Corporate talent acquisition budgets keep shrinking, even as hiring managers demand more candidates, faster and cheaper. The game is changing—and our existing tools and strategies aren’t keeping up—but we continue to approach recruiting the same way.
We allocate our annual talent acquisition budgets to recruiting new candidates via job boards and placement firms, or via surgical outreach with passive candidate tools like LinkedIn. Sometimes we implement a CRM to nurture email addresses of people who may be interested in our jobs. Maybe we use social media. But are we getting results that are proportionate to all the time, effort, and money we’re putting in?
I say no.
And the data agrees.
Let’s take a closer to look at how much time we're wasting in the recruiting process, and just how much money we're leaving on the table.
The average company with more than 2,000 employees has over 500,000 applicants in its resume database. If we assume that 10% of these resumes are good candidates (industry average is nine applications for every minimally qualified applicant), we have 50,000 qualified people already within reach.
We also know that the average applicant costs us $25 to bring in. But we need nine applicants to get a good one. So really, a qualified applicant costs us $225. If we have 50,000 qualified applicants @ $225 each, that's a resume database worth a whopping $11 million!
That’s right, we’re sitting on a massive goldmine of candidates. But most of the time, we ignore this investment. Or we use notoriously flawed Boolean searching to try and mine it.
What if we could rediscover people who are already in our talent universe by automatically and continually comparing our open job requisitions (job descriptions) against our resume database, and reach out to only the most qualified people to apply for each opportunity?
Before we spend the time and money to post and advertise these jobs, sift through resumes, schedule interviews, and more of the same, why don't we reintroduce ourselves to candidates who already know us, and want to work at our company? (For example, a candidate who’s previously applied to Coca-Cola is 14x more likely to respond to a request to apply for a job at Coke than a passive candidate on LinkedIn.)
Automatically reaching out to candidates via Talent Rediscovery solves several problems:
- Reduces time spent manually searching for candidates, which significantly reduces time to hire
- Creates consistency across your recruiting team
- Activates the investment you've already made to acquire talent
- Reduces your media/job posting spend substantially
And most importantly, Talent Rediscovery maximizes your ROI for all the time, money, and effort that you’ve put into acquiring the talent in your resume database.
There's a high quality, untapped pool of talent hiding in plain sight. Talent Rediscovery is your tool to find it.