Market Research Boosts Recruitment Strategy

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Market research is an essential step in the talent acquisition process and, surprisingly, is a step that may be inadequately implemented or missed all together. During my time in recruiting and sourcing roles, I learned how helpful market research was when starting the initial search for candidates. It’s helpful when identifying current supply and demand, challenges and opportunities. It gave me a solid starting point when pipelining candidates, making my search more efficient and effective. It’s also helped me reposition the position to be competitive.

Here are a few simple things you should review while initially performing market research:

  • Supply and demand reports: pulling these reports can provide some great insight into the talent market. Understanding how many candidates are available in comparison to posted jobs will allow a recruiter to see what they’re up against. Also, understanding average compensation, popular job titles and typical candidate profiles can allow a recruiter to reposition the verbiage if needed to ensure their job postings are more visible.
  • Competitor intelligence: in some cases, the supply and demand reports will also show top job posters in the market. This can make it easy for recruiters to see organizations that are aggressively recruiting for the same types of candidates. In researching these companies, recruiters can develop their outreach and steer conversations with candidates in a way that can highlight positives of the job and company, creating a competitive twist.
  • Pipelining: not all markets and job roles are the same, so it’s important for a recruiter to research the most popular resources to find candidates before investing in these channels. Investigate job boards, social media, career fairs, and so on to see the best places to post your job and source for talent.
  • Partnerships: building relevant partnerships in the talent market can be a great way for you to get your job in front of the right people and allow for opportunities to network with candidates. Research relevant professional organizations, universities/colleges/technical schools, veteran assistance programs, chamber of commerce associations, professional meet ups, and so on to really get a feel for these opportunities.

Although these are four simple suggestions to initially pull market research, it’s surprising how helpful this information can be. It’s allowed my job postings and networking to become more visible, thus allowing for more traffic. It was especially helpful during times I was a virtual recruiter and couldn’t physically do these things. It’s helped me get in front of relevant candidates and identify different ways to position my postings and conversations to ensure my jobs were competitive in the market. Do yourself a favor next time you get a new requisition and perform some of the steps above. I’d love to hear how it impacts your success rate.

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Why Sourcers are Crucial for Talent Acquisition

An American judge must decide who is right between Sir Arthur Conan Doyle's estate and a Sherlock Holmes expert

When I first heard of sourcers, I’ll be honest, I had no idea what their purpose was. The job duties seemed similar to a recruiter and I couldn’t discern the need to divide the role into two. It wasn’t until I had the opportunity to work as a sourcer that I learned how essential they are to the talent acquisition process. After being in the industry for years, I was actually surprised more companies hadn’t used these individuals sooner. Sourcers really make an impressive impact.

Below are some top duties I performed as a sourcer. I truly believe these things are what made the recruitment process more successful than any recruitment role I had been involved in the past:

  • Support for recruiters and deep mining of candidates: Recruiters can be bombarded with a lot of tasks that take away from their ability to seek out top candidates. These tasks range from coordinating/communicating with hiring managers, managing ATS, administrative duties and so on. Although these things are essential to keep the process flowing, it prevents them from taking the necessary time to find passive candidates, post jobs in unique places, build relationships with distinct professional organizations and so on. Sourcers aren’t bogged down with all the irrelevant duties and can focus on mining for talent, which increases talent pipelines and creates better opportunities for quality candidates.
  • Market research: Just as stated before, time can be limited for recruiters. Sourcers have the ability to not only mine for talent but also to perform deep research on the talent markets. They can determine the supply vs. demand, competitor intelligence, best places to find talent and more. Having this market research can help companies reposition their strategies to be more attractive and proactive.
  • Employment branding: Of course posting to job boards is important for getting candidate applications, but sometimes recruiters are only able to have enough time to do just that. Sourcers can get creative with the job postings. For example, when I was sourcing for software developers in San Francisco, I took the time to craft postings for jobs, social media, and tech specific groups (i.e. GitHub). I would highlight interesting things about the company, teams, products and what not. It made the opportunity more “three dimensional” and helped it stand out from the typical noise.
  • Initial screening: Time is precious and we can only screen so many candidates. Unfortunately, automatically screening out candidates before speaking to them can cause companies to miss out on hidden gems. Sourcers can provide a better candidate experience by performing initial screening processes, allowing candidates to have a chance to speak to a human and not feel like their resume went into a black hole.

Although the listed tasks above might seem very basic, it really is surprising how much it can help the talent acquisition strategy. As a sourcer in the past, I believed I made a difference in the process by finding quality candidates, unique candidate referral sources, creative ways to promote the brand and jobs. I also felt like the added support to recruiters helped cut down time-to-fill, which is always a huge bonus.

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