In this fast-paced, technological world, recruiters are becoming more aware of how recruitment is evolving from what it used to be. We want to give you the latest methods in how you can increase your candidate conversion rate in 2020. According to the 2019 Fortune 500 Candidate Conversion Audit, the current market looks a bit like this:
- There are 67% of recruiters saying that their biggest obstacles in filling roles are a lack of skilled and high-quality candidates while simultaneously 82% of job seekers are open to new job opportunities.
There is a huge rift between jobs and job seekers. Recruiters can eliminate this rift by having a better candidate conversion rate. So here are 7 ways through which you can increase your candidate conversion rate in 2020.
- Why do recruiters need to focus on candidate conversion rate?
- 7 innovative ways to increase your candidate conversion rate
Why Do Recruiters Need To Focus On Candidate Conversion Rate?
Candidate Conversion rate isn’t just important to the candidate experience but also provides various other benefits. As you have probably guessed, the higher the conversion rate, the better it is for you and your business. It means you are getting a much higher return on all the time you did invest and are currently investing in your day-to-day work.
Firstly, let’s take a look at some stats. According to the 2019 Fortune 500 Candidate Conversion Audit, currently, there are
- 82% of job seekers who are open to new job opportunities
- 61% of job seekers who are looking externally for career growth
- 29% of job seekers that have left a job within the first 90 days during their career
What does this mean for recruiters? Well 67% of them say there is a lack of skilled and high-quality candidates and 52% say that they are faced with intense competition (2019 Fortune 500 Candidate Conversion Audit).
In this talent short and competitive market, improving your candidate conversion rate can really help you bring your A-Game.
Here are the 7 Innovative Ways To Increase Your Candidate Conversion Rate Successfully in 2020.
1) Social Media is still your best friend
Social Media is currently a booming candidate pool.
And that’s not us saying it but the data. In the 2019 Fortune 500 Candidate Conversion Audit, 73% of people aged 18-34 have found jobs via social channels. Not only that but 79% of job seekers claim they use social media in their job search (Zety).
So the facts are laid out in front of you. Due to the digital disruption, the same rules don’t apply as they used to many years ago.
Be where the job seekers are and do what they do. An average person will end up spending more than 5 years of their life on social media (Postbeyond).
So if you want to improve your candidate conversion rate, target the right people and on the right platforms. Start on your Digital Media presence (and if you are already there, look for ways to optimise it and use it for all its worth – such as a talent pool).
2) Personalisation is the key
Who doesn’t love personalisation in 2020? Just like businesses started making personalised marketing strategies, recruiters need to as well. You can’t access the millennial talent pool the same way you access passive candidates.
There needs to be a distinction. The best way that distinction is achieved is through personalisation. It also helps with high performing candidates – who tend to be pickier about their options.
Not only that does personalised experiences around candidates increases their satisfaction with your service but it also improves your candidate experience. Therefore, personalisation is something that all recruiters should focus on.
3) Automation is the real new trend.
More and more industries are jumping on the bandwagon of automation. There are various benefits from time-efficiency to more productiveness. It’s time that recruiters embrace it too. There are many aspects of the hiring processes that can be made more efficient through automation.
For example, the average response time for an email is 90 minutes… but when you look at the average response time for a text, that is only 90 seconds. (2019 Fortune 500 Candidate Conversion Audit). That makes a world of difference.
If we estimate the times saved between a recruiter and candidate just from switching from email to text? Unbelievable. Moreover, 42% of candidates don’t respond to calls or emails (Zety). That’s a lot of wasted time that can be saved.
Instead of sending an email reminder for every upcoming interview or assessments to all your candidates – let bots do it for you over text! Adopt more automated strategies in your recruiting process and save time.
4) Lure Those Passive Candidates In
Passive Candidates are what it’s all about. They are still very much relevant in 2020. If there are 71% of employees looking for new jobs (2019 Fortune 500 Candidate Conversion Audit), that means there is a whole talent pool within your passive candidates that you are yet to access or use it for all its worth.
Including strategies for passive candidates and using them to improve your candidate conversion rate is something that not every recruiter does. However, it’s this that proves to be the biggest distinction between you and the other recruiters. Learn how you can gain this competitive edge and access a huge part of the market here.
5) Data is your second best friend
Data is imperative when it comes to 2020. The most important tool is becoming data for who holds information, can interpret it and holds leadership in that area. Use of data analytics is rising with nearly 40% of recruiters planning to increase spend on email tools and tracking technology.
Recruiters are more focused on sourcing candidates. It’s not enough to just look for job-seeking candidates amongst various other ways through which everyone is trying to gain a competitive edge.
Data not only helps hire better talent but also helps to identify hot spots of activity and improves the standard of your business planning.
6) Make Recruitment marketing strategies a priority
With hiring expected to become even more competitive in the next 12 months for 74% of all recruiters. The keyphrase “treat your candidates like you treat your customers” is more important than ever. Acquiring and providing your clients with great talent is what every recruiter aims for however lacks in implementing ways of doing that. In this digital age, that is Marketing and Branding.
Recruitment agencies need to make marketing and branding a priority as not only does it attract, engage, convert and retain your candidates and clients but you also gain a competitive edge in this industry.
7) It’s all about Your Intentions.
Intentions are important when it comes to any strategy you set out to trial and implement. These should be clear and concise. But also look to benefit not just you but your candidates and clients.
If your goals aren’t clear, you will spend too long trying to have an impact instead of offering any real value. Intentions are the best way to increase your candidate conversion rate as that is what you set out to do in the first place.
Through measuring conversion rates, you can better identify the challenges that are facing your business and work to optimise and improve those areas.
Use these 7 methods to improve your candidate conversion rate in 2020:
1) Social Media
4) Passive Candidates
6) Recruitment Marketing
RECOMMENDED READING If you enjoyed reading this article, why not dive deeper and learn more about improving your candidate experience and passive candidates. - 6 Ways of Successfully Luring Passive Candidates - 4 Steps To Prevent Candidate Ghosting - Four Ways to Improve The Candidate Experience - 3 Biggest Mistakes That Hurt The Candidate Experience