Hiring strategy: Actively pursuing passive candidates
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Sourcing and securing top talent remain top priorities in 2024. In the world of talent acquisition, passive candidates—those not actively seeking jobs—represent a goldmine for companies. Securing these individuals requires a nuanced approach. While the U.S. Labor market was projected to slow in 2024 and employers are being more discerning about who they hire, the need for key positions and general positions in 2024 is still strong.
“The latest survey reveals that while employer hiring confidence has moderated slightly amid global economic concerns, labor markets remain tight and demand for skilled talent is still strong across multiple sectors,” said ManpowerGroup Chairman and CEO Jonas Prising in a SHRM Article published in January 2024. “As companies continue to transform their business models, many are holding onto the talent they have and struggling to find the new talent they need.”
With some companies experiencing job reductions in late 2023 or just general attrition, companies are being more creative in backfilling roles, often rethinking the level of the role and its responsibilities. For example, perhaps they had a Controller previously, but they now need a combination of financial strategy and day-to-day accounting. They might decide to hire a Senior Accountant and seek the strategic counsel and oversight of a fractional CFO.
As companies become more selective about who can best fill these roles, they may find that a “post and pray” process isn’t yielding the right candidates. While this is a component of a talent acquisition strategy, posting jobs on boards is a passive approach to hiring. Going to the source and seeking out qualified candidates who aren’t actively looking for a job should be another avenue. Depending on the size of the company, recruitment team, hiring goals, and the employee base that is needed there will be various ways to find success; however, many companies don’t have the resources, tools, and expertise to know how to effectively put this type of sourcing plan in action.
Understanding passive candidates:
Passive candidates are employed professionals not actively job hunting but open to new opportunities if presented attractively. They often possess coveted skills and experience.
- Quality: Passive candidates bring top-tier talent, enhancing productivity and innovation.
- Reduced Competition: Less competition for passive talent allows proactive recruiters to shine.
- Cultural Fit: Passive candidates prioritize cultural alignment and long-term prospects.
- Woo them: Recruiters need to be strategic in their communication strategy, reaching out to them in various ways and ideally, building relationships over time to create a talent pipeline.
Implementing a passive sourcing strategy:
- Build Employer Brand: Cultivate a compelling brand highlighting culture, values, and growth opportunities.
- Leverage Social Media: Engage passive talent through regular updates on professional platforms.
- Network Effectively: Attend events and encourage employee referrals to expand your network.
- Advanced Search Techniques: Utilize job board filters to target specific criteria, tailoring outreach messages accordingly.
- Passive Talent Mapping: Identify potential candidates within competitor organizations or complementary industries.
- Personalize Outreach: Craft tailored messages highlighting mutual benefits.
- Provide Value Proposition: Clearly articulate the benefits of joining your organization.
- Invest in Platforms and Tools: Tools such as LinkedIn Recruiter, Indeed, and other AI-based sourcing platforms do require an investment but will greatly impact your success.
Train Recruiters or Outsource with Professionals:
Sourcing passive candidates requires expertise in various tools and techniques. Successful recruiters have the time to devote to the process and a personality that enjoys the hunt and is resilient to rejection. It is a long-term game, and recruiters who don’t invest time in it will fail.
Consider enlisting the help of a partner who has the network and trained talent sourcing specialists. Search firms and recruiting partners invest in the training and tools necessary to effectively take on this task. They have devoted recruiters who aren’t distracted by the pull of their other general human resources duties.
If you do hire a third party, consider how this partner will be compensated for a job placement. This can vary from a retained arrangement, hourly, or contingency payment. Understand the pros and cons of each arrangement. Ideally, this arrangement isn’t transactional. This partnership is ideal when your partner understands your business, its leaders, and its culture. Spraying your job to several recruiters who will be paid upon placement doesn’t inspire them to dedicate as much effort if they don’t know that they will be paid.
If your organization takes a passive approach to recruiting, you are missing out on a pool of qualified top talent. Going directly to the source and after those who are not actively in the market, should be a part of your talent acquisition strategy. Mastering the art of passive candidate sourcing requires a strategic blend of personalized communication, a compelling brand, and ongoing relationship-building. By embracing these strategies, organizations can tap into a valuable talent pool poised to drive success and innovation.