The news is full of it these days; the labour market is overheated. Due to the increasing tightness, more and more companies are urgently looking for new ways to fill vacancies. However, in many cases, applications fail to materialise and recruiters are at a loss. The conclusion is then quickly drawn: 'there is no one looking for a (new) job'. But is this really the case and what can you do to still recruit new talent?
In the first part of this two-part blog series, we take you through the current labour market situation and give you tips on how to still attract new talent while competition is cut-throat.
More and more movement in the labour market
With the current tension in the labour market, people are quick to think there are no people available. Looking at the trend in the market, however, the opposite appears to be true. Intelligence Group research shows that never before have so many people changed jobs as in the second quarter of 2022. So it is not that people are no longer looking for a job, they are just applying less. Whereas before you used to receive an average of 10 applications for a vacancy, now there are a maximum of two. And that makes filling your vacancies a big challenge.
Potential talent remains anonymous
However, it does not have to be a problem. With a strong employer brand, a professional recruitment marketing approach and the right software, you can still recruit people. Only the number of (classic) job applications has drastically decreased. People no longer feel like putting together an 'old-fashioned' CV and writing an extensive cover letter. They want to be able to get in touch at the click of a button, preferably with as little hassle as possible. Many recruiters have not yet adapted their application process to this change in the market. In doing so, they are already losing many interested people at the front end (pre-apply). You don't know who they are and why they haven't applied. You lose track of them and you can't nurture and motivate them to apply anyway.
Opportunities remain unexploited
This means that there are great opportunities with a creative and/or innovative approach. In fact, many companies still have plenty of people coming to the work-at or career website. People who are interested in the organisation, but - for whatever reason - do not apply. A missed opportunity. One you can use in this tight labour market to recruit more candidates. For instance, did you know that as many as 97-99% of visitors on a work-for-hire website do not apply? And that ultimately only 10% of applicants are hired? These are bizarre figures, because that means you are doing nothing with 99.7% of the people interested in your organisation. But how do you tackle this?
Stay ahead of the competition
Attracting new talent in the current labour market is not easy, but certainly not impossible. Below, we have put down three tips to help you stay ahead of your competition in a tight labour market.
- Invest in a recruitment marketing strategy
A good marketing strategy is an essential part of your recruitment approach these days. As many as 88% of people in the current job market are latently looking for work. A huge number therefore. To bring your organisation as an employer to the attention of this large group, it is important that you are present on the channels where your target groups are. At the right time, with the right intensity and with the unique story of your mission and values. This way, the candidate becomes increasingly familiar with your organisation and its Employer Brand, an important part of a good recruitment marketing strategy.
- Personalise the candidate journey
When a potential candidate clicks on an advertisement or visits your work-at-home website, it does not mean that they want to apply immediately. People often need several contact moments to proceed to applying. Of the 10 people who start the candidate journey, only a maximum of two eventually cross the finish line. The better you tailor the content within all contact moments to a candidate's information needs, the more likely they are to apply. So it is important to add depth to your content to personalise the candidate journey.
- Offer other ways to inform and apply
The traditional way of applying for a job, with a CV and cover letter, does not deliver enough. This application process is unequal, making people feel increasingly hesitant to apply. This makes recruiting good candidates even more difficult, but how do you solve this? By looking at other ways of getting in touch with new talent. You can lower the threshold to apply by giving website visitors the chance to ask questions first. With a chat function, for example, candidates can get in touch with you in an accessible way.
By getting in touch with potential candidates earlier, you can also easily build a sustainable talent pool. The moment you have a new vacancy, you can activate this pool of interested people. For instance, by sending a vacancy to a specific group via e-mail and/or Whatsapp. This increases your chances of a good applicant and match up to 6x!
How do you build this talent pool? Find out in part two of this blog series!
Want to know more?
Would you like more tips and tools to reduce the shortages within your organisation? Contact us for a no-obligation online meeting with one of our experts. They will spend 30 minutes with you to discuss your current situation and the opportunities for your organisation.
