What would your reaction be if circumstances enabled you to see into the future? Having the talent to anticipate the readiness of a passive candidate when it comes to assessing a new opportunity? The answer is not using a psychic or crystal ball, but by making use of analytics, to predict the behavior and tendencies of a candidate and perhaps their inclination to change careers. The world is constantly evolving, and change is particularly relevant in a fast-moving business environment. Evidence of this is the recent happenings in the U.S where 20 mid-sized software firms filed for bankruptcy or were restructured, 800 hospitals or healthcare systems merged or were acquired, and changes in leadership took place in 637 mid-sized financial service entities.
However, what are the implications for a recruiter? As far as the recruitment of passive candidates is concerned, a competitive advantage can be achieved by doing research and keeping up to date with the activities of major companies. But it is even better when a recruiter or source knows which type of change affects the availability of a specific candidate. Depending on the level or sort of job that they do, every employee reacts differently to any changes within a company. For example, being aware of a company that is underperforming and not achieving set goals can indicate that their sales team are not meeting planned targets. Failing to reach those targets means no remuneration and no pay mean they are likely to grab the next opportunity that comes along. When it comes to HR professionals, compliance and regulation issues is the fuel that keeps them operating, but a company experiencing any breakdowns in this area can suggest that the HR team are feeling insecure and are therefore much more likely to be on the lookout for other opportunities in the job market.
When it comes to sourcing passive candidates, knowing and understanding the reasons why a candidate becomes anxious about change, could be a major consideration when predicting active prospects and getting ahead of competitors. But how is the data found and in what way is it used? First of all, carry out research and pinpoint target particular companies via search engines such as Google and LinkedIn. To achieve good results, geographic location or industry should form part of the search criteria. Once the companies have been identified, the next step is to make a list of every candidate from within each of those businesses. By creating a separate excel spreadsheet for various positions and functions within the company, the whole process can be less complicated, because change has a different effect on each situation within a company.
The next step is to explore the contact information of candidates. Ideally, it is suggested that at least one phone number and one email address is held for each candidate. The majority of this information can be sourced from LinkedIn, Email Hunter, Voila Norbert or directly from the website of the relevant company. Then note which situations affect a candidate’s sensitivity and therefore availability, such as changes in leadership, mergers or acquisitions, litigation issues or measures taken to reduce costs. Be aware of signs that may give some insight into a candidate’s possible tendency to change jobs. Make a note of employment anniversary dates and the average length of employment, or any other issues that might have a negative impact on a candidate’s loyalty to a company.
Once all the research is completed, all company news, announcements, stock changes and other information will have to be monitored and documented. By utilizing your accumulated knowledge about availability signals, the next stage is to track which candidates are affected and as a result, more likely to be prepared for that new opportunity. To decide on any potential applicants, cross references current openings with the group of candidates that have been identified. As soon as the right candidate, right opportunity and right time have been recognized, the candidate can be contacted. With the support of all the information you have collected, create a personal message, informing them of how much you know about the specific change they have experienced. Your actions will show that you have carried out your research and this, in turn, helps to build trust with the candidate.
Although the final responsibility for securing the hire does not lie with the source, it remains a paramount priority to deliver prospects that are more likely to engage with your recruiters. Recognizing talent that is more likely to consider a new opportunity helps to boost potential hires. Taking everything else into consideration, a sourcing success is all about finding the right candidate at the right time.