The Pathway to Innovating Your Talent Acquisition Process

How to Attract and Secure High-Quality Candidates Who Are a Perfect Fit for Your Culture and Roles

Have you felt the acceleration? Everything in business, from product launches to marketing dynamics and especially talent acquisition, is moving at breakneck speeds compared to just half a decade ago.

Recruitment is one of the most critical business processes in your company. The speed at which you can compete and turn ideas into tangible products and services, as well as their quality, is largely dependent on a team that possesses not only the right skill sets but also the right motivation and the ability to work productively together for longer periods of time. One of the key findings of the Startup Genome Report in its research is that the team behind a startup is a crucial factor in its success or failure. The report highlights that startups with balanced teams, comprising both technical and business know-how, have higher success rates.

Yet, recruitment remains the business process with the highest failure rate in most companies. Statistically, 30% to 50% (depending on your location) of the employees you recruit turn out to be unsuccessful hires, leaving within the first 12 months. Or they may not be quite as skilled or as agreeable as they appeared to be during their interviews.

So, what are you supposed to do? Change your culture, offer the most money, and buy expensive gifts to make them stay longer? No. The solution is as straightforward as attracting the right people with the right skills who will drive results within their area of duty, who fit your existing culture, and contribute in ways that foster improvement. Sounds like a dream? It should be normality.

If you haven't woken up to the fact that accepting past failures and sticking to traditional methods, which used to work 5 years ago, will leave you behind and trailing in the wake of your more innovative competitors, then let this be your wake-up call.

Like any business process, your recruitment process needs constant evaluation to ensure it brings about the desired outcome. Metrics you might currently use are likely cost and time to hire. You might even look at retention rates to give you an idea of how successful your recruitment process is. Other important metrics include:

• Quality of Hire: Measured through performance ratings, the achievement of set goals, and the impact on team and company performance will give you a much better understanding of whether your current process delivers success or failure.
• Offer Acceptance Rate: The ratio of accepted job offers to the total offers made can indicate issues with compensation, employer brand, or the recruitment process itself.
• Applicant Drop-off Rate: The rate at which candidates withdraw from the recruitment process can reveal issues with the application process, such as its length or complexity.
• Time to Productivity: The time it takes for new hires to reach full productivity indicates the effectiveness of the onboarding process as well as the quality of hire.

If you've looked into these metrics, chances are you've discovered that your recruitment process is not delivering the right results. So, let me give you the pathway to true recruitment innovation consisting of 3 very simple steps:

1. Talent Matchmaker: Beyond the Resume

The first step in our recruitment revolution journey is to look beyond the resume and understand the person behind the paper. We're not just talking about skills and experience; we're delving into personality, work style, and the potential for growth. Tools like predictive analytics and AI help identify candidates who not only fit the current role but will also evolve with your company, ensuring a long-term match that goes beyond traditional hiring metrics. Relying on the human brain to make this assessment is like sailing across the ocean using only the stars for navigation. Behavioral assessments should be standard practice and a non-negotiable part of your recruitment process. If you are using agencies, they should offer this service included in their retained fees and only introduce you to candidates who are most likely to succeed in their roles and stay long-term.

2. Candidate Magnet: Crafting Compelling Stories

You're aware of the competitors who sell the same products or services as you do. Knowing your competition is one of the first and most crucial pieces of advice you'll receive as an entrepreneur. But are you aware of your competitors for talent? There are far more than you might think, especially since remote working has become socially accepted. Everyone is competing for top talent because top talent means faster growth and more profit. So, how do you make your company stand out? The short answer lies in storytelling. If your budget doesn't allow you to compete on salaries, and if you don't have an incredible track record in hyper-growth business scaling, you need to put more effort into showcasing what makes you a great place to work. The best way to do this is to create a narrative around the role, using video job descriptions, employee testimonials, and behind-the-scenes glimpses into your company culture. This approach transforms your recruitment process into an engaging story that candidates want to be part of. If you're not very good at telling stories, you need to engage someone who is. This could be an in-house talent professional or a recruitment agency with expertise in social media marketing. I have some articles on my LinkedIn page on how you can find out which option will work best for your business.

3. Seal the Deal: The Candidate-Centric Offer

Making an offer isn't just about the salary; it's about demonstrating that joining your company is the best choice for the candidate over any other. It's also about showing that you understand them as individuals and explaining why you believe they will be a good fit. After all, you know the company and the team much better, and the more confident you are, the more a candidate will believe that they are making the right choice. If you want your employees to think long-term, then so must you. Show the final candidates the long-term goals of the company and how they can be part of them. Present them with growth opportunities and a meaningful connection to their work, and express how you want them to become part of the journey not just for the foreseeable future but for the long term. To deliver your offer with maximum impact and outshine your competitors, it's essential to listen attentively and purposefully during interviews. The goal is to understand each applicant's goals, motivations, and values. Invest time and effort to create detailed profiles alongside your behavioral analysis, offering a deeper insight into what truly matters to them. Moreover, asking challenging questions during the interviews is crucial to reveal their underlying motivations to help you identify which benefits to highlight, tailoring your offer to align with their individual preferences and needs. Applicants prioritising family safety and stability will value benefits like pensions, private health care, and life assurance. Conversely, those seeking growth opportunities will be keen to learn about your training and development programs. This is the time you will feel the consequences of not dedicating adequate time to properly interview candidates, failing to prepare and structure interviews to allow for fair comparison, and approaching the process subjectively, and scheduling interviews between other significant meetings without allowing time for preparation or debriefing which will lead to losing valuable impressions before they're documented.

Summary

Like any other business process recruitment is changing, and those willing to adopt unconventional strategies will find themselves on the winning side of this evolution. By understanding the individual behind the application, engaging them with compelling narratives, and offering an experience that resonates with their professional aspirations, you set the stage for a mutually beneficial relationship between employer and employee.