What is Recruitment Marketing? - Complete Guide
Recruitment marketing refers to all of those techniques hiring professionals implement to source, attract, engage, and nurture can...
While talking about the global pandemic in times of post-pandemic that are mainly responsible for the future trends in all the industries worldwide. The only sector that has been highly challenging among all is recruitment. As per the fact stated in a report by McKinsey & Company, around half of the employees are not coming back on their own and willingly left organizations during the pandemic. According to this fact, employers have to be more reliant on external recruitment, where they are bound to go and get the potential talent from outside.
By witnessing the high employee turnover ratio following ‘The Great Resignation Trend’ in 2021. This article will help your recruiting team to understand external hiring in better terms and provide you with the latest insight regarding the method of external recruitment, concluding its pros and cons.
Before moving forward to further insights, let us define external recruitment in simple terms,
“External recruitment is about filling up a job opening by hiring an appropriate candidate from outside of the company rather than hiring existing employees within the organization.”
Following the above definition, we have articulated the latest methods for external recruiting.
The beginning of the entire hiring cycle starts with preparing Job descriptions for the Job openings and posting them on diverse job boards. As per the estimates, more than 80% of job vacancies get filled through the various job boards.
Automation in the Applicant tracking system has enabled integrations with multiple free job posting sites that every recruiter can leverage and make recruiting more efficient. It is a cost-effective way to attract potential talent by improving your employer’s brand since most millennials and Gen Z today search for jobs on job portals.
External recruiting through social media has become a game-changer in the hiring landscape. According to a 2021 report by CareerArc, a social recruiting firm, a whopping 92% of employers harness the power of social media for more effective hiring practices. Platforms like Facebook, Instagram, LinkedIn, and Twitter are not just spaces for social connections but also valuable tools for recruiters.
They enable recruiters to perform social media background checks on candidates before bringing them onboard. This approach empowers employers to make informed hiring decisions, ensuring that potential hires align with the company's values and standards. Social media has truly revolutionized the way organizations find and vet talent in today's digital age.
External recruitment through recruitment agencies offers a streamlined approach to connecting organizations with their ideal candidates. These agencies serve as valuable intermediaries, linking employers and job seekers based on their specific needs. Whether a company is in search of temporary or contract-based workers or requires individuals with specialized skills and expertise.
Recruitment agencies play a pivotal role in sourcing top talent. Typically, these agencies charge a fee, typically around 15 to 20% of the candidate's salary, for their services. This cost is an investment in finding the right fit for a job, making external recruitment through recruitment agencies a cost-effective and efficient strategy for many businesses.
Employee referrals involve current employees recommending candidates for job openings within their organization. In 2022, according to employee referral statistics, a remarkable 45% of hires made through employee referrals have remained with the company for more than four years. This statistic stands in contrast to the retention rate of only 25% for hires made through traditional job boards.
It highlights the effectiveness of leveraging existing employees' networks and recommendations to identify long-term, high-quality talent for organizations. Employee referrals not only lead to better retention but also contribute to building a cohesive and engaged workforce.
A career website of your organization is also considered a significant way to attract and source the best applicants. Most of the time, they check the company’s website before applying, which increases the chances that highly skilled talents can apply for job openings by reviewing your company’s website and its brand value.
Irrespective of the above-mentioned external recruitment methods that are more beneficial to be implemented post-pandemic, where virtual hiring has taken place. Other methods such as job fairs, events, on-campus recruiting and print media are also traditional methods that are still being used by recruiters in specific industries.
Since every coin has two sides, likewise, we have concluded the pros and cons of hiring externally, which are as follows:
It can bring new ideas, perspectives, and skills to the organization, which can lead to innovation and growth.
It helps the company stay competitive by attracting talent with up-to-date knowledge of industry trends and technologies.
Allowing the company to access a broader range of candidates with diverse backgrounds and experiences.
It can bring valuable market insights and knowledge about competitors, which can benefit the organization.
It can be part of a long-term succession plan, bringing in potential leaders who can contribute to the company's future growth.
It promotes diversity and inclusion by introducing individuals from different backgrounds and perspectives.
It helps create a healthier workplace where existing employees get inspired to learn more to match with new talents that result in better growth of employees and make business more competitive.
External recruitment can be a lengthy and time-consuming procedure, which is one of the main reasons that it is less preferable for recruiters.
It increases the overall cost since many times when sourcing out the best suitable talent, So, the employers have to spend high on recruitment agencies, expensive job portals and other mandatory expenses.
External recruiting involves the risk of high turnover of new hires since the study by BambooHR reveals that 30% of new hires leave the workplace just within six months due to a lack of training and development. The reasons also include work culture, compensation and benefits.
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