Recruitment strategy of several companies can be summed up as “Get loads of people to apply for jobs and start rejecting the worst and select the rest” This strategy worked in the past when talent was in abundance and economy was just inching towards knowledge economy that it is today. Even retention strategies were mostly “My way or highway”!
However today we are in full fledged knowledge economy and top talent is a source of competitive advantage. Advent of social media and Glassdoor have ensured that talent has access to all kinds of information that they never had in the past. These developments are resulting in several companies settle for the second rung of talent, leaving them less competitive!
So what is the option? Companies don’t have to completely do away with this strategy. All they need to do is identify talent pool that is most scarce; R&D or any other more specific skill that is very difficult to find and design a separate recruitment strategy for them. As Mali Mahalingam said during his speech in People Matters Social Recruitment Summit “recruitment funnel needs to be replaced by recruitment tunnel”. Social media ought to be leveraged by recruiters to connect from one employee to one target candidate to another to ensure scarce talent can be attracted by way of connections. Retention strategy should be defined differently too for such group to ensure there is only limited replacement recruitment.
To achieve this end, companies need to do a lot of homework such as building EVP, communicating and living it. But it is essential to stay competitive.