Thrive in the new age of hiring.
This study into the new age of hiring and its funnel has revealed that the ‘employer brand’ is becoming increasingly irrelevant, with the ‘job brand’ being more important to jobseekers. For the 10% of applicants that make it through the initial screening process, ‘employer brand’ then becomes their top priority.
Using Oleeo Technology
Research from Oleeo, in collaboration with the expert recruitment consultant, Bill Boorman, has concluded that with just 10% passing the initial screening stage, and a tiny 0.56% chance of eventually being hired for a role, applicants are applying for more jobs than ever before. As a result they are not bothering to check out a company’s employer credentials before applying. Instead, they are purely focused on the job description and whether the post captures their attention. For its Thrive in a New World of Hiring Report, Oleeo and Boorman analysed 9 million applications to monitor how candidates behaved in every possible phase of the recruitment process. It found that, in a bid to increase their chances of being hired, candidate job applications have soared, doubling in the last two years alone. As a result just one in ten are passing the initial screening stage and this is having a profound impact on candidate behaviour.
Oleeo’s study shows that instead of weighing up different companies and limiting their applications to the employer brands they rate, candidates are applying a more scatter-gun approach, basing their decision to apply on minimum job requirements and criteria, such as location and salary. To combat the low rate of hire, candidates are applying to up to 30 different jobs and are not becoming invested in a particular brand at the early stages of the recruitment process – because the likelihood of receiving a response is slim.
Oleeo’s research suggests that this technology is a much needed support for recruiters who typically have 91 tasks to perform as part of the hiring process. However, it isn’t the only solution. To deal with a candidate community focused on the ‘job brand’, employers also need to review their hiring processes. Instead of having a static, one-size fits all approach, they need to implement multiple hiring funnels designed around the individual needs of specific roles, so that it’s much easier for candidates to see the specifics of a role, upfront. The report also shows that when employers implement multiple hiring funnels it allows them to target job seekers like a marketer targets consumers; tailoring the selection criteria and screening so that it’s appropriate for each job group, and allowing communication and content to be specific for each audience.
Continued focus on pre-university strategy – school outreach events and programs that pipeline into spring and summer analyst schemes
Enhanced campus operations risk measures and controls – Anti Corruption Group standards, regulatory, conduct risk assessments and controls, workflows and process maps enhanced and documented
Cost savings in campus recruiting by means of streamlining processes, teams and programs of £840,000
Targeted hiring funnels, combined with smart recruitment technology, not only reduce applicant numbers, but also improve the candidate experience and accelerate the hire process. They reduce the ‘Candidate Black Hole’ – the large number of candidates who apply for a role and never hear anything from the employer, and improves the apply to progression ratio at first screening.
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Copyright ©2022, Oleeo Ltd All rights reserved.