People are what make businesses successful, so it is crucial for companies to be able to attract and retain the best talent. Hiring the right people for a job not only impacts your company’s productivity and culture, but also your profitability.
Bringing in a new employee requires long-term investments related to onboarding and training. If you're not hiring the best fit for a role, probably that new employee won’t succeed on the job and all the time and effort spent with his integration on the company will be in vain.
According to TLNT, the cost of employee turnover, which is higher if you’re not hiring the right talent, can be estimated from around 30-50% of the annual salary regarding entry-level employees to around 400% of their annual salary when it comes to highly specialised employees.
Therefore, it is essential to develop a consistent recruitment process to find and hire the best candidates, preventing this kind of loss. However, finding and attracting top talent is a true challenge.
Leveraging the Talent Pipeline you Already Have
Every time you post a new job you put a lot of effort into attracting, assessing and interviewing the best candidates. But in the end, you only hire one person for the job. Consequently, there are many good and/or great candidates you’ve shortlisted in previous recruitment processes that didn’t get the job.
This gives you the unique opportunity to save time and money on new hiring processes by engaging the top talent you already have on your candidate database. In fact, your candidate database can be a real goldmine, containing highly qualified candidates that may fit the new roles your company needs to fill.
Think about all the great candidates you have met over time and how easy it would be to consider them for a new application process. Your candidate database can offer you all the information you need to determine who’s worth inviting in (CV, main skills, assessment results, and recruiter rating). Companies that take full leverage of their candidate databases enjoy smoother and faster hiring processes.
There’s a skills shortage affecting many sectors and good candidates receive multiple offers at once and don’t stay available long. Hence, a smart recruiting strategy requires you to be proactive instead of sitting back and waiting for candidates to apply for your open positions.
The Challenges of Using Your Candidate Database
Although your candidate database is the perfect solution to find the right talent faster, using it can be overwhelming. The truth is, some databases are not the most user-friendly and that can discourage recruiters from using them to build talent pools and maintain a constant flow of candidates for the company.
If you don’t have a recruitment software or if you use an outdated solution, it can be difficult to run searches through an unorganised large data-set. If you can’t perform an effective search, how can you find the right candidates?
To use your candidate database to its fullest potential you need to have access to a well-organised database and an intuitive interface that is able to present easy to read information or else you’ll keep focused on finding new candidates for every new position you open and all the talent that you engaged in the past keeps resting on the shelf.
To build talent pools with previous candidates, it's important to have easy access to the candidates’ main skills, interview scorecards, assessment results and recruiter comments to make it easy for recruiters to decide who is relevant for a new open position.
Recruitment Software with Intelligent Candidate Database
Recruitment technology is key to help recruiters access the right information quickly and effectively when needed. Given that there are recruiting software solutions adapted to every business size, there's no excuse not to invest in a solution that can maximize your recruitment efficiency.
The right recruitment software can streamline your recruitment process and gather and organise all the candidates’ information to make it easy for recruiters to use it. Moreover, software with AI capabilities can help you identify the most qualified candidates faster, speeding up the recruitment process and reducing the cost per hire.
Here at skeeled, for instance, we’re developing a machine learning, NLP-based tool that will soon allow recruiters to easily create talent pools. This feature will make extensive use of our knowledge base and automatically discover skills and competencies of applicants that have previously applied for a job, and match them to the requirements of a new, potentially different job. This will allow recruiters to instantly uncover talents that would otherwise be hidden in their candidate database.
However, even now we offer recruiters the chance to find candidates in their candidate database faster with searching and filtering features that allow them to easily run searches based on standard fields such as job, location, language, education, etc, or filter candidates by keywords or custom tags they added to the profiles.
A candidate database with these features allows recruiters to look up large applicant pools and speed up the recruitment process by easily narrowing down the best candidates according to new job requirements.
Making the Most out of Your Candidate Database
Leveraging the talent in your candidate database is extremely important to develop an efficient and successful recruitment process. By implementing a smart recruiting solution in your company, you can empower your hiring team to leverage the existing candidates’ potential and improve recruiting results.
As important as being able to quickly identify top talent on your database, it’s also crucial to be able to easily engage them. Use a recruitment software that allows you to automate the candidate communication, that allows easy interview scheduling and that allows for collaborative hiring.
Thanks for reading and see you next time!
Your team here at skeeled