How to improve recruiting ROI in a candidate-driven job market

July 13, 2021

 

iCIMS Staff

4 min read

The global job market is tightening. As pandemic-related restrictions ease and businesses ramp up, we’ve quickly transitioned from an employer-driven market to a candidate-driven market. Confidence is on the rise, as is evident with record quit rates in the US, according to the US Bureau of Labor Statistics. The bureau also reports that the number of job openings in the US is also at a record high.  

This means lots of opportunities for job seekers who may have the leverage to negotiate higher pay, sign-on bonuses, and a more flexible schedule. For employers, this means they’ll need to be more aggressive, flexible, creative, and authentic to convert top candidates into great new hires.  

And while pay, benefits, and job flexibility are crucial aspects of any offer, culture, fit, and values remain extremely important to today’s and tomorrow’s workforce. 86% of Millennials, the largest generation in the workforce, say they would consider taking a pay cut to work at a company whose values align with their own. According to Deloitte, 77% of Gen Z – the workforce of the future – say working at a company whose values align with their own is important.   

Create connection points throughout the entire recruitment journey with talent acquisition software

Showcasing your company’s culture, core values, and critical initiatives is essential early in the recruitment process to even be considered a possible destination. We’ve seen great innovation and improved engagement in this area over the years with employers introducing more dynamic, personalized career sites, contextualized employee testimonial videos, and targeted engagements via Candidate Relationship Management (CRM) and text.  

These early and middle stages of the recruitment process are critical to positioning your organization as an employer of choice and establishing a deep connection with candidates.  

But just as necessary are the later stages in the hiring process where you’re making a final push to beat out the competition to convert candidates to new hires. Historically, talent acquisition software innovation in these stages – like the offer letter process – has primarily focused on automation and compliance.  

This spring, we introduced a new capability for talent and HR teams to bring life and personalization into this critical step to help differentiate themselves from competing offers. Adding authentic videos from department heads, hiring managers, or peers into the offer management portal can help you remind candidates why your role and organization are the right fit and opportunity for them to grow their careers.  

Extending the momentum through the onboarding experience 

But your job is far from complete when a new hire signs your offer letter. You need to carry the momentum into the onboarding experience and truly welcome them into the organization the right way.  

With the shift from in-person onboarding classes to virtual onboarding, HR and talent teams have the opportunity to proactively create that sense of belonging through digital experiences. A great way to do this is by incorporating employee-generated content into your onboarding software portals.

With video you can personalize a new employee’s experience as they sign into your new hire onboarding portal. Greet them with prerecorded welcome videos from their department head, manager, or a new hire buddy encouraging them to schedule some time with them. That type of experience can help reinforce your company culture and set the tone for the new hire entering your organization.  

To learn about more innovative ways to better convert today’s talent, check out iCIMS’ Q2 2021 Spring Release highlights video.