Why Talent Acquisition Pros Should Be Tapping into the Passive Candidate Market

Hiring today isn’t what it used to be. More than ever, people are making big career moves -sometimes even jumping into entirely new industries. According to LinkedIn’s Workforce Confidence survey, about four in ten Americans open to a job change are considering switching industries, and 14% have already done so in the past year. If your hiring strategy still relies on the same old talent pools, you’re probably missing out. But here’s the good news: your employees already know who in their network is open to making a move – something algorithms might not catch.

That’s why tapping into the passive candidate market is key. These are people who aren’t actively job hunting but would consider the right opportunity. They make up a massive 73% of the workforce, and because they’re currently employed, they often bring strong experience and skills to the table. The best way to reach them? Employee referrals. Your current team knows talented peers who are quietly exploring options but aren’t applying to job boards.

Relying only on active job seekers can be risky. The LinkedIn survey shows that over half of job seekers have been looking for six months or longer, with 34% searching for over a year. That’s a long time, and it might signal a mismatch in skills or expectations. Meanwhile, passive candidates aren’t in that situation – they’re thriving in their current roles but are open to the right opportunity.

The job market is evolving fast. In fact, more than 20% of professionals in the U.S. hold job titles that didn’t even exist in 2000. This means recruiters can’t just check boxes for past experience anymore; they need to focus on skills. AI and resume screening tools might not always catch the best fits, but your employees can recognize who in their network has the right transferable skills for these emerging roles.

A strong employee referral program makes hiring faster, better, and more cost-effective. Referred candidates are 3-4 times more likely to be hired, and companies that use referrals see better retention and save over $3,000 per hire. Employees love working with people they know and trust, and recruiters benefit from high-quality, pre-vetted candidates.

At the end of the day, hiring isn’t just about filling roles – it’s about finding the right people. If you’re not tapping into the passive talent market, you’re leaving a huge opportunity on the table. Lean into employee referrals, broaden your talent search, and start building a workforce ready for the future.