“The world is your oyster,” said a Senior Talent Acquisition Leader describing the candidate’s view when searching for new work. As of today there are 10.6 million active job openings in the U.S. along with a net labor shortage of 4.3 million workers. A result of the Great Resignation that is still occurring however is not as severe as the 4.5 million workers who voluntarily quit in November, 2021. It may take the rest of 2022 to convince a majority of sidelined workers to engage the labor market and or talent acquisition platforms. Their first impressions of the hiring process can drive them on a journey to offer acceptance.
Progressive talent acquisition teams have found success securing new hires with common sense strategies that offer a positive view of the hiring process. In turn provides candidates an optimistic prediction that the hiring company’s culture is welcoming and will support new talent.
Management consulting firm Boston Consulting Group (BCG) partnered with Fountain, an applicant tracking system (ATS) for high-volume hiring, to track what new hiring methods are working to not only attract applicants but also what is driving new hire conversions. Fountain’s preparatory data originates from their client’s actual hiring process and key takeaways are those companies who extend offers in days, and those who are mobile friendly are successful at luring talent off the the great resignation bench and onto talent acquisition platforms.
“Our analysis shows that many successful companies employ a ‘test-and-learn’ approach to hiring. The right data that is accessible to the right people is critical to success, ” said David Welch, managing director and senior partner at BCG.
BCG’s analysis of Fountain’s proprietary data found that employers that present job offers in less than seven days yield 80% more hires on average than organizations with longer timelines.
The source of those new hires can vary across various job boards with a myriad of options, however Eighty-four percent of applicants reported applying for a position using their smartphone, so companies need to make sure they are targeting candidates more strategically.
According to BCG’s report, 46% of job descriptions analyzed did not mention benefits provided. Yet analysis showed that documenting certain benefits attracted more candidates and resulted in higher quality applications. Benefits that increased hiring rates most significantly included bi-weekly pay (34%), 401k (34%), medical leave (27%), tuition reimbursement (25%) and PTO (25%).
BCG found that companies need to continuously analyze requirements throughout the job description creation process to increase the likelihood of improved hiring metrics. For example, openings without age requirements generated more candidates but resulted in a lower hiring rate than potential roles with age requirements. Additionally, BCG found that companies gained more applicants when they relaxed requirements tied to work experience, but saw double the hiring rate when they specified that experience. Finally, education requirements like a GED or high school diploma decreased applicant pools by 40% without improving the hiring rate.