Does a "360" Recruiting Model Work in a Candidate-Driven Job Market?
Experts believe that the biggest challenge businesses will face in the upcoming years is finding and retaining talent. Business leaders are feeling the impact of this as well. A recent study shows that 50 percent of companies rank hiring as the biggest obstacles they face.
One major factor contributing to this hiring frenzy is that the low unemployment rates have spurred a candidate-driven market. This has transformed the talent acquisition industry and has led employers to rethink their current hiring techniques, such as the 360 recruiting model.
The question many employers are now asking is, what exactly is the 360 model, and is it effective in today's job market?
What Is 360 Recruiting?
In many organizations, recruitment is a full 360 recruitment operation where a recruiter is responsible for the entire hiring process, from beginning to end. The recruiter handles job posting, applicant screening, phone calls, interviews and placement for all of the different vacancies of the company.
When Is a 360 Recruiting Model Effective?
The 360 recruiting model can work well for employers that are looking for candidates with a similar skill set. Since the recruiter must spread their time and energies over all stages of the candidate journey, they have minimal time to spend sourcing. This can lead to substantial problems when hiring for a multitude of positions. However, when seeking out candidates with similar skill sets, the recruitment process is simplified. Rather than focus their efforts on understanding different candidates types, the recruiter can develop a strong hiring strategy from start to finish.
When Is a 360 Recruiting Model Not Effective?
Unfortunately for many businesses, one-type hiring is not a reality. Most organizations are hiring for a variety of positions at the same time. With the 360 recruiting model, the recruiter would require a keen understanding of each type of candidate in order to know how to find them and start meaningful engagement. Without this level of insight, quality sourcing would be impossible.
What Does a 360 Recruiter Do?
A 360 recruiter oftentimes generates candidates using reactive mechanisms, such as company career websites, job board postings, and social media postings, or by asking potential candidates on social media platforms to apply for specific positions. This is referred to as the post-and-pray approach, where the recruiter posts the jobs and prays that the right candidate will apply.
The problem with a reactive recruiting approach like this is that it only gives access to those candidates that are actively looking for a job or those who have other motivational factors for changing jobs. In a candidate-driven market, this method will not only drive higher recruitment costs but it also is less effective in the age of record-low unemployment rates.
How Does Smart Sourcing Improve Corporate Recruitment?
Smart sourcing does not eliminate the need for in-house recruitment; rather, it helps to enhance the overall corporate recruitment process. Smart sourcing starts as the first stage of the hiring process and is focused on generating candidates through proactive (direct outreach) recruitment techniques. The smart sourcing function is designed to identify and engage top talent candidate, whether they are actively looking for new job opportunities or not.
A smart sourcing expert understands the candidates, no matter what the industry. They know their online behavior, where to find them and how to engage with them. Once this initial contact is made with the prospective candidate, the corporate recruiter can move forward to set up interviews to engage and entice the candidate to consider a position with the company.
Smart Sourcing can reduce the time-to-hire, improve the quality of candidate and enhance the candidate experience by helping companies find the best talent for their specific positions. While 360 recruiting is ideal for some companies, a dedicated sourcing function can reap higher rewards. Learn more about smart sourcing and about how it can improve your overall recruiting strategies by contacting Tulsie today.