Every so often, it's important to take a step back and reevaluate your organization's recruiting strategy. Even if it seems to be working well, there are new trends continually reshaping the talent landscape -- and you don't want to be left behind.
In a Talent Solutions report, LinkedIn found compelling hiring statistics that require hiring managers, HR professionals, and recruiters to reassess their tactics. These seven stood out. I've added my personal experience to each.
1. Seventy percent of the global workforce are passive candidates.
Passive candidates aren't actively looking for new positions. For the most part, they are gainfully employed. However, this doesn't mean that they're not open to the idea of a better opportunity.
If you're going to catch the eye of a passive candidate, then you'll have to expand your recruiting strategy beyond resources like CareerBuilder, Indeed, or job fairs -- passive candidates won't be there. Instead, focus on enhancing your employer brand by strengthening your social media presence, and consider an employee-referral program.
2. The number one reason people change jobs is "career opportunity."
A "software engineer" can be a software engineer anywhere. What differentiates your company and the opportunity it provides from the rest? Whatever it is, those unique experiences should become the focal point of your marketing efforts. In many cases, candidates aren't just looking for a job -- they are looking for an opportunity to learn, to grow, and to advance.
3. Compensation, professional development, and work-life balance are the most important factors.
When it came down to officially accepting a new job, LinkedIn found that compensation, professional development, and better work-life balance were the most important factors. Whereas the initial opportunity may attract prospective candidate, this data shows that the basics are still critical factors in securing top talent.
If you haven't already, make sure that you can define and articulate the details around these three elements, and build them into your recruiting process and offer presentations. Don't leave people guessing.
4. The number one way people discover a new job is through a referral.
Your employees' networks can be a powerful recruitment tool. Ensure that your teams are aware of your recruiting needs and have an easy way to refer prospective candidates.
As the old proverb goes, "Birds of a feather flock together." If you're struggling to find qualified candidates, then consider looking internally and asking your employees for help. Which leads me to the next stat.
5. Companies can expand their talent pool 10 times by leveraging employees' networks.
Make sure that you're tapping into your existing employees' networks. Encourage employees to share your job descriptions and social media posts, and to reach out to their networking groups.
The key is to make it easy. A simple click to share here, a quick email there, and before you know it, your job opportunities can be viewed by thousands.
6. Company website, LinkedIn, and social media are the top talent branding tools.
The key to attracting top passive talent is a strong employer brand. According to iCims, a software solutions provider to the talent acquisition industry, 94 percent of candidates are likely to apply to a job if a company actively manages its employer brand.
In a nutshell, employer branding is the practice of marketing and positioning your organization as an employer of choice. Great sources of inspiration are your employees' perspectives, your culture, your organization's vision and values, and your strategy.
Once you have narrowed in on content, your company's website, LinkedIn, and other forms of social media are the best delivery vehicles.
7. Talent is four times more likely to consider your company when you provide constructive feedback.
It may not work out the first time, but I have witnessed the power of candidate persistence and of recruiters maintaining a strong talent community. No one likes delivering bad news, but being open and honest with feedback helps an organizations maintain its employer brand and create a network of talent that could be a great fit down the road.
As sourcing technology, trends, and candidate behavior changes, so should your recruitment strategy. These seven stats from LinkedIn serve as great benchmarks to see how relevant your talent acquisition practices are.