Record Low Unemployment and The Rise of Talent Sourcing

Fueled by 253k new job openings, U.S. unemployment in April slipped back down to January’s 50 year low of 3.4%. For those looking to make some quick hires, the “talent pool” is nearly empty.? In fact, once you account for the habitually unemployed, and those unable to work, the pool is down to a few bugs, an old dive ring, and a small puddle of talent somewhere near the drain.

With such a scarcity of “readily available” talent, a growing number of TA leaders are focusing on passive candidate strategy, talent sourcing best practices, and employer branding initiatives.? For those new to recruiting, talent sourcing may seem a new concept, and the role employer branding plays with it a mystery.? If this sounds like you, or you just haven’t sourced in awhile, this week's Monday Minute should resonate well with you.

Let’s start with a basic understanding of the passive candidate mindset. Typically these individuals are actively employed, not looking for ( or even thinking about) a new employer, and not likely to respond to perfunctory recruiting efforts. In fact, many passive candidates often view sourcing attempts as an unnecessary distraction in a life filled with other more interesting diversions.? For talent sourcing efforts to succeed, passive candidates need to view them as more than mere diversions. Here are some things you, as a TA leader, can do to change that.?

There are very few “perfect” jobs out there, as most job seekers settle for opportunities that fall into the “good enough” category.?

Determine and Deliver a Unique Value Proposition- There are very few “perfect” jobs out there, as most job seekers settle for opportunities that fall into the “good enough” category.? Knowing which companies compete with you for talent, and identifying anything that places them in the “good enough” category is essential. Compare compensation, benefits, work life balance, leadership, market share, financial performance, advancement opportunities, or anything else that can be built into a unique value proposition for the passive candidates at that competitor.? For example:? If your competitor has outrageously expensive benefits, then incorporate your “affordable world class benefits” into your unique value proposition. Equipped with unique value propositions for each competitor, have your team target their current employees in a focused passive candidate campaign.

“75% of people would not take a job with a company that had a bad reputation – even if they were unemployed!”?

Employer Brand- Campaign success typically results in passive candidates researching your company for additional context before proceeding any further. Search engine results, reviews, social media posts, and peer network connections, are just a few of the resources used to gather information.? The more lucrative the role, the deeper the inquiry. This is where the time and effort a company puts into building an irresistible employer brand, returns on that investment. When a cursory search of your company comes up empty handed, these potential candidates are less likely to respond. Worse yet, a common quote for HR leaders in 2022- “75% of people would not take a job with a company that had a bad reputation – even if they were unemployed!”? If this holds true, a positive reputation and effective employer branding heavily contribute to passive candidate campaign success.

While you may have other reasons for considering passive candidate campaigns, these types of campaigns are a cost effective way to source candidates for many hard to fill positions.??

Need help setting up effective recruiting campaigns? Let’s connect and create some magic.? Don’t forget to follow and share “The Monday Minute” for recruiting insights and strategy. Have a great week in talent acquisition!

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