Finding passive talent can be quite challenging for headhunters to keep them on their toes, since resumes of passive candidates are not always updated on job portals, neither are they pushing themselves too hard to jump ship often and capitalise on the next big opportunity.
They are keen, focused and determined to find jobs with a career roadmap on the mind. Most of them prefer using subtle mediums such as peer-to-peer networking, through friends and colleagues over utilising social media or job portals, shooting out their CVs as a blind selling pitch to recruiters.
One of the reasons, why passive talents choose to lie low-key and look for opportunities mostly via referrals from friends or past colleagues, is because they value human relationships built on personal trust at the core. This approach further goes on to demonstrate their strong values and ethics to create trustworthy, reliable, loyal and dependable relationships with hiring managers, superiors, and organisations that partake in their growth vision through time.
Considering the integral role of “candidate referral” networks in the job search process of passive candidates, it is important for recruiters to know and accordingly plan their targeted approaches to attract these talents to their respective employer brands.
How do you accomplish this? Here are some tips to make the talent hunt easy for you:
- Implement an Employee Referral Program
Filling in vacancies for certain technically skilled roles can be comparatively easy if companies implement “Employee Referral Programs” to use candidate referrals as the first-stop point, besides posting job requirements ads on different online and social media platforms. Candidate referrals work fast and boost hiring speed, to save time and targeted efforts of the recruiter on employer brand marketing strategies.
Word-of-mouth marketing using candidate referrals works just fine to build a “trusted ecosystem and workplace culture” to count on your current employees, who acts as the brand ambassadors to promote employer brand value. Going via the peer group channel, you build not just employer brand equity but can also fetch the best minds in the business at a better bargain.
- The Power of Control on Information Dissemination
Making your current employees accountable for their actions by entrusting them with the power of recruitment, they are able to patronise with the employer brand. This strengthens trust at the core to build solid workplace relationships and positive culture. It also infuses the philosophy and concept of “growing together as a team” to make each individual playing an integral role in the company growth journey.
According to a study by JobVite, it takes 39 days to hire a candidate through job posting or 55 days to hire a candidate through a career site. Drawing comparison, the candidate referral program on an average just takes 29 days to fetch and hire a potential passive talent.
- Build Candidate Referral Network with Other Recruiters
You can also build a candidate referral network with other recruiters to help them source and route talent to opportunities in industries not served by them. Building upon a relationship with other talent acquisition managers and headhunting specialists in the business, you can reach out to an untapped passive talent by helping each other and thus serving causes of industries across markets to bridge the talent-skill mismatch step.
All it takes is a step to initiate change and establishing candidate referral networks within the talent acquisition community improves recruiting speed, increases access to more job opportunities to bridge the industry-talent divide largely created due to communication gaps in the value chain.
- Increase Talent Retention, Reduce Employee Turnover Rate
The main reason why using candidate referral networks is one of the best approaches to recruiting is because of joy it brings to current employees to refer their friends and optimistically foresee working together in the company of the social support system, over the monetary compensation as the next best lure. According to a study by achievers, the chances of a referred candidate getting fired decreases by an average of 350%.
- Improves Speed and Access
If you are looking at speeding up your recruitment process with targeted, time-saving and cost-effective alternatives to hiring right and bringing on the best minds in the business, the inclusion and implementation of “candidate referral” programs should be a part of your organisation’s growth agenda.
This all-inclusive program is cost-efficient and time-saving to deliver immediate impact, quantitative hiring efficiency, optimum results, and faster hiring with minimal chances of failure.
With all of these compelling reasons, candidate referral programs can help your business stand an enviable competitive edge to attract passive talent over the social media push strategy.
So, if your business finds the investment of time, money and efforts into building an integrated talent pipeline and employer brand a pricey proposition, then place your winning talent acquisition bet on the candidate referral programs now!