Recruiting the right talent poses a unique set of challenges which often makes the hiring process difficult. The good news is direct sourcing goes a long way in solving many problems when it comes to talent Acquisition , whether you are planning to hire contingent, full-time, freelance talent or interns.
Here are the key challenges in talent acquisition and how direct sourcing solves them.
Challenge #1: Cutting down the cost per hire
This is something of a perennial challenge in talent acquisition. But it needn’t always stay a challenge. A key reason for high costs of hiring is the fee you pay external recruiters.
How direct sourcing helps reduce the cost per hire:
By reducing the need for third-party recruiters, you are saving the overhead of paying them. Bypassing external recruiters also hastens the recruitment process, which in turn helps reduce the cost of hiring. Direct sourcing also helps you leverage your brand’s power. Job candidates are usually keen to join companies with a strong brand image, even if the salary that’s offered is less compared to firms with less perceived brand value.
Challenge#2: Hiring in a post-pandemic world
The pandemic has made talent more selective about the jobs they accept. Concerns including flexibility in work timing and safety are behind this. Given this, it is getting harder to persuade candidates to consider certain roles in certain geographies.
How direct sourcing can help:
In direct sourcing, you interact directly with the candidates. You could explain to them the values of the company and benefits they could enjoy by joining your organization. Communicating the company’s culture to candidates is also important. A strong work culture is a key determining factor for candidates to join a company- especially in the post-pandemic world. After all, elements like flexible work is part of what defines work culture. Such information usually gets ‘lost in translation’ when a third party recruiter speaks on your behalf.
Challenge#3: The overhead of finding staffing partners
Companies have many choices when it comes to third party recruiting firms. But it can be tough to find the right one for you. How you define the word ‘right’ here would depend on different factors: the fee the staffing partner charges, their track record in hiring for firms like yours and the speed at which they could provide you with candidates. Such considerations means that working with a staffing partner can be time-consuming. Also, many third-party recruiters incur a fee of up to 40 percent of the annual pay for the talent they get you. That could run up a large bill.
How direct sourcing solves the problem:
Direct sourcing minimizes the need for staffing partners. Since your company is in total control of the hiring process, you can bypass the external agency and establish two-way communication between your organization and talent.
Challenge #4: Establishing a strong relationship with candidates
Recruitment has evolved from the old model of candidates applying when they see a job posting. In a marketplace where candidates regularly update their skills to stay competitive, identifying the candidates with the right skills just when you have an opening is tough. The smart move is to engage candidates in a long-term relationship, starting long before any relevant opening comes up in the company. But many recruiters find this hard to do.
How direct sourcing improves the candidate experience:
Direct sourcing helps you build talent communities that consist of not only current employees, but also employees you have engaged with before on some level. Since they are part of the community, you have the option to communicate with them on a regular basis. You can share updates about new job openings or information related to the company culture to keep them engaged. When a relevant opening comes up, thanks to the rapport you have built with them, they would be even more interested in joining the firm.
Challenge#5: Building a strong employer brand
A strong employer brand is key to attract the right talent. Some firms have a strong customer-facing brand image though they fumble in their employer branding- which is all about building your reputation as an employer. Treating your careers as products is one perspective that helps talent acquisition professionals and marketing departments work together to build a strong employer brand proposition.
How direct sourcing helps build strong employer brands:
With direct sourcing, you leverage your brand in the hiring process. You communicate your brand values and brand image directly to candidates. This helps establish a strong rapport with candidates from the get-go, giving you opportunities to establish a strong employer brand image. Each candidate who goes away with a favorable impression about your company is a brand advocate. They would in turn positively influence their peers’ opinion about the brand.
Please book a product demo to learn how you could streamline talent acquisition easily with direct sourcing.