In today’s business climate, attracting and winning top talent has never been more difficult. Unemployment is at an all-time low, and the most recent ManpowerGroup Talent Shortage Survey found that 38 percent of employers are having difficulty filling jobs with a reduced number of applicants per requisition. Here are four ways your organization can invest in your Talent Acquisition function and win the war on talent:
1. Revamp your employee referral program
Hiring employee referrals is a no-brainer. Referrals are a cheaper, faster way to hire and generally produce higher quality hires who will stay longer at your firm. According to a Jobvite study in 2018, 46 percent of referrals stay over 1 year, 45 percent stay over 2 years and 47 percent stay over 3 years compared. At West Monroe, 38% of our hires come from employee referrals and we are aiming to get closer to 50% this year. To help encourage referrals, we recently rolled out a new employee referral program that promotes our employees to refer their contacts with increased referral bonuses, particularly around diverse candidates. It’s an easy 3 step process to submit a referral in our internal portal.
We also recently hosted “sourcing parties” across our offices where we spent the lunch hour, teaching our employees how to “source” through their LinkedIn connections to find prospects for open requisitions. This resulted in 52 new potential candidates being messaged during the “parties” and four of which turned into viable referrals! This was a fun and easy way to yield more referrals. Promoting and enhancing our referral program has helped us win top talent at a lower cost.
2. Remove the unconscious bias from your interviews
According to one report on why diversity matters, 366 public companies were interviewed across different industries and countries, diverse hires performed significantly better than those with a homogeneous background. When companies keep hiring the same types of backgrounds and experiences, they are ultimately missing out on a larger talent pool that will bring more innovation and success to the organization.
This past year, I attended the Greenhouse OPEN recruiting conference and listened to Alex Moore from Credera and Amy Giangregorio from Greenhouse explain the importance of shifting from a “culture-fit” interview to a “culture-add” interview. They explained how more diverse teams are proven to be more successful and drive more revenue. I’m proud to say that West Monroe recently underwent a similar change in our hiring process where we moved from a “fit” interview to a “values alignment” interview. We have trained 400+ employees on the new values interview training which also focuses on taking bias out of our hiring decisions. This has elevated our hiring process and most importantly, led to more diverse hires. The interview ensures we are judging candidates based on their alignment to our values, rather than “fit”.
3. Invest in a sourcing function
As recruiters, we spend our time finding and vetting the best and brightest talent to join our organization. The finding part is typically the most time consuming and most important, especially during a time where most people aren’t looking for a new job. We recently rolled out a sourcing function within our larger Talent Acquisition group. These individuals focus solely on sourcing and engaging with talent across our markets. Since the rollout four months ago, our sourcers have brought in 1,000 additional prospects to our pipeline. This has helped keep us engaged with top talent in the market while providing a “white glove” candidate experience to our candidates.
4. Elevate your employer brand
Without a strong employer brand, we wouldn’t be able to attract high caliber candidates to the firm. Our firm has invested in an internal employer brand team, made up of recruiters and marketers, to drive our employer branding efforts. They drove the revamp of our career site to give potential candidates an inside view on what it’s like to work at West Monroe. They have helped us increase our presence on Glassdoor and submit our firm for “top places to work” awards across our markets, which ultimately leads to some great wins! Without the partnership with our marketing team, candidates would not recognize our brand as a top employer. Partnering with your marketing team is a great resource to use to build your employer brand.
In an organization where people are your biggest asset, it is crucial that you continue to revisit and update your talent strategy to ensure you are keeping up with the evolving talent landscape. With the talent market more competitive than ever, following these four tips will help you attract and hire the best and brightest candidates.