Jobs may be easier to come by these days, with the latest BLS job openings rate at 3.9%. This is the highest rate of job openings reported in 15 years and indicates substantially more hires in the coming months.
As a result of a thriving recruitment market, everyone is looking for a job right now. Well, almost everyone. Our latest findings from an Indeed survey of over 8,000 US adults found that people are managing their careers very differently today:
The job search is always on—58% of adults in or looking to enter the labor force look at jobs at least monthly.
“Passive” candidates are a thing of the past. The #1 activity for people hired within the last six months was visiting an online job site like Indeed.
The talent you need is actively looking online. 90% of employed adults hired within the past year took an action to find a job within six months prior to being hired. Among this group, 60% visited an online job site or job board.
How will these trends help you plan for future hiring? And how will you know which recruitment tactics will work for your company, industry and jobs you need to fill? Here are three considerations to guide your 2016 recruitment decisions:
1. Build a repeatable process for performance tracking
What recruitment sources are giving you the best applicants and hires? Implementing automated candidate source tracking with your applicant tracking system (ATS), job distributor or career site vendor will give you a consistent solution for performance tracking. ATSs with automated source tracking can automatically identify where candidates are coming from, removing the burden from job seekers of having to manually tell the employer where they found the job posting. This makes the application process easier and gives you more reliable source data. The resulting data will show you the number of hires and cost per hire delivered by Indeed and other recruitment channels.
2. Draw strategic insights from your source reports
With accurate and automated candidate source data, you’re able to review and analyze source reports on a regular basis. To view this data, log in to your ATS and run the “hires by source” report. Pair these insights with your cost per hire data (total media outside cost / number of hires) to determine which sources deliver the right talent at the best value. Slice the data by job type, location, department and more to uncover deeper insights about which sources are having an impact and how.
3. Invest in the source that works
Which sources are outperforming others? Which ones have the potential to deliver the right candidates at a lower cost per hire? Performance tracking and analysis will help you determine how to adjust your recruitment strategy to find the talent you need.
Relying on data to make decisions is the single most empowering strategy recruitment organizations have at their disposal. With evidence of what has and hasn’t worked for your company, you can confidently design a way forward—creating and uncovering talent pipelines that will fuel the growth of your business.
Indeed can help you attract the best talent to your jobs right now, and into 2016. Call us at 800-920-2798 or email email@example.com to get started.