Recruiting 2020 demands the implementation of new strategies to ensure a successful recruitment activity and a high-performing workforce. After all, traditional recruiting no longer proves effective in attracting the Gen Z employees, who want much more than just monetary benefits to consider a company for employment. It is no wonder then that employers today are seeking new ways on how to improve the recruitment process.
Employers new develop effective strategies for recruiting 2020 to reach out and acquire the millennial talent pool. By rethinking your recruitment strategy, you can understand how much companies spend on recruiting and how you can reduce this cost. Let us check out the effective ways in which you can enhance your recruitment strategies for 2020.
Recruitment Strategies for 2020
Employee referral plan
Your employees can become your most significant assets during recruitment. After all, they are your biggest marketers and brand image promoters. You can use this invaluable asset to get access to genuine, top-rated talent. You can find the best employees with the help of your existing employees. Further, an employee referral plan makes the recruiting activity lucrative even for the employee. This is, in fact, one of the best recruitment practices.
The employee referral plan has many advantages over regular hiring:
- You will find culture fit employees: As your employees know your company culture, they will refer to you only those employees who they think are best for the company and can suit the culture of the company.
- A referred employee is more engaged: Employees talk about their experiences at work in their social circle. And if a referral joins the company, they are bound to engage with the company immediately, as they already know the positives of the company from existing employees.
- Referrals ensure longevity: Referred employees are the ones who themselves initiate the process of getting hired by the company. They decide to join the company. This decision makes them feel empowered, and hence, they feel a deeper connection with the company and stay for a longer period within the company.
An effective employee referral plan doesn’t need to be expensive or complicated. An ideal employee referral plan for recruitment metrics 2020 should include the given elements:
- Incentives: Incentives are the best way to engage your existing employees with the referral plan. Include cash rewards, perks or extra holidays as incentives.
- Easy to implement: You must ensure that the employee referral plan is easy to implement. Only then will it garner interest from your employees.
- Feedback: Feedback is necessary for the success of a plan or strategy. Keep the employee updated about the status of their referrals. This is an effective form of communication which will encourage more referrals from the employee.
- Recognition: Recognise the efforts of your employees. And celebrate the success of employees who have helped tremendously with recruitment efforts by bringing in successful candidates.
Prioritise internal mobility
Internal mobility is essentially known as internal promotions within the company. As you focus on hiring new employees, you should also make sure that the loyalty and hard work of your existing employees are rewarded by providing them with equal opportunities for career advancements within the organisation. These advancements can range from giving them newer positions to work in or awarding them with new projects, mentorships or job swaps.
When you have a vacant higher position, try to fill the post by giving a chance to your existing employees to apply for it. This will greatly boost employee confidence. Internal mobility may not be an integral aspect of your recruitment plan for hiring. Still, it should be given adequate importance, as it plays an essential role in retaining and motivating your existing employees. Other benefits of internal mobility include:
Internal mobility can help with retaining as well as attracting new talent: As per the latest survey, 95% of existing employees prefer to stay with the company if the employers show an active interest in the employees’ career advancement.
Employees and active job seekers are always on the lookout for companies which recognise their capabilities and experience and provide them with ample opportunity to grow and develop their skills.
Internal mobility saves money and time: Internal promotions save money as well as time. Whenever you need to fill a position, you can choose from your existing employees, instead of spending money on searching for new employees and adding extra expenditure to your monthly outgoings.
Plus, hiring new employees is a time-consuming process, which involves scouting, screening and interviewing. It also eats up considerable resources. Whereas in the case of existing employees, you already know their work record and their background, and hence, you are more assured about the employee. Also, they can get productive faster as they already know the process of the company. With a new employee, you have to speed your resources on orientation and training.
Create a talent pool
Many employers do not focus on creating a pool of talented candidates as a part of their recruiting strategies. However, creating a pool of talented candidates is an effective recruiting strategy that has provided rich dividends during the actual recruitment process. Creating an effective talent pool has many benefits over traditional methods of recruiting, as it is one of the best ways to recruit new employees.
The talent pool acts more like a database of ideal candidates out of the extensive list of job seekers who have shown interest in the offer. This pool also includes passive candidates, who are the best fit for the role but have not yet applied for the job role. The different advantages of creating a talent pool include:
- It is your database of safe candidates: You should begin your search for the next employee from your talent pool, as it already contains only the most ideal candidates. Further, your recruiters have accumulated ample knowledge about these candidates. You are better aware of the background and the history of the candidate. So, acquiring such a candidate becomes a safe proposition for the employer.
- It lets you approach passive candidates: The talent pool allows passive candidates to remain in touch with the employer, without any strings attached. This will help the employer proactively pursue the passive candidate with new vacancies, relevant content and latest news. Further, the employer can prepare special packages to try and lure them into joining the company.
- It enables strategic planning: The talent pool helps you forecast your future recruitment needs, which will help you remain focused on your long-term business and recruitment goals. It enables you to take a planned approach to recruitment, rather than a haphazard one.
- It enhances the brand value: The talent pool enables you to focus on your target audience for recruiting. This helps you share planned marketing content with your target audience. This helps to build a positive brand image among the candidates in your talent pool and benefits your organisation in the long run.
These tips are the best ways to recruit new employees. Plus, they are also effective at retaining new employees. Employers are eagerly implementing these new ways to recruit employees as they are more effective at acquiring the most talented candidates. These strategies will also help you improve your recruitment statistics in 2020.