Over 35 million people were out of work or furloughed due to the COVID-19 public health crisis. Due to state mandates, many companies suffered from shutdowns forcing some employees to take pay cuts of 25% or more to maintain employment. Fast forward to May 19, 2021 and companies are scrambling for new talent acquisition strategies as we return to work and the new normal. What a huge change since the pandemic first began over a year ago.
The Supply and Demand Status of the Current Hiring Landscape
As a result of the fluctuating economy and government assistance programs, the demand for labor has increased, and so has the competition to reach new job candidates first.
- Amazon is looking to hire 75,000 workers and giving $1,000 signing bonuses.
- Chipotle is looking to add 20,000 workers and has increased wages and implemented a referral program.
- McDonald’s is looking to add 10,000 workers, and KFC has joined the fight as well.
As they struggle to find talent, employers are preparing for wage increases and need to find smarter ways to attract talent.
Utilizing Your Current Recruiting Resources
With many employers competing for the same talent pool, organizations need to start thinking strategically about utilizing the resources they already have to attract new and high-quality talent. Before the pandemic, the traditional job application process resulted in either a hire or a dead end. However, candidates who may not have been a right fit at the time, and even prior employees, are still viable options for future employment opportunities. Former employees and job applicants that know your company and your brand could prove to be the high-quality candidate you’re looking for the second time around.
The Secret to Widening Your Talent Pool
Your ATS data often holds the secret to widening your talent pool. By mining your ATS data to re-engage with past job applicants and former employees, you tap into resources you have already spent the time and money on to acquire. However, a competitive recruiting strategy doesn’t stop there. Employees are proven to be significant referral sources for attracting high-quality talent. Who else knows your company better other than your own employees? Why not use your employees as brand ambassadors to develop a comprehensive referral program? Referred candidates are quicker to hire, stay longer, and are considered to be the top employees.
By leveraging your ecosystem, your organization can build a quality pipeline to fill employment gaps through employees, previous applicants, employee resource groups, and affiliate groups. There is no reason to start fresh with each open job post. Engage with your employees and mine your ATS data to find relevant applicants or referrers and lessen the burden on your recruiting team. As we approach the new normal, those that embrace their existing resources will be in a better position to survive.
Find out how Aliro can help your talent acquisition team re-engage potential candidates, build a strong employee referral pipeline, and stand out among the hiring competition. Start hiring smarter and faster here.