In an era where talent is increasingly scarce, especially with record low unemployment rates in several regions, the spotlight is firmly on passive candidates. These individuals, unlike their active counterparts, aren't actively seeking new opportunities but may be open to change if approached correctly.
Let’s delve deep into the intriguing world of passive candidates, understand what sets them apart, and uncover strategies to effectively engage and recruit them.
Active candidates are in active pursuit of a job change, driven by various factors from career growth to personal reasons. On the other hand, passive candidates are content in their current roles. However, with the right proposition and a touch of persuasion, they could be convinced to shift allegiances.
Interestingly, passive candidates often bring a wealth of experience, stability, and loyalty. They are less likely to job-hop, ensuring continuity and in-depth expertise.
1. Building a Magnetic Employer Brand
The power of an employer brand cannot be overstated. According to LinkedIn's data, a strong employer brand can reduce turnover by 28% and cut costs per hire by over 50%. Here’s how you can leverage this:
Crafting an Irresistible Employer Value Proposition (EVP): A compelling EVP not only emphasizes tangible benefits like salary or health insurance but also underscores intangibles like work culture, opportunities for professional growth, and work-life balance. For instance, Google's EVP focuses on its world-changing ambitions and employee growth, making it one of the most attractive employers globally.
Digital Dominance through Social Media: While 75% of global candidates might be passive, 90% of them are interested in hearing about new opportunities, as per TalentLyft. Regular engagement on platforms like LinkedIn, Twitter, and Facebook ensures visibility. Take IBM's #WhyIBM campaign, which showcased employee stories and experiences, resulting in greater engagement with passive candidates.
Celebrating Company Culture: HubSpot, a leading CRM platform, uses its culture code, a publicly available slide deck, to share its company values and beliefs. It’s been viewed millions of times and is an example of how showcasing company culture can attract passive candidates.
2. Harnessing Data for Precision Recruitment
We're in the era of Big Data. The recruitment industry is no exception to this trend.
Spotting Passive Prospects with Data Analytics: Modern tools can scan platforms like LinkedIn, identifying potential candidates that fit a role's specifications. For example, TalentBin, acquired by Monster, uses this approach to profile potential candidates based on their digital footprint.
Embracing AI for Enhanced Insights: According to a report from Deloitte, 33% of survey respondents already use AI to assist in hiring. Platforms like Pymetrics utilize neuroscience games and AI to match candidates' emotional and cognitive abilities with company profiles.
3. Crafting Personalized Engagement Strategies
A generic email or message can get lost in the noise. However, a personalized touch can make your outreach stand out.
Personal Touch in Communication: As highlighted by Epsilon's research, personalized emails deliver six times higher transaction rates. Addressing candidates by their name, acknowledging their work, or referring to a common connection can increase the chances of garnering a response.
Expanding Through Networks and Referrals: Leveraging professional networks remains one of the top sources of quality hires. According to LinkedIn, 48% of quality hires come from employee referrals. Companies like Ernst & Young have capitalized on this by incentivizing their referral program, resulting in nearly 45% of its non-entry hires coming from referrals.
Engaging at Industry Events: Adobe, for instance, engages with potential candidates at industry conferences. Instead of just handing out brochures, they create interactive experiences that allow candidates to visualize working at Adobe. Engaging potential hires in such environments can foster deeper, more meaningful connections.
4. Cultivating a Sustained Relationship
The journey with passive candidates is long-term. Continuous engagement ensures you're top-of-mind when they're ready for a switch.
Regular Updates & Newsletters: According to the Content Marketing Institute, 31% of B2B marketers swear by newsletters as an effective way of maintaining contact. Companies like Microsoft send out newsletters highlighting their innovations, stories, and opportunities—keeping passive candidates engaged and informed.
Inviting Feedback: Open channels of communication allow passive candidates to share their reservations or queries. It not only makes them feel valued but also provides insights to refine your hiring strategy.
Tapping into the passive talent pool is both an art and science. It demands understanding, patience, and innovative strategies. For talent acquisition leaders and HR professionals, these techniques aren't just optional; they're essential for securing top-tier talent in today's competitive landscape.
Considering diving deep into passive candidate recruitment? Collaborate with Ukrany. With our expertise, we'll ensure you not only identify the best passive talents but also effectively bring them aboard. Let's redefine recruiting together!