Companies are pressured to achieve more with fewer resources in today's challenging business landscape. The upcoming job market shift, as predicted by the Conference Board, signals a gradual slowdown in job growth. They are predicting unemployment will rise to 4.2% but that the job market will quickly recover by the end of next year. This emphasizes the crucial need for hiring experts to promptly rethink their recruitment strategies to target top talent effectively, focusing on quality candidates.
Attracting quality candidates can be challenging for companies, with many struggling to figure out the best approach to attract these individuals. Exploring different avenues becomes essential, and considering four specific talent pools – retirees, silver medalists, boomerangs, and referrals – can be highly beneficial.
These talent pools stand out as excellent sources for exceptional candidates. They not only offer potential cost savings in recruiting but also help with securing qualified talent over simply just accumulating applications.
Yet, in the rush to streamline application processes and draw in more candidates, there's a looming challenge: the trade-off between quantity and quality. While quick-apply options bring more applicants into the pipeline, sometimes this can come at the expense of compromising on quality. Balancing these dynamics becomes crucial in the pursuit of both volume and excellence in hires.
Explore the advantages of tapping into these four talent pools and learn effective strategies to attract and keep them on board.
Retirees constitute an increasingly influential demographic within the hiring market and should be considered by recruiters. The DOL projects labor force participation among older workers to keep growing over the next decade, and a recent survey showed that 68% of people who retired during the pandemic would consider returning to work. The top reasons for re-entry are tied to inflation, needing more money, and feelings of boredom and loneliness.
Another study, while a few years old, showed that of the retirees interested in returning to work, 58% said they’d want to switch industries altogether. When asked which industry they would switch to varied widely, but hospitality and service were ranked at the top – a sector that is always in great need of more employees.
Retirees bring stability and loyalty, making them a great quality hire for any company. Other benefits of hiring older workers include:
Moreover, according to a Pew Research Survey, older workers are more likely to find their jobs fulfilling and enjoyable, adding another layer of benefit beyond these advantages.
Source: Pew Research
When considering reaching out to retirees, hiring professionals might find success in putting what they care about front and center:
Baby boomers spend a lot of time online (27 hours per week), so reaching them where they are is important. YouTube and Facebook are their most reported social channels, so promoting jobs there could be a good option. Hiring professionals will also want to ensure that the language they use in the posts and job ads is inclusive and that the imagery makes it clear they are welcome.
Silver medalists are also important to cultivate as hiring them can save hiring professionals time and money. These are individuals who have demonstrated a high level of competency (quality) and interest in a company. In challenging labor markets where there are more unemployed people than there are jobs, silver medalists should be a priority.
Indeed summed up a few great reasons why it could be valuable to resurface a silver medalist:
These candidates also often possess a deep understanding of the organization's needs and culture from their previous application experience. They might have developed further skills or experiences since their last application, making them even more suitable for the role now. Silver medalists typically require shorter onboarding periods as they are already familiar with the company's operations, leading to quicker productivity.
Furthermore, hiring them demonstrates the company's commitment to recognizing and valuing talent, fostering motivation and loyalty within the workforce.
Tip: Keep in contact with the company’s silver medalists. Provide them with company updates and encourage them to sign up for job alerts. That way, when hiring professionals are ready to hire for a role they’d be a good fit for, the talent will be more open to applying again.
Hiring boomerang talent, or talent that used to previously work for a company, is also an affordable talent attraction strategy. This talent pool is already familiar with the company's culture and operations, enabling them to start strong and be more effective and efficient from the get-go compared to new external hires.
A Harvard Business Review study revealed that 28% of new hires were boomerang employees who left within the last three years. In certain sectors like retail, this figure jumps to 33%, indicating a potentially effective strategy for companies seeking specific talent.
Building strong relationships with departing employees is crucial, given the significant talent pool they represent for future hires. Establishing alumni networks provides a platform for former employees to stay connected with colleagues and keeps a company top of mind.
In the same vein, it's crucial for hiring managers to grasp why an employee departed. If there was a perceived breach in the understood agreements between the manager and the employee (the EVP), the chances of the employee’s return diminishes. Moreover, hiring managers should actively seek to understand why an employee left their previous role and what they aim to achieve in their new position. Grasping a candidate's motivations enables employers to gauge how well they meet expectations during the hiring process and throughout their tenure.
Integrating employee engagement surveys and candidate personas becomes vital. Feedback garnered from surveys aids hiring professionals in comprehending employee sentiments, while candidate personas assist in highlighting what talent is looking for.
Timing plays a pivotal role, with the study indicating that returning to a previous employer often occurs around the one-year mark after leaving. This presents an opportune moment to reconnect with this talent. Tactics like sending a personalized letter from a key leader, initiating an email series, or even utilizing targeted Facebook ads are worth considering.
When retargeting, ensure marketing materials showcase the new benefits of working at the organization, from salary to benefits. For any campaign targeting boomerang employees, it’s essential to highlight what’s different to entice them to apply again.
Employee referrals, aka using internal methods to identify future potential employees from current employees in exchange for a reward or bonus, can be a highly effective tool to leverage.
Hiring through referrals comes with a multitude of benefits that go beyond just finding a suitable candidate. Referrals often bring in individuals who have been recommended by someone within the company, fostering a sense of trust and reliability from the start. These candidates tend to integrate into the company culture more seamlessly, having a better understanding of its values and work dynamics – which can, in turn, build their confidence in the opportunity and high-interest levels. Additionally, referrals often lead to higher retention rates, as candidates hired through referrals tend to stay longer and exhibit higher job satisfaction. The referral recruitment process tends to be faster and more cost-effective, saving both time and resources in searching for quality talent.
According to a recent Mercer study, financial concerns are topping the list of what is keeping employees up at night. Things like personal debt, the ability to retire one day, and covering monthly expenses are all weighing heavy – so now might be a good time to offer additional incentives to employees willing to refer to other high-quality candidates.
There are lots of ways to approach and start referral programs. Here is one article from Indeed that might be a good place to start.
Broadening the range of potential talent pools is crucial for companies aiming to attract quality candidates. By broadening the search, companies tap into unique skill sets, varied experiences, and diverse perspectives that might otherwise be overlooked.
Opening up the talent pools also allows for a more comprehensive assessment of skills and cultural fit, fostering innovation and creativity within the organization. Moreover, it aligns with the evolving work landscape, where remote work and flexible arrangements have widened the geographical scope of available talent.
Ultimately, a more expansive approach to talent acquisition enriches the candidate pool and enhances the company's ability to find the best-suited individuals who can drive success and growth.
Interested in elevating your recruitment strategy to attract quality candidates? Reach out to the team at Recruitics! We collaborate with top global brands, accelerating their ability to attract and hire top talent. Our expert recruitment marketing team will help you find the best talent for your most in-demand positions!