According to an MRINetwork study, 50% of employers report feeling as though there are not enough suitable candidates, making it the biggest hiring challenge. However, there is an abundance of talent that is simply being overlooked. If this sounds detrimental, that’s because it is. For instance, the CEO of Zappos claims the business lost $100 million in bad hires. While this is an extreme case, employers are still spending more than they realize by failing to see candidate potential.
7 Candidates You Often Miss Out On (and Solutions for Each)
1. Introverted Candidates
Extroverts are known for their enthusiastic personalities and, therefore, stand out in the hiring process. However, a University of Pennsylvania study found that introverted leaders produce better outcomes than their extroverted counterparts. Introverts also have virtues such as patience, less distracted workspaces, and carefully-chosen opinions.
Solution: 69% of companies identify a broken interview process as having the largest impact on quality of hire. Don’t dismiss a quiet candidate. Ask better questions during unusual interviews, with the help of your whole team or the construction of surprise tests.
2. Internal Candidates
There is a misconception that existing employees have no extraneous skills. Rather, employers are focusing on turnover and not preparing for retention and promotion.
Solution: In 2017, 3.6 million executive leaders are expected to retire, leaving room for younger management. Keep communication open, and keep track of current employees’ successes in talent pools for later internal promotion.They will cost much less to hire!
3. Passive Candidates
Waiting for top talent to come your way won’t work. They are already either comfortable in another position or unfamiliar with your company.
Solution: Reach out! Build rapport with leading professionals, and keep them in talent pools for quick engagement later. Have a careers site that showcases employer brand would also help pave the way in the long run.
4. Boomerang Candidates
Burning bridges with old employees doesn’t allow room for rehiring. Employers are under the assumption that rehiring is never beneficial.
Solution: Steve Jobs was a boomerang employee, and he didn’t exactly leave on good terms! Like internal candidates, former employees will cost less to recruit. Keep an open mind, and encourage contact after employees leave.
5. Referred Candidates
Many companies don’t have an employee referral program in place or the wrong kind with no incentives or guidelines.
Solution: While they are scarce, internal referrals are more than 40% more likely to interview well and be offered the position. Check out this list of successful referral programs, such as PayPal’s cash incentivized one. Implement one yourself!
6. Diverse Candidates
Unconscious biases plague hiring teams. “Culture fits” have turned into “Carbon copies” of existing employees.
Solution: Rethink your company culture. Use HR tech to reduce biases and be more objective during candidate selection.
7. The Ideal Candidate
Many HR departments don’t think they have the time to track, analyze, and specify ideal characteristics with the whole team.
Solution: Think critically and involve everyone. Note characteristics of quality hires. Use an ATS for team notes and shared reviews/ratings of candidates.
A bad hire results in unnecessary costs, from hiring to the wages for their time in the position. Likewise, the longer it takes to hire, the more resources are wasted, especially in revenue-generating positions. Use these solutions from the very start to avoid the perfect hire becoming the one that got away!