The end of the year is getting closer and closer. The ideal time to look back with our clients and at the same time quickly look ahead again. This always involves looking back at important trends in the data, and I want to share one of the most interesting insights with you. One statistic we always share is the share of applications coming from the built-up talent pools vs the number of applications coming from the rest of the target group. This year, in fact, something interesting stands out. We see that a remarkably high proportion of our clients get at least 50% of their applications from their built-up talent pipeline (talent pools). So what does this mean for companies?
Talent pipeline
What do we mean by talent pipelines? MrWork builds various talent pipelines for clients within the target groups they want to recruit. These consist of people who have been exposed to the client's content via social media and Google. The more often these people click, like, share, search or visit the website, the more we consider them to be interested in the company. We consider the talent pool with people who have shown interest, for example, five times or more (depending on how latent the target group is) through one of these interactions to be the group that is ready to interact with the company's vacancies; the "conversion talent pipeline".
Why is this important?
Everyone knows that the vast majority of your target audience is latently looking for work. But within this group, people are in all kinds of different stages of their orientation process towards a new job. Some are far from ready for a new job, while others may be almost ready to really start actively looking for a new position. If you want to attract people, it is important as a company that you move people in your direction during their orientation process. You build a talent pipeline by showing people the right content at all stages of their orientation. This way, you make sure your company is top of mind with this target group and they can always easily find you.
Get the maximum number of relevant applications
Back for a moment to where I started. Why does it matter that at least 50% of job applications come from talent pipelines? What companies often do now is that they shift from posting vacancies towards active jobseekers (job boards, career page, google search) i.c.m. using recruitment agencies to posting vacancies towards latent jobseekers (social media, display) in order to reduce recruitment costs and time to hire. However, this is only half the puzzle. You won't get the applications you get from your talent pipeline if you only show your vacancies to latent jobseekers. These are people you engage at an early stage of their orientation process. In many cases, you speed up the process, in other cases you make sure you stay top of mind during the entire orientation. Pushing vacancies to both active and latent jobseekers is the basics and may already be quite an improvement over where you came from. But with this approach, you will miss half of your job applications.
More than 50% of hires
What makes it even more important is that the half you miss is also very likely to be much more relevant than the other applications. These are people who identify with your company culture and have really taken a closer look before applying. It is likely that the 50% coming from your talent pipeline will lead to many more hires than the 50% not coming from your talent pipeline. Loading your employer brand is therefore essential to attract the right people and both control recruitment costs and reduce time to hire.
What's next?
To map this last point, we are measuring the quality of applications through to the final hire with as many clients as possible. Once we have this data, we will definitely share it. The next step is retention. Will these people stay with your company longer because they are a better match? To be continued so...
