Talent Pipeline Playbook v7 Final
- 1. Your Talent Pipeline Playbook a Research eBook by: ® 8 Key Strategies for Connecting with Candidates © 2015 iCIMS, Inc. All rights reserved. ENGAGEANDINTERACT MAKE IT MOBILE EMPLOYEE REFERRALS EMBRACE SOCIAL MEDIA BUILDTALENTPOOLS INVESTININTERNS CONNECTWITHPASSIVECANDIDATES
- 2. Table of Contents Your Talent Pipeline Playbook © 2015 iCIMS, Inc. All rights reserved. The War for Talent Wages On . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 What It Means. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 The Demand for Talent Pipelines. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 Play #1: Assess Strengths and Weaknesses . . . . . . . . . . . . . . . . . . . . . 7 Play #2: Look Within...to Internal Talent . . . . . . . . . . . . . . . . . . . . . . . . . 8 Play #3: Play to Passives. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 Play #4: Be the Social Butterfly . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 Play #5: Engage and Interact . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 Play #6: Make It Mobile . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12 Play #7: Invest in Interns . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13 Play #8: Reference the Referrals . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14 Final Thoughts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 How iCIMS Can Help. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16 2
- 3. The War for Talent Wages On © 2015 iCIMS, Inc. All rights reserved. It’s no secret that because candidates are in control of today’s talent acquisition landscape, companies are competing to capture the best, reigniting a “war for talent”. However, new research predicts that companies will be waging this war for longer than anticipated, as a result of forthcoming talent shortages. According to the Aberdeen Group, 79 percent of companies indicate a shortage of critical skills available, which is an all-time high. In fact, this shortage has grown by 44 percent since 2012. This is echoed by the fact that companies in the legal, energy, and transportation industries are struggling to find top talent, according to iCIMS’ 2015 Q2 U.S. Hiring Trends Report. 3 The Challenge By 2020, around the world there will be a: of high-skilled workers -40 MILLION SHORTAGE of low-skilled workers1 .57applicants per opening .45applicants per opening .44applicants per opening Legal Energy, Chemical and Utililies Transportation and Distribution 1. http://fortune.com/2015/05/12/how-u-s-companies-can-fill-the-skills-gap/ +95 MILLION SURPLUS Your Talent Pipeline Playbook
- 4. What It Means Your Talent Pipeline Playbook © 2015 iCIMS, Inc. All rights reserved. Ninety-two percent of executives believe there is a serious gap in workforce skills, and nearly 50 percent are struggling to fill jobs.2 Additionally, 80 percent of hiring managers and 84 percent of recruiters agree that hiring the right people has a direct impact on a company’s ability to achieve its strategic goals, and believe that talent acquisition is key to overall success and profitability.3 In fact, when talent can’t be found, lost profit and revenue can be as high as $23,000 per unfilled position.4 Employers surveyed by the Manpower Group said that talent shortages also result in: 4 2. http://blog.adeccousa.com/theskills-gap-and-the-state-of-the-economy 3. Hire Expectations Institute, 2015 4. U.S. Chamber of Commerce Foundation Reduced competitiveness and productivity Increased employee turnover Reduced employee engagement and morale Higher compensation costs 27% 24% 22% It doesn’t help that today’s professionals change jobs more frequently. The Labor Department reports that millennials, who will comprise half of the U.S. workforce by 2020, will hold six jobs by the age of 26, more than any other generation. The Millennial FACTOR Yet, 20 percent of U.S. employers are still not pursuing strategies to overcome talent shortages, despite the negative impact on their business. 40%
- 5. ? We need a workforce strategy for our time, not one designed to address the talent needs of the past The Demand for Talent Pipelines Why Companies must develop robust talent pipelines to nurture both active and passive high-skill candidates. Talent Acquisition for Today's Business Landscape As noted by the U.S. Chamber of Commerce Foundation, today’s talent acquisition requires a demand-driven strategy for a continuously evolving business landscape. Talent pipelines are a key part of this strategy. Your Talent Pipeline Playbook © 2015 iCIMS, Inc. All rights reserved. 5. Aberdeen Group, 2015 6. Human Capital Institute, 2015 5 Best-in-Class companies are three times as likely to build an engaging talent community compared to all other companies.5 In fact, according to iCIMS proprietary research: 52% of U.S. companies surveyed believe that building a talent pipeline or candidate pool is the top talent acquisition priority. However, only 22% of companies have a strong pipeline for critical positions.6 52% 22% In fact, research Lee Lecht Harrison reports that 30% of employers described their pipeline as poor or nonexistent. Talent Pipeline tal-uh nt pahyp-lahyn noun A pool of candidates qualified to assume open positions that have been newly created or vacated. 30% 1950s 1980s Today Employer-driven in-house Outsourcing Talent pipelines
- 6. Your Talent Pipeline Playbook © 2015 iCIMS, Inc. All rights reserved. 6 How will YOUR organization build its talent pipeline? We’ve got you covered.
- 7. Assess Strengths and Weaknesses Your Talent Pipeline Playbook © 2015 iCIMS, Inc. All rights reserved. As the saying goes, knowledge is power. That’s why the first step in developing your robust talent pipeline is assessing current talent acquisition strengths and weaknesses. According to the Aberdeen Group, Best-in-Class organizations are 80 percent more likely than all others to use talent profiles to identify and track talent across the company. Follow suit to identify talent gaps in your organization, as well as assess other key metrics. Is talent diversity a strength or weakness in your company? Talent pipelines can help you find more diverse talent, which is good news for business. McKinsey & Company finds that gender-diverse companies are 15 percent more likely to perform better financially, while ethnically-diverse companies are 35 percent more likely. 7 Play #1 Take Action: Your Evaluation Checklist What critical positions and skills are needed at your company? Where does your company currently find its best hires? What is your average time-to-fill? What is your company’s talent makeup? What is your company’s projected growth? These questions should guide how you source talent to your pipeline. ? ? ? ? ?
- 8. Look Within...for Internal Talent Your Talent Pipeline Playbook © 2015 iCIMS, Inc. All rights reserved. Determine if your organization already has employees that could rise to fill critical positions. Internal hires may possess the industry experience and insight your organization needs to stay competitive. There are other reasons it pays to look within. On average, external hires are paid more and for their first two years on the job, they receive significantly lower marks in performance reviews.7 Best-in-Class organizations understand the power of internal sourcing; according to research from the Aberdeen Group, they’re 10 percent more likely than all others to emphasize hiring from within. 8 Play #2 TakeAction: Establish competency models and profiles of success to identify high performers in your company. Create a strong pool of internal employees with onboarding solutions that engages new hires from the start. Start new hires on the path to success with 90-Day Plans that lay out expectations. 7. Matthew Bidwell, University of Pennsylvania Wharton School of Business http://asq.sagepub.com/content/56/3/369.abstract External hires are paid 18% MORE than internal promotes in the same positions.
- 9. Pursue the Passives Passives Activesvs. Your Talent Pipeline Playbook © 2015 iCIMS, Inc. All rights reserved. Who makes up a significant portion of your talent pipeline? Passive candidates. These candidates are willing to entertain a job offer but aren’t actively seeking a new position, and they’re valuable. The reality is that only 30 percent of professionals surveyed are actively seeking jobs.8 Yet, according to a 2015 iCIMS study, 78 percent of survey respondents would be open to a new career opportunity if contacted by a recruiter with a relevant opportunity, even if they weren’t actively seeking a new job. 9 Play #3 8. LinkedIn Talent Trends Survey 9. LinkedIn Talent Trends Survey Take Action: Understand what your passive candidates are looking for and focus your recruitment efforts on these interests. Make communicating these benefits easy with software that facilitates powerful recruitment marketing automation. The top two reasons candidates switch to a new position?9 Better compensation and benefits Better work/life balance More opportunities for advancement $ U.S. Workforce LinkedIn Talent Trends Survey 0% Actively looking for jobs 20% 40% 60% 80% Not actively looking for jobs
- 10. ?Why Google+ 13.8 3.3 2.9 2.6 LinkedIn Facebook Twitter Fast Facts 0 Average number of times jobs are viewed on social networks11 5 10 15 Be a Social Butterfly Your Talent Pipeline Playbook © 2015 iCIMS, Inc. All rights reserved. One of the most important parts of building a talent pipeline? Expanding your candidate reach. Make your company more visible by regularly participating on a variety of social media channels (not just LinkedIn). Recruiting on social media yields results. In fact, 73 percent of companies have successfully hired a candidate with social media. As a result of using social media for recruiting, 42 percent of companies say candidate quality has improved and 31 percent saw an increase in employee referrals.10 Although iCIMS proprietary research finds that 60 percent of companies claim they intend to implement social recruiting strategies this year, very few are technologically prepared to support that strategy. 10 Play #4 10. https://www.jobcast.net/26-social-recruiting-stats-and-facts/ 11. iCIMS Proprietary Research TakeAction: Establish corporate profiles on a variety of social media platforms and share relevant, industry-related content on these profiles, in addition to job postings. Attract candidates by using social media profiles to share more about your company culture. Use social recruiting technology to collect information about potential candidates and build more strategic talent pools.
- 11. According to Talent Board, 44 percentof job seekers say they need time to get to know an employer before applying for a position. Organizations can influence this assessment with proactive, positive candidate engagement. Forty-two percent of job seekers are more likely to applyfor a job at a company after they’ve interacted with a brand’s career presence online, a 2015 Futurestep survey finds. Your fully-branded career portal is the perfect place to introduce your company to prospective candidates and facilitate ongoing engagement. 44% 42% Engage and Interact Engaging candidates on an ongoing basis is critical to sustaining a robust talent pipeline, and many candidates want this engagement. Play #5 © 2015 iCIMS, Inc. All rights reserved. 11Your Talent Pipeline Playbook Take Action: Your Engagement Toolbox Quick Connect Give visitors to your career portal the option to connect with your company’s social media profiles for ongoing updates, insight, and announcements. Interests Option Allow passive candidates to identify aspects of your organization they want to learn more about. Get creative with how you distribute interest-based content to your audience! Unique Content Frequently publish engaging, informative content on your corporate blog or other platforms that helps position your organization as an industry expert. Social Media Postings Post to all relevant social media channels on a regular basis to keep your organization top-of-mind to members of your talent pipeline. Building Relationships Make personal connections via invitations to your organization’s recruitment events. However, be cautious of becoming too persistent in your communication. CONNECT CONNECT WITH US! Name Email CONNECT CONNECT WITH US! Name Email CONNECT CONNECT WITH US! Name Email X X X X ! !! !
- 12. Use mobile Don’t use mobile 70% 30% Make It Mobile There’s no doubt about it: job seekers are using mobile to find career opportunities and apply for jobs. According to iCIMS proprietary research, mobile and tablet usage among job seekers has increased 60 percent since 2014. Yet, only 9 percent of businesses have implemented a mobile-friendly career portal. Did you know? Application rates drop by a staggering 365 percent if an application on a mobile device takes more than 15 minutes to complete.12 Applications that aren’t mobile-optimized can increase this completion time. Play #6 © 2015 iCIMS, Inc. All rights reserved. 12Your Talent Pipeline Playbook 840 search results View Search Results Small Company Sales Positions $50K - 70K New York, NY Take Action: Ensure you reach as many qualified candidates as possible with mobile-optimized career portals. This means your career portal should: Integrate responsive design that automatically adjusts the viewing screen to fit the device in use. Enable direct uploads of application documents from Google Drive or Dropbox. Offer easy-click buttons and links for optimal functionality. SUBMIT CLICK HERE UPLOAD Today’s Job Applicants The Aberdeen Group finds that 70 percent of job applicants have used a mobile device to apply for a job. -365% 12. iCIMS Hire Expectations Institute
- 13. 84% 16% Invest in Interns Interns can be one of an organization’s most secure sources of entry-level new hires, and are therefore an important part of your talent pipeline. According to a 2015 study by the National Association of Colleges and Employers, approximately 71 percent of employers plan to transition interns into full-time employees, and 63 percent of companies would like to hire interns for entry-level positions. Play #7 © 2015 iCIMS, Inc. All rights reserved. 13Your Talent Pipeline Playbook Employer Experience with Interns Approximately 84 percent of employers said hiring interns was a positive experience. Take Action: Improve your organization’s internship program with iCIMS’ talent acquisition software. Connect: Create intern talent pools to nurture talent early on. Target students from career-focused high schools or target colleges to help build meaningful relationships over time. Recruit: Engage interns on the social channels they use most, like Facebook, Instagram, and Twitter, to help them feel a part of the company culture and community. Onboard: Facilitate organized onboarding with seamless intern training, task, and event scheduling.STEP 1 1 STEP 2 2 STEP 3 3 Positive experience Negative experience
- 14. Reference the Referrals Studies find that one of the best ways to hire top talent is through employee referrals. As revealed by iCIMS proprietary research, 43 percent of companies say their best candidates come from employee referrals. However, only 14 percent say they currently leverage employee referral technology to sustain an effective employee referral program. Play #8 © 2015 iCIMS, Inc. All rights reserved. 14Your Talent Pipeline Playbook 13. https://www.glassdoor.com/research/studies/interview-sources/ The Disconnect Top Sourcing Channels (Percentage of Hires) Recruiter Referrals Employee Referrals College & University Referrals Online Applications 0% 20% 10% 30% 40% Research from Glassdoor finds that only 10 percent of sourcing comes from employee referrals. Yet, the chances of a successful job match increase from 2.6 to 6.6 in statistical significance when an employee referral is hired.13 Take Action: Launch an incentivized employee referral program. Give employees a reason to want to make referrals with rewards like extra vacation days and bonuses. Leading social distribution services allow employees to set up automatic job postings to their social media profiles at a frequency they choose, making participation easy and effective.
- 15. Final Thoughts In light of future shortages of highly-skilled workers, companies must build robust talent pipelines to more strategically source talent for tomorrow’s workforce. Dedicated talent acquisition technology helps companies more effectively build these pipelines with automation and ease. Talent acquisition software that streamlines processes can be an ideal solution, given that 46 percent of hiring managers cite lack of time as the reason their company doesn’t have a strong talent pipeline.14 Leading companies already recognize the value of this technology. As reported by the Aberdeen Group, Best-in-Class organizations are 2.7 times more likely to increase their budget for talent acquisition technology this year to help fill jobs with the best-fit candidates. © 2015 iCIMS, Inc. All rights reserved. Your Talent Pipeline Playbook 14. http://www.eremedia.com/ere/3-questions-to-consider-before-implementing-a-talent-pipeline/ 15 46%
- 16. Connect with iCIMS on social media! iCIMS is a leading provider of innovative Software-as-a-Service (SaaS) talent acquisition solutions that help businesses win the war for top talent. Scalable, easy to use, and backed by award-winning customer service, iCIMS enables organizations to manage their entire talent acquisition lifecycle from building talent pools, to recruiting, to onboarding, all within a single cloud-based platform that is connected to the largest partner ecosystem of HR technologies in the industry. With more than 3,000 contracted customers, representing approximately 4,500 organizations worldwide, iCIMS is one of the largest and fastest-growing talent acquisition solution providers. Learn more about how iCIMS can help your organization today. Visit www.icims.com, call us at (800) 889-4422, or view a free online demo of the iCIMS Talent Platform. Your Talent Pipeline Playbook © 2015 iCIMS, Inc. All rights reserved. 16 How iCIMS Can Help.