5 Ways to Recruit Top Talent
Updated: Jun 18, 2020
“Our employees are the key to our success”
Many companies today make this claim, so the phrase can seem trite. We believe that employees are truly the lifeblood of any company, and finding the best talent is key to your company's success. The US Department of Labor puts the cost of a bad hire at 30% of the annual salary for that position. And McKinsey & Co. found that hiring a ‘top performer’ over an ‘average performer’ can increase productivity and profit
up to 67%. Obviously, there is a lot at stake every time you fill a position at your company.
Given the importance of making the right hire, we’ve put together this guide to recruiting top talent.
Focus on company culture
One key to hiring happens before you even begin your search for a candidate; creating a corporate culture that values employees. Good corporate culture enhances your employees’ workplace experience and creates a motivated workforce that will help advance your company goals. This is particularly critical for organizations that are vying for top talent in competitive industries where qualified employees are scarce. The right culture will also help you long after you’ve made that hire, because happy employees are more likely to stay.
Don’t Forget Diversity and Inclusion
Workplace diversity has many benefits. A study by McKinsey & Company found that companies with gender and racial diversity were 35% more likely to have higher financial returns. According to Glassdoor’s Diversity & Inclusion Study 2019, 50% of employees surveyed believe their company should do more to increase diversity and inclusion, with millennials more likely to express the need for change. The same study noted that 71% of companies chose to solve the problem by hiring a more diverse workforce ranging across various genders, races, sexual orientations, and ages.
Diversity is not only the right thing to do, having a diverse workforce leads to greater innovation, increased customer sales and satisfaction, and increases your chances of hiring top talent. After all, if everyone on your team thinks the same way and has had the same life experiences, how can you serve customers well? Potential employees are also more likely to want to work for a company that has an inclusive workforce.
Prioritize Intelligence over Experience
Experience is often considered the most important trait when it comes to building a strong team. Hiring managers often have a long laundry list of key requirements for open positions. While we don’t want to dismiss the importance of having some experience, we have found that intelligent and motivated candidates can prove more valuable in the long run. Having the right attitude and desire to learn can often lead to a better employee.
For instance, at HamiltonDemo, we have had a lot of success in recruiting veteran candidates. We have found that former military members have proven that they can quickly learn new skills and concepts and have valuable experience in leading. The skills they learned during their service are very transferrable, even if their former jobs don’t completely align with their current positions.
Network, Network, Network
Job seekers know the key to landing that next job is going to be more successful if they work on improving their network. The same can be said for companies. It's important to keep tabs on your industry's professional community so that you can be aware of the most active and engaged employees in your field. Smart recruiters will be networking to identify the best people they can approach the next time they have an opening.
Ask your current employees to think of friends or former colleagues that might be right for your company. They know your business well and will know who from their network would be most suitable for the job. These types of referrals tend to boost morale as well as retention rates.
Networking doesn’t have to be in person; don’t forget to work on your company’s social presence – not only LinkedIn, but also Facebook and Twitter. Candidates will be evaluating your social presence before making a decision to go with your company. Try to engage with folks in your industry through your social posts. Become an industry thought leader that potential candidates will want to follow.
Don’t Drag Out the Process
Even in an uncertain job market, talented potential employees often get multiple job offers. If your company takes too long to make an offer, the chances of losing these candidates to your competitors are increased. Taking too long also shows candidates that you are not sure about them and they might withdraw themselves from consideration. In addition, candidates who aren't actively looking might feel that it is safer to stay with their current employer than risk going with a company that doesn't seem committed to them.
We have years of experience in recruiting top talent for a variety of employers in many diverse industries. If you’d like to learn more, contact us.