The Recruitment Funnel – The Effective Approach Combating Talent Scarcity Scenario

The recruitment industry constantly faces the challenge to find the right talent with right functionality. Due to diversification of the industries and domains, there is a massive requirement of niche and top notch professionals who have the knowledge about recent industry trends and technological innovations. But sourcing of such talents has become a tedious task for the recruitment firms and hiring managers. However, the new concept of recruitment funnel has evolved in recent times that can source the talented candidates through a steady pipeline. The framework of recruitment funnel involves five major steps, namely, Employment Brand, Sourcing, Candidate Experience, Candidate Selection and Insight.

• Employment Branding refers to the company’s exposure as an employer in terms of work environment, compensation, employee benefits and such like. The unemployment is at its lowest rate in current times. One needs to understand that candidates now have multiple opportunities at hand when they consider employment. According to published sources, 56% employers who have a strong employment branding usually are preferred by candidates. So it is essential to keep track of a company’s brand value in terms of a recruiter. Based on this research a detailed layout of Employee Value Proposition should be structured and implemented within the organization.
  
  
• Next is a highly effective sourcing process. Two major trends currently making rounds in the recruitment industry are tight labour market and multiple opportunities leading to high iteration rate. It has been observed that millennial altered their employment 15 to 20 times in their entire career. Hence the sourcing process should be dynamic in order to retain and engage the existing talent in a positive manner. Application Tracking System (ATS) is an effective approach for this initiative.
  
  
• After taking up the first two initiatives, there is a need to build up the candidate experience in terms of brand knowledge. The content that is available on social media platforms, job boards and professional networks are a good source of interaction with the candidates. Some part of social media interaction is covered during sourcing, so it better to concentrate on application and interview process during this stage. The job posting should be structured in a way that represents a lucrative offer for the candidates. The application process should be made convenient and multichannel at the same time. Candidates should be able to apply for the job on the go especially through mobile phones.
  
  
• Candidate selection process should be streamlined. One of the first pointers to note is that whether the resume is coming in with a cover letter. This shows the seriousness of the candidate as well as highlighted achievements relevant to the job role. Various online tools are present that can evaluate the technical and soft skills of the candidate before calling in for a face to face interview round.
  
  
• The last stage of the funnel is gaining Insight. The market and industry need to be regularly monitored in order to tweak the recruitment model according to trend changes.