Is Candidate Sourcing Dead? How Today’s Economy is Changing the Rules for Recruiting
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During this difficult economic time, HR and recruiting departments are assessing and re-engineering their recruiting strategy and hiring practices.
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Is Candidate Sourcing Dead? How Today’s Economy is Changing the Rules for Recruiting
- 2. Is Candidate Sourcing Dead? How Today’s Economy Is Changing The Game Rules For Recruiting Sean Bisceglia – TalentDrive Anne Bucher – Pinstripe, Inc If there is more than one person on a terminal/phone and you’d like a copy of the presentation – please tell us your email address in the “questions” box on the sidebar
- 3. Your Speaker Today Anne Nimke is a seasoned veteran in the world of RPO, talent strategy and performance improvement. Adept at creating staffing models, Anne understands solutions need to align with the strategic objectives of the business to achieve an organization’s maximum performance capacity. She has an extensive experience developing talent lifecycle strategies, driving employment branding and positioning, aligning recruitment and on‐boarding initiatives, and ensuring sustainable performance through process change, Anne Nimke integrated technology and metric development. Co‐founder & Executive Consultant Anne is a cum laude graduate of Marquette University. She is past president of MMSHRM (Metro‐Milwaukee SHRM Chapter), WI SHRM State Conference Chair, and currently Vice Chair of RPO Alliance and member of SHRM Staffing Special Expertise Panel and HROA.
- 5. Polling Question Please describe your current role… Recruiting Manager / Recruiter – 29% HR Manager / Director or above – 4% HR Generalist / HR Specialist (non recruiting) – 4% Hiring Manager / Executive – 0% Other – 63%
- 6. Agenda • Current State of Economy and Talent Acquisition • Sourcing and Technology Is Candidate Sourcing Dead? • Recruiting 2009 – How Today’s Economy Is Changing The Game Rules For Recruiting What a difference a year makes! April 22, 2009 • Are You Ready? 25% discount off of TalentFilter subscriptions for all attendees of the webcast
- 7. Current Economy Optimists see job growth as soon as spring, With the economy losing only about 750,000 more jobs between now and then. Pessimists predict the economy will keep losing jobs until late next year or 2010, with additional losses of well over 2 million jobs, bringing the peak‐to‐trough decline to more than 4 million. ‐ BusinessWeek, “Is the Jobs Panic Justified?” 12/10/2008
- 9. 2009 Forecast Change in Jobs Source: Moody’s Economy.com, Feb 2009 9
- 10. Where Have We Been? • Election Season • Pumped Up Gas Prices • Credit Crisis • Passing the Bailout • Financial Services Turmoil • Auto Manufacturing Struggles Source: Lee Hecht Harrison, 2009 10
- 11. Where Are We Going? • Monitoring Change • “Green Collar” Jobs • GDP Growth • Healthcare Reform • Consumer Spending • Regulatory Shifts Source: Lee Hecht Harrison, 2009 11
- 12. Polling Question What effect has the economic downturn had on your organization? Helped – 4% Harmed – 59% Both Helped and Harmed – 33% No Effect – 4%
- 13. Impact of Economic Downturn • Harmed Impact of Economic Downturn – Limited resources – Uncertainty, both for organizations seeking to hire and prospective employees seeking change – Relocation problems – home sales impact employee willingness/ability to move – Increasingly poor quality of candidates • Helped – More talent available; “their loss is Talent Acquisition Challenge Report HROA/TPI/Pinstripe our gain” – Less competition enables organizations to better position to attract talent – Uncertainty decreases attrition
- 14. Where Are the Jobs? By Industry: By Geography • Healthcare • Northeast • Finance and Accounting – Education, Healthcare Finance/Accounting, IT • Information Technology • Midwest • Legal – Engineering and Construction • Engineering • West • Manufacturing – IT, Engineering, Finance/Accounting • South – Healthcare, Finance/Accounting, Engineering, IT Source-Lee Hecht Harrison, 2009 14
- 15. Current Market Behaviors • Organizations are in cost cutting mode – focus is clearly on 2009 • Large‐scale strategic initiatives are being deferred due to the cost of investment • Organizations are focused on addressing specific and immediate problems ‐ targeted solutions or outsourcing • Drivers for evaluating a Recruitment Process Outsourcing solution remain the same – Variable cost structure, improve candidate quality, and shorter time to fill • There is less urgency to address the recruiting challenges of 2007 and 2008
- 16. Polling Question How concerned are you about effectively recruiting the best talent right now? (pick one) Not concerned at all – 12% Moderately concerned in all job/skill areas – 31% Some areas very concerned & in other areas NOT concerned – 46% Very concerned in all job/skill areas – 12%
- 17. Today’s Technology & Impact on Sourcing • iPod wasn’t just a successful product launch it was a inflection point to put the consumer in charge of their media • 3,500 impressions a day from all forces of “media” • Blogs have gone from 1% to 30% of internet users in 3 years • 50 million instant messaging and 120 million wireless text messages a day • Media is changing from intrusion and brute force repetition to surprise engagement • All these changes are creating a new breed of recruiting opportunity to attract/ recruit talent with alternative, unmeasurable media on marketers dashboards
- 18. A Year Ago, A Year From Now, A Big Change • Much has changed in a year with the sheer volume of Talent online and how to attract and filter • Leveraging technology and knowing how to use to your strategic advantage‐ The Time is Now A Year Ago Today Intercept Attract/ Filter Inhibit Assist Isolate Affiliate
- 19. What Is Recruitment Technology? How It Can Provide a Strategic Advantage • Automate business process through technology and implement advanced Sourcing Applicants communication with talent Filtering and Sourcing – Reduce time spent recruiting by using Technology one, unified search platform and consistent communication Pre‐Screening & Interview • Improve management by unifying ATS, Process searches, and job boards – Search all of your registered job Backgroun boards, personal ATS, and additional d Checks niche sites all from one technology • Stay cutting‐edge by offering clients HIR E innovative practices – By reducing time spent on recruiting, you are able to fill positions in half the time, with higher quality candidates
- 20. The Talent Paradox • How to Effectively Make Sense of the Number of Job Postings Online 1997-2008 Glut of Resumes Online 50,000,000 Number of Postings 48M – Increased number of applicants 40,000,000 for available positions 30,000,000 28.7M 20,000,000 – Decreased number of available 10,000,000 1.2M 0 positions 1996 1998 2008 Year • Leverage technology to find top talent and avoid duplications Number of Resumes Online Everyday 2007-2008 – Reduce time spent online 80,000,000 – Quantify and qualify current Number of Resumes 60,000,000 77M talent in company ATS 40,000,000 52M 20,000,000 – Organize efforts to perform at - optimum efficiency 2007 2008 Year
- 21. Polling Question Have you changed or added recruitment technology in the last 6 months? Yes – 59% No – 41%
- 22. Status of Recruiting 2009 The Difference A Year Makes • Survey results direct comparison between August of 2008 to April 2009 with over 8,000 corporate HR Professionals surveyed. • How has the economic impact affected recruiters opinion and outlook • How do you prepare for the rebound knowing the issues?
- 23. Talent During Times of High Unemployment Are You Seeing Higher Quality Talent Due to • Big reversal of quality of talent Higher Unemployment Rates? available now compared to 9 August 2008 months ago • Specialized positions are still hard 35% to find talent Yes No • The question remains, how are 65% firms capitalizing on the quality of talent available? April 2009 36% Yes No 64%
- 24. Sourcing •Do you know how many qualified candidates • Many recruiters are still not using are sitting in your ATS? or turning to their ATS for talent August 2008 • With more talent available, sourcing of internal ATS is vital 36% • Is less ad posting driving less Yes No candidates to ATS’s? 64% April 2009 28% Yes No 72%
- 25. Job Boards • More analytics are now •Are you currently receiving job board analytics? available and being used to August 2008 provide insight to job boards • Due to less volume of open 35% positions, more time is spent Yes No on the diagnostics 65% April 2009 Yes 50% 50% No
- 26. Polling Question – Are you ready? What is your company doing now in response to recession and recovery? A. Status Quo – not affected & not doing anything different – 7% B. Reactive ‐ acting as necessary until economy turns – 11% C. Planning – strategically preparing for future needs ‐ 15% D. Both A and C – 15% E. Both B and C – 52%
- 27. A Surge WILL Come * Justin Lahart, The Wall Street Journal, February 9th, 2009 • Prepare for the Hiring Spike • Implement New Technology • Improve Efficiency and ROI for Recruiting 27
- 28. What to do to prepare for the change? • Don’t waste this recession ‐ cut costs where you can! • Upgrade your talent • Enhance your brand • Innovate your process and mobilize technology • Measure your results • Be Nimble – change when it is necessary
- 29. Don't Waste this Recession • Re‐negotiate current job board posting contracts or other service provider contracts – Reduce posting costs and maximize on collecting information on the existing talent on the market for future positions • Evaluate recruitment model options – RPO is one of the most proven areas of HR Outsourcing success • Begin to pipeline talent now for the hiring spike – Develop robust and pro‐active recruitment marketing plans for future positions • Reduce complexity – Consolidate systems and vendors • Calculate the current Total Cost of Ownership – What is it now? – What will it be when the recovery begins? – Are you surprised? 29
- 30. Upgrade Your Talent A downturn can give smart companies a chance to upgrade their talent! McKinsey • Redesign jobs (even as you execute headcount reductions) • Protect your training and development programs • Measure and make decisions based on talent needed now and in three years • Invest in maintaining internal brand – no matter what • Even though hiring may decline, quality of hire increases during a recession
- 31. Recruit from Within Re‐ recruit Internal Promote Recruiting From within Keeping Talent The Career Mgmt Talent Pathing Within Successio Reduce n Turnover Retention Planning Programs If you aren’t recruiting your current talent – you may be the only company who isn’t!
- 32. Enhance Your Brand • Use Web 2.0 to promote your unique employee relations, culture, investments • Know what the public knows about you • Insure exceptional candidate care & communication throughout the process – Utilize automated screening questions – Narrow the funnel with assessments – Automate messaging to alert candidates when they are not qualified
- 33. Who controls the message? • We have found that current employees are the most widely used and are by far the most trusted source of information about organizations for candidates. Unfortunately, only 24% of employees actively promote their organization in the labor market. Corporate Leadership Council • Trust in “a person like me” has more than tripled, from 20% in 2000 to 68% in 2006. Edelman Trust Barometer 33
- 35. Web 2.0 Taxonomy • Level 1: Minimal collaboration. Density creates value. • Level 2: Collaboration adds value, which drives traffic and adds density • Level 3: Collaboration creates value, which drives traffic and density. 35
- 36. Innovate Process …Mobilize Technology • Review current processes and identify administrative burdens or inefficiencies. – Model business case for each alternative – Analyze feasibility/attractiveness of options • Utilize the functionality you already have – Only 12% of ATS’s have their “auto‐emails” turned on – Retrain staff on current & new ATS functionality – Enhance your career site • Benefits of recruitment technology – Increase ROI – Improved efficiency – High quality talent for important roles – Ability to sort through glut of resumes online
- 37. Innovate Process …Mobilize Technology • Know and deploy new options available in automation and self‐ service – eQuest/ JobViper/ EasyPost/ TMP (Automated Job Posting Distribution) – Jobs2Web (Requisition SEO) – TalentDrive (Sourcing and TRM System) – Voice Screener (recorded phone screen/interview) – HireVue (video interviews) – SkillSurvey (Automated Pre‐hire 360 Reference Checking)
- 38. Accelerate Your Process All done faster, cheaper, and with a great candidate experience Dramatic increase in job seekers – Adjust your posting/adv strategy & Increase pro‐active “sourcing Active & Passive Leads strategy” for hard to fill positions Candidate Application Review knock‐outs in screening questions. Increase selectivity. Refine validated/other Online Assessment assessments & move earlier in the process Automate screen/interview scheduling & customize screening Recruiter Phone questions to the position Screen/interview Hiring Manager Interviews Cascade Background Checking Improve interview‐to‐offer ratio Automate Reference Checking Offers saving hiring managers time Starts Begin new employee engagement on “start date” with automated on‐boarding
- 39. Measure Your Results • Cost per hire • Volume Analyze effectiveness regularly…make it routine! • Time to fill • What you measured annually do quarterly… • Source analysis • What you measure quarterly do monthly! • Funnel ratios – (leads to interview, interview to hire etc.) • Satisfaction of new employees/hiring managers • Recruitment Efficiency Ratio – (Total staffing costs/total compensation of new hires) x 100 • Quality of Hire = PR + HP + HR / N – PR = Average job performance rating of new hires – HP = % of new hire reaching acceptable productivity with acceptable time frame – HR = % of new hires retained after 1 year – N = number of indicators
- 40. Be Nimble evolve or transform. status quo is not an option. now is the time.
- 42. About Talent Drive TalentDrive has released the industry’s most innovative SaaS sourcing solution, TalentFilterSM. Over 55 global companies have helped us develop one of the most easy to use, on‐demand, talent sourcing tools on the market. As a subscriber, our recruitment technology sweeps and unifies thousands of paid and free resume databases in one location. TalentFilterSM then matches, hierarchies the results, and provides contact through auto scheduling for candidate interviews, chosen by you. In addition, through powerful analytics you are able to manage your ROI for online recruiting. TalentFilterSM now services the United States, Europe, and The Pacific Rim. One search, one location, one technology. Thousands of sources. To learn more visit www.talentdrive.com. Check out our new video visit www.talentdrive.com
- 43. Questions? Sean Bisceglia Is Candidate Sourcing Dead? Phone 312.676.4202 How Today’s Economy Is Changing The Game Rules For Recruiting sbisceglia@talentdrive.com April 22, 2009 Anne Nimke Phone 262.754.5060 animke@pinstripetalent.com • 25% discount off of TalentFilter subscriptions for all attendees of the webcast