to attract the active candidates, thereby making their cost per hire lower. With tools today like Talent Intelligence, you can spend considerably less to access up to 90% of the talent pool within a couple of days. Speed to accessing talent is critical, and just as important within the process is your workflow, messaging, screening, and interviewing processes. They need to be streamlined, efficient and measureable.
Build a positive brand image that is engaging for your candidates, internal customers, suppliers, and recruiting team. Clarity in expectations and communications will build the trust towards your employment brand.
When you get to the point of efficiencies, then look at how you can be proactive in strategies to attract the talent pool you want, keep them engaged, and then bring them into your process faster when needed. This is called Talent Pipelining and it can really give you the edge.
My recommendation is before you change anything, do an audit, assess the gaps, and make a plan for improvements over the next few months. Socialize it throughout your organization and come up with a solid improvement plan.
Speed to Interview
Speed to interview means building a streamlined interview processed to move more qualified candidates through faster. Larger companies usually have long drawn out interview processes that allow open up the opportunity for other companies to pull their candidates mid-stream. If your company’s interview process is streamlined, backed by the usual assessment and screening safeguards, then by making Speed to interview a priority, you can attract and win the best talent from your competitors. Again, audit, assess, and improve with a plan.
Speed to Improvements
Continuous measurement with data collection and analytics--- do something with it! Use it to build better strategies, manage process, better messaging, compensation plans, and information that will help your internal customers.
The numbers support the fact that the next few years will be tough for attracting talent on a global basis. Planning and improving your Speed to Talent, Speed to Interview, and Speed to Improvements will leverage your strengths and keep you ahead of the competition. If you have any questions or comments, please contact me at firstname.lastname@example.org.
Avancos is a global advisory firm specializing in helping companies hire more and better with less. Through our service lines of Advisory, Knowledge, and Life Cycles Services, Avancos provides data driven tools and tailored solutions that can double the speed and double the access to talent for small, medium, and Fortune 1000 companies.