There has been a fundamental shift in the landscape of recruitment over the past decade. With a dwindling pool of talent to choose from, the global race for best talent is on. Recruiters feel that the current system of education leaves candidates unprepared to hit the ground running when it comes to work.
Recruitment 3.0 focuses on improving the quality of hires while reducing the time to hire ratio and cost per hire ratio. The aim is to build talent pipelines with transparent 2-way communication to keep people engaged.
The Process of Recruitment
As the needs of the market and the talent changes so does the process of recruitment and the expectations of recruiters.
Recruitment 1.0 – The era of Resume Databases from 1990’s to mid-2000’s. It encompassed traditional recruiting methods with a fairly large timeline.
Recruitment 2.0 – The Rise of Social Media due to the need for community-centric consciousness around 2005 onward. The recruitment process moved online with technology for online job boards.
Recruitment 3.0 – Web 3.0 pushed the recruitment process into the digital age of Contextual Web. Google’s update to its hummingbird algorithm in Aug 2013 was designed to help it derive both context and content from Google searches.
It is expected that in the near future a search phrase of “I want an accountant in Paris with 5 years’ experience” will give customized results as Google would have pulled all data relevant to the “I” from the relevant social media accounts, company blog and CRM to give a customized search result.
The Core Philosophies of Recruitment 3.0
1. Everyone is a potential candidate – Anyone volunteering to be elected by applying for a job post or being referred or willing to be considered could be a potential candidate. Research indicates that 90{ed162fdde9fdc472551df9f31f04601345edf7e4eff6ea93114402690d8fa616} of talent suitable for available roles is not looking for a change. The remaining 10{ed162fdde9fdc472551df9f31f04601345edf7e4eff6ea93114402690d8fa616} of active job seekers are being fought over by competing firms and talent acquisition companies.
2. Employment Brand is Pivotal to Success – The identity of a business, its core values and its promises to its employees and customers is the employment brand. The better the brand, the better they would look to potential recruits.
Relationships sell. Potential recruits are looking for honesty, authenticity, integrity and transparency in their workplace.
3. Relinquish control over what other people are saying – The digital age ensures that there are many avenues for people to get their views out through social media, blogs and other web boards. Businesses cannot extend any control over the messages being posted. However, PR and marketing departments can embrace this and open a channel to officially seek community inputs to get a better angle on the perception of their businesses.
4. Relationship building is key – Differentiating your social media from others is key. Building relationships, engaging the community and keeping them interested enough to build a viable pipeline of potential employees is vital to the recruitment process.
64{ed162fdde9fdc472551df9f31f04601345edf7e4eff6ea93114402690d8fa616} of hiring managers estimate that the best candidates are drawn from referral pools, and they have the added benefit of reducing the time to finalize recruitment from 39-45 days to 29 days. Furthermore, 47{ed162fdde9fdc472551df9f31f04601345edf7e4eff6ea93114402690d8fa616} of the candidates through referral are known to stay for more than 3 years on average when compared to compared to the 14{ed162fdde9fdc472551df9f31f04601345edf7e4eff6ea93114402690d8fa616} who come from job boards.
References:
- “A Vision For The Future Of Recruitment: Recruitment 3.0” – Matthew Jeffery [ERE}
- “RECRUITMENT 3.0 | The best source of Hires” – Hicham Gharib [LinkedIN]
- “Recruitment 3.0: Looking Outside The Box” – Lalit Bhagia [Accountests]
- “Web 3.0 And What It Means For The Future Of Recruitment” – Irene McConnell [Workology]
- “Required Reading For Recruiters – Recruiting 3.0 & 4.0 Explained” – Jennifer McClure [Unbridled Talent]
