Diving Deep into the 2020 Source of Hire Report: Unveiling the Secrets of Successful Hiring
I’ve been really digging into this super cool report about where companies find their top talent and it’s mind-blowing! I mean imagine being able to pinpoint exactly where to find those rockstar employees who will take your company to the next level.
It’s like having a secret map to a hidden treasure only this treasure is made up of awesome skilled individuals who are ready to make a splash!
This report based on data from over 3.3 million applicants and 68000 hires gives us a glimpse into the best places to find those diamond-in-the-rough candidates who will make your company shine.
Understanding the Landscape: Why Knowing Your Sources is Crucial
Think about it in today’s job market it’s not just about posting a job and hoping the best candidate magically appears.
It’s about being strategic and knowing where to look for the specific talent you need.
This report is like a guidebook to the best hunting grounds for amazing employees and it’s full of insights that can make your recruitment process a whole lot smarter.
This report is like the cheat sheet to finding those A-list employees, but don’t just take my word for it! Check out the full report and see for yourself 🤯
Think of it like this: you wouldn’t just randomly throw a fishing line into the ocean and hope to catch a giant tuna right? You’d do your research learn about the best fishing spots and use the right bait for the fish you want to catch.
The same logic applies to hiring.
You need to know where to find the best candidates and this report gives you the tools to do exactly that!
Breaking Down the Numbers: The Top Sources of Hire
Now let’s get into the juicy stuff! What are the most effective places to find those incredible individuals who will make your company rock?
The report analyzed data from over 3.3 million applicants and 68000 hires to identify the top sources of hire in 2020. Here’s the breakdown:
1. Employee Referrals: The Power of Networking
It turns out employee referrals are like the holy grail of hiring. The report found that a whopping 33% of hires came from employee referrals beating out all other sources. This makes sense right? Your employees are already invested in your company and know exactly what kind of people would be a great fit. They’re essentially your personal recruiters bringing in a pool of highly qualified candidates who are already pre-screened for cultural fit and skills.
Why are employee referrals so effective?
- Increased Candidate Quality: Employees are more likely to recommend individuals they trust and know are capable ensuring a higher quality of applicants.
- Faster Time to Hire: Employees often refer candidates who are actively looking for a new role making the hiring process quicker and more efficient.
- Lower Cost per Hire: Referral programs often offer incentives for successful referrals potentially lowering the cost of hiring.
How to leverage employee referrals:
- Develop a robust referral program: Offer incentives to motivate employees to refer qualified candidates.
- Make the process simple: Provide a clear and easy-to-use referral process.
- Recognize and reward successful referrals: Publicly acknowledge and reward employees for their contributions to the hiring process.
2. Job Boards: The Online Hunting Ground
Job boards are like the online marketplaces for jobs. They’re where job seekers go to browse and apply for open positions and they remain a key source of hire for many companies. Around 18% of hires came from job boards in 2020 making them a vital part of any successful recruitment strategy.
Why are job boards still relevant?
- Wide reach: Job boards have a large audience of job seekers allowing you to reach a vast pool of potential candidates.
- Targeted recruitment: You can use filters and keywords to target your search for specific skills and experience.
- Cost-effective: Job boards can be a relatively inexpensive way to reach a large number of candidates.
How to maximize your job board strategy:
- Choose the right job boards: Research and select job boards that are relevant to your industry and target audience.
- Craft compelling job descriptions: Use strong keywords and a compelling narrative to attract the attention of qualified candidates.
- Monitor and optimize: Track your job board performance and adjust your strategy as needed.
3. Social Media: The Power of Connection
Social media has become a crucial part of modern life and it’s no surprise that it’s also playing a significant role in recruitment. Around 15% of hires came from social media channels like LinkedIn in 2020. It’s a powerful platform for networking engaging with potential candidates and showcasing your company culture.
This report is like the cheat sheet to finding those A-list employees, but don’t just take my word for it! Check out the full report and see for yourself 🤯
Why is social media so effective for hiring?
- Direct engagement: Social media allows you to directly engage with candidates and build relationships.
- Targeted outreach: You can target your outreach based on specific demographics interests and skills.
- Brand building: Social media is a powerful tool for building your company’s employer brand.
How to leverage social media for hiring:
- Create a strong employer brand: Showcase your company culture and values through engaging content.
- Use LinkedIn for targeted recruiting: Search for specific skills and experience and connect with potential candidates.
- Participate in industry groups: Engage with industry groups and forums to find and connect with potential candidates.
4. Company Websites: The First Impression Counts
Your company website is like your online storefront showcasing your company’s brand and values. It’s the first point of contact for many candidates and around 9% of hires came from company websites in 2020. This shows the importance of creating a website that is both informative and engaging making a good first impression on potential candidates.
Why is your website crucial for hiring?
- Brand storytelling: Your website provides a platform to tell your company’s story and showcase your unique culture.
- Candidate attraction: A well-designed and informative website can attract top talent and encourage applications.
- Streamlined application process: An easy-to-use application process on your website can improve the candidate experience.
How to optimize your website for hiring:
- Showcase your company culture: Highlight your values mission and employee experience through engaging content.
- Simplify the application process: Make it easy for candidates to submit their information.
- Include a careers page: Dedicate a page to showcase open positions and company information.
Beyond the Numbers: Understanding the Changing Hiring Landscape
Now these numbers are pretty insightful right? But there’s more to the story.
It’s not just about knowing which sources are the most popular.
We also need to understand the changing trends and challenges in the hiring landscape.
The Rise of Passive Candidates: Reaching Out to the Hidden Gems
One of the biggest trends we’re seeing is the rise of passive candidates.
These are people who are currently employed and not actively looking for a new job.
They’re the hidden gems of the talent pool and finding them requires a different approach.
Why target passive candidates?
- Higher quality: Passive candidates are often top performers who are in high demand.
- Stronger commitment: They are more likely to be committed to a new role if they’ve been approached proactively.
- Reduced risk: Passive candidates typically have a proven track record reducing the risk of a bad hire.
How to engage passive candidates:
This report is like the cheat sheet to finding those A-list employees, but don’t just take my word for it! Check out the full report and see for yourself 🤯
- Targeted outreach: Use LinkedIn and other social media platforms to connect with potential candidates.
- Personalize your approach: Tailor your outreach to each candidate’s specific skills and experience.
- Highlight your company’s value proposition: Emphasize the benefits of working for your company.
The Importance of Diversity and Inclusion: Expanding Your Talent Pool
It’s also crucial to consider the importance of diversity and inclusion in hiring. The more diverse your workforce the more innovative creative and adaptable your company will be. Expanding your reach to include underrepresented groups will lead to a richer pool of talent.
How to promote diversity and inclusion in your recruitment efforts:
- Review your hiring processes: Identify any biases in your application process and work to remove them.
- Promote diversity in your job postings: Use inclusive language and imagery that appeals to a wide range of candidates.
- Partner with diversity organizations: Work with organizations dedicated to promoting diversity and inclusion in the workplace.
Staying Ahead of the Curve: Embrace the Future of Hiring
The hiring landscape is constantly evolving and it’s important to stay ahead of the curve.
Here are some of the emerging trends that will shape the future of hiring:
- AI and automation: Artificial intelligence (AI) and automation are increasingly being used in recruitment to streamline the process and improve efficiency.
- Data-driven decision-making: Companies are using data to analyze candidate behavior and make more informed hiring decisions.
- Remote work and flexible schedules: Remote work and flexible schedules are becoming more common creating a more diverse and accessible workforce.
By staying informed about these trends and embracing the latest technologies you can ensure that your recruitment strategy remains effective and competitive.
Conclusion: Embracing the Power of Insightful Hiring
So there you have it! The 2020 Source of Hire Report is like a treasure map to finding those incredible candidates who will make your company thrive.
It’s a reminder that hiring is not a game of chance; it’s a strategic process that requires research planning and the willingness to embrace the changing landscape.
By understanding the most effective sources of hire adapting to the evolving trends in the hiring landscape and embracing diversity and inclusion you can ensure that your company attracts and retains the best talent.
Remember having the right people on board is the key to success in today’s competitive world.