Why settle for a piece of the pie when you can have it all?
The number one cost and investment to employers are employees. With that basic business truth, identifying and attracting the right talent pool is critical for a company’s success. So it makes the most logical sense that all companies would want to see and identify the entire talent pool that matches with critical basic qualifications. This is especially true for pivotal roles.
piv·ot·al: Being of vital or central importance; crucial
Now that we are on the same page in defining pivotal, we can continue to look at why the identification process is so important for organizations in today’s market for talent. I just heard from a smaller client that after posting a job to one of the major social media sites, they received 120 resumes. None of them had the qualifications needed to have a first interview, let alone fill the position. However, as a hypothetical situation, let’s say 2-3 had been a good match. I know many hiring managers, internal recruiters, and/or HR staff would be happy if they met the criteria for a pivotal position. But should they? Linkedin’s recent study revealed that companies ONLY reach 17% of the talent pool when running ads on social media and job boards. Firstly, is that a good investment to attract the best talent and secondly, how do you sell your internal customer that you just captured the best active searching candidates from 17% of the TOTAL talent pool? That scenario would be an interesting and touchy conversation.
You can accept this scenario by continuing to accept the 17% active searching candidates, or you can prevent this event from happening by finding a way to identify the ENTIRE potential talent pool at the start of your process, then begin the vetting process within your hiring process. Like a marketing department, understanding demand, availability, competitors, (both within and outside of your industry), and current market trends via mapping provides an organization a tremendous advantage when hiring in a competitive labor market. The time for blindly posting your positions and “hoping” for the right person to apply are done. By empowering your HR/Talent Acquisition teams with the information and data they need to better understand the talent pool, your quality of hire and speed to hire will grow exponentially. Especially for pivotal roles, we have seen companies increase talent quality by 40% and cut their speed to hire down by 1/3. A main reason is when you equip people with relevant information about ANY market, better planning, communications, market understanding, and insight are gleaned to drive business growth and hitting objectives.
Avancos Talent Intelligence can do all of this and more…. Talent Intelligence allows internal resources to capture, sort, access, and analyze talent data that is needed to identify and source the entire talent pool. It increases HR professionals bandwidth, accesses 90% of the talent pool, and most importantly, provides better insight into developing and executing an effective sourcing strategy. By utilizing organized market data derived from Talent Intelligence, you can analyze what is trending such as skill sets, compensation, and experience needed within your industry. Just as important, what are your competitors doing? In essence, Talent Intelligence is the light that shines on your talent market, relevant to you, and in real time that increases your bandwidth provides better insight, and improves decisions for better hires.