November 01, 2014

Social Sourcing is More Effective

Technology and the increased usage of social media are transforming the recruitment industry, allowing companies to reach targeted candidates and create new forms of employer branding while simultaneously cultivating relationships and interaction between job seekers and potential employers.

As companies adopt new software, tools, and methods for screening candidates, and millennials join the workforce in increasing numbers, bringing with them different ideas about what jobs are and how to apply for them, the recruiting landscape will continue to shift over the coming years.

Forward-thinking HR leaders are making the connection between having a solid social media strategy and finding top talent. Employees and skilled candidates are requesting to view job postings on mobile devices, collaborate with peers from anywhere at any time, and provide feedback with the click of a button. According to a survey by Microsoft of 9,000 workers across 32 countries, 31 percent would be willing to spend their own money on a new social tool if it made them more efficient at work.

In order to compete in a tight market for the best talent, HR departments will have to leverage all forms of social collaboration to re-imagine how they source, develop, and engage workers.

Embracing Big Data

According to PwC’s global CEO study, 66 percent of CEOs say that the absence of necessary skills is their biggest talent challenge. Approximately 83 percent of them say they are working on changing their recruiting strategies to address this issue.

Platforms that utilize big data analysis are able to find new talent before they even apply, by analyzing LinkedIn profiles, Twitter feeds, Facebook postings, and activities on specialty sites specific to occupation, such as GitHub and Dribble. This proactive approach to recruitment is creating a shift in candidate sourcing where candidates are found and evaluated by their merits and contributions, as opposed to how well they sell themselves in an interview.

Big data in recruitment enables employers to access all candidates for any role by combining Applicant Tracking System (ATS) data with data from other sources such as job boards, social media, and vendors in one place for easy and comprehensive sourcing. It also enables users to view all available information about candidates in easy-to-use formats, including skills listings, resumes, applications, and social profiles.

The goal of big data in recruiting is to locate hard-to-find talent that is invisible to conventional sourcing channels. Sophisticated talent exchange platforms consider the experience and history mentioned in profiles, the breadth and depth of networks, and frequency of activity, giving companies the opportunity to find and engage passive candidates faster.

Corporate Talent Networks

With the growth of social media and the visibility and importance of employment brand, companies have shifted from candidate relationship management towards building talent networks. These talent networks go beyond being a place to post a job opening to becoming a community of fans, candidates, workers, alumni, and even customers.

Well-maintained talent networks lead to many benefits for employers, including less time and money spent on job boards and advertising, with more time to pull in passive candidates. It also increases the quality of job applicants and provides the opportunity for more interaction with candidates.

According to the ADP Research Institute, talent networks provide a platform for building relationships and engaging a large volume of candidates in a low-cost, highly efficient way.

The Growing Use of Social Media for Sourcing

According to the 2014 Job Seeker Survey by Jobvite, candidates who look for jobs via social networks are younger, wealthier, and more highly educated. Approximately 25 percent are between the ages of 30 to 39, 30 percent earn over $100,000 per year, and 21 percent are college grads.

Social Job Seeker Demographics

Social Job Seeker Demographics

Source: Jobvite

Among the social networks, 76 percent of social job seekers found their current position through Facebook, and 22 percent have shared a job opportunity with a Facebook contact. LinkedIn is the most popular network for most job-seeking activity, while Twitter is the place they turn to ask others for help and advice.

Most Popular Social Networks

 Most Popular Social Networks

Source: Jobvite

While more candidates are using Facebook, recruiters prefer LinkedIn when searching for candidates. While 94 percent of recruiters are active on Linkedin, only 36 percent of job seekers are. According to Herd Wisdom, 89 percent of recruiters have hired a candidate through Linkedin.

LinkedIn Remains at the Top

LinkedIn Remains at the Top

Source: Sourcecon

The Effectiveness of Social Sourcing

The Aberdeen Group’s 2013 Talent Acquisition Survey found that top-performing recruiters found social sourcing to be more effective than traditional means in identifying viable candidates and developing relationships with passive candidates. Sourcing professionals also revealed that social networks were dramatically more effective in time to hire and cost per hire versus companies who did not use social networks.

Social Networking’s Effectiveness

Social Networking’s Effectiveness

Source: Aberdeen Group