Posts

In today’s recruitment landscape, the power lies with candidates rather than employers.

This means that candidates with the appropriate skills and experience can afford to be highly critical of your offering. With so many potential opportunities out there, they can scrutinise your employer brand and recruitment process at their will.

This dynamic makes talent more mobile than ever before, too: a white paper from LaSalle Network found that three out of four millennials are open to finding a new job.

Recruiters must adjust their strategies and techniques to this new dynamic if they’re going to attract the best talent.

This means reassessing your attitude towards boomerang employees.

What Are Boomerang Employees?

Boomerang employees are those team members who decide to leave a company but return at some point in the future.

As we all know, there are several reasons that an employee might decide to leave a business. Some of the main reasons include:

  • Looking for new professional experiences
  • Pursuing better benefits
  • Dissatisfaction with their job
  • Changes to personal circumstances

Those employees might look for greener pastures, but never actually find them. In some cases, those employees might decide to return to their previous employer – that’s when they become a boomerang employee.

In The Corporate Culture and Boomerang Employee Study, Workplace Trends found that 15% of employees have returned to a former employer.

Why Hire a Boomerang Employee

As the workforce grows more mobile and receptive to new opportunities, we’ll see a growth in the number of boomerang employees.

The same study from Workplace Trends found that 76% of HR professionals are more accepting of boomerang employees today when compared to the past.

Here are the main reasons you’ll want to consider hiring a boomerang employee:

A proven cultural fit

A study from Leadership IQ found that 46% of new hires will fail within the 18 months. Of that 46%, a shocking 89% are deemed to fail because of difficulties integrating into the workplace and its culture.

That can increase your employee turnover rate and push your recruitment costs sky high. If you hire a boomerang employee, though, you can rest assured that they’re a great cultural fit and that they’re familiar with your unique culture.

A lower cost per hire

According to the Society for Human Resource Management (SHRM), the average cost per hire in the UK is placed at around £3,000. That’s a significant amount of money – mainly when you’ll almost inevitably lose a portion of that talent within the first 18 months.

If you maintain close contact with your alumni, you’ll be able to slash those costs. A well-maintained talent pool can give you access to the pre-approved talent that you need.

Curious about what talent pools can do for you? Read our piece on six reasons you should develop an alumni talent pool.

A lower time to hire

Every day that you have an empty vacancy will cost your business significant amounts of money. You might lack a salesperson, for instance, who would otherwise be contributing to your revenue.

This is why it’s critical that you reduce your time to hire. That’s easier said than done, though, given that it’s currently so difficult to find the appropriate talent. That difficulty protracts time to hire and costs your business money.

Boomerang employees can help here. Given that they’ll be pre-approved talent, you can often move them faster through the hiring process to reduce your time to hire.

Shorter onboarding times

Finding the right talent is just half of the battle: you’ve also got to train and onboard your new hires. This can be an expensive process, given that you’ll have to assign lots of administrative time and effort. New hires might also impact the productivity of your existing employees, too.

Those risks are mitigated when you decide to work with a boomerang employee, though. Your pre-approved talent will be able to hit the ground running immediately and start driving value from your business.

Benefit from new perspectives

Diverse workplaces are happier, more productive and more innovative. It’s crucial that you try to foster people from a range of different backgrounds – that includes professional experiences.

On their adventures, your boomerang employees might have picked up some valuable experiences and best practice along the way. You can incorporate the best parts of those experiences into your culture to reap the benefits of fresh input.

Boost your employer brand

According to LinkedIn, a staggering 75% of candidates will check out your company’s online presence before submitting an application. This means that they’ll inevitably check out your reviews on job boards like Glassdoor.

Re-hiring a boomerang employee can boost your employer brand. It demonstrates that your employees genuinely enjoy working for your business, and it also shows you value enduring relationships with your talent. Those are desirable factors to potential talent.

Monitor Your Boomerang Talent with Elevate

Are you ready to keep tabs on your alumni, attract boomerang talent and unlock the benefits above? Learn more about Elevate and how our platform can provide you with immediate visibility to the talent you need.

According to Glassdoor research, the average length of the UK hiring process sits at 27.9 days. This significant amount of time can harm the productivity of your business and hinder its ability to move forward.

There’s an ocean of potential talent out there, but the challenge of recruitment is fishing for the appropriate candidates and keeping tabs on them.

This is why talent pools are an invaluable resource.

In this post, we’ll take a look at what talent pools are and four actionable techniques that you can use to maintain a healthy talent pool.

What Is a Talent Pool?

A talent pool is a database of candidate profiles. This database gives recruiters and hiring managers the ability to keep track of crucial candidates over the long-term and access potential candidates instantly.

The most effective hiring managers and recruiters will diligently maintain those talent pools to add and remove candidates as necessary. They’ll also draw on candidates form their talent pool regularly.

For added convenience, the majority of hiring managers will maintain distinct talent pools which can further segment groups of candidates according to factors like their level of experience and overall suitability.

What Are the Benefits of a Talent Pool?

Here are the key reasons to create and maintain talent pools::

Better candidates

Any recruiter or hiring professional will understand how challenging it can be to find high-quality candidates for their roles. 76% of hiring managers told Glassdoor that attracting quality candidates is their number one challenge.

Talent pools can give you the edge. With a robust talent pool in your hands, you’ll find it easier to sort through pre-qualified candidates and have access to proven talent quicker.

Faster hires

When it comes to hiring candidates, it’s critical that you find the appropriate talent within a reasonable timeframe. Each day that you have a vacant position will result in losses for your business.

Talent pools can expedite the time to hire. You’ll be able to quickly browse through pre-qualified candidates as and when you need to. You might find the perfect candidate in your talent pool.

Reduced hiring costs

Making a new hire in the UK is expensive. On average, businesses can expect to pay around 20-30% of the final salary to recruitment agencies. This can harm the profitability of your business, and those costs can seriously mount up if you make multiple hires.

Equipped with a talent pool that’s overflowing with quality candidates, you’ll be able to make your selection and circumvent many of the traditional costs that come with recruitment.

Four Actionable Tips to Maintain a Healthy Talent Pool

Now that we have a better understanding of why to maintain a talent pool let’s explore five essential tips that you can use to establish and leverage your own.

1. Divide Your Talent Pools Using Candidate Personas

Candidate personas are a handy tool used by recruiters and hiring managers. Those semi-fictional personas make it easier to guide the hiring process and stay focused on finding the right talent.

Those candidate personas can also provide you with a logical and organic way to segment your talent pool. This exercise can make your talent pool even more convenient to navigate, and you’ll have the right talent just a few clicks away.

The details of this tip will vary from one business to the next, according to how you created your talent pool. For a rudimentary solution, you could divide an excel spreadsheet into tabs according to your key profiles.

Here’s a look at how that might appear:

2. Keep Track of Your Alumni

To get the best results from your talent pool, you should be sure to keep track of your alumni. There’s always a chance that your previous employees might be available to rejoin your business.

There are clear benefits to rehiring alumni: they will slot right into your company culture, for instance, and rehiring alumni can have a very positive impact on your employer brand.

To keep track of your alumni, you should be sure to keep their contact details on record and maintain regular contact with them. You might even decide to send a monthly newsletter to those alumni – this could keep them updated and help them to feel like a part of the family.

Interested in what this might look like? Take a look at this Alumni Newsletter example from Deloitte. You can see the type of content and tone that they use to re-engage their corporate alumni.

Ready to take a look at the additional benefits that come with a strong alumni talent pool? Read our piece on the six reasons you should develop an alumni talent pool.

3. Don’t Forget to Track Unsuccessful Candidates

According to numbers from Forbes, the average job will attract a staggering 118 applications. While you might need to hire just a single person for the role, you could have invited some very intriguing candidates.

It’s vital that you keep hold of them and retain their details. We all know that plans change quickly within the world of business and that it’s always useful to have a backup plan.

Re-engaging unsuccessful candidates is also great for your employer brand. Lots of hiring managers tell unsuccessful candidates that their contact information will be retained on record, but they fail to follow up. If you contact an unsuccessful candidate in the future, they’ll be sure to appreciate the gesture.

4. Use Your Talent Pool Regularly

The best way to maintain a healthy talent pool is to use it regularly. Far too often, hiring managers and recruiters neglect their talent pool and fail to exploit its full potential.

A lack of activity could mean that your talent pool becomes rusty and outdated very quickly. The longer you neglect, the greater the temptation will be to ignore it when trying to find a new candidate.

Try to incorporate your talent pool into your recruitment workflow to get the maximum value from it. Make it your first port of call after identifying a new position, and you might find the perfect candidate.

Cultivate Powerful Talent Pools with Elevate

If you are ready to create and maintain AI-driven talent pools, do so with Elevate’s leading Talent Intelligence platform today. Our solution provides you immediate visibility into your private talent pools while granting you access to the exclusive Elevate Directmarket.

Technological breakthroughs and shifting cultural attitudes towards work mean that these are turbulent yet exciting times for the world of recruitment.

As we find ourselves amidst a sea of change and on the cusp of recruitment 4.0, now is the ideal time to take stock of where we are and try to see where we might be going. This type of exercise can help us all to steady the ship and prepare for the future of work.

What Work Will Look Like in 2050

By now, we’ll all have seen several studies that suggest automation could upend many industries and result in mass unemployment. Those studies offer conflicting numbers, though, and we’ll only see the full impact of automation as it makes itself known.

Whatever the extent of the disruption, we can be confident that jobs will indeed exist in 2050. But what will the labour landscape look like by then?

Together, let’s imagine what the world of work might look like in 2050. We’ll wade through some trends and try to grab some of the highlights. Here are some of the key trends that might define the world of work in 2050:

1. Workers will be selected mainly for their decision-making skills

As automation takes hold and manual labour positions are displaced over the coming years, we’ll see countless businesses scramble to find talented decision-makers.

Those professionals will have the necessary tools and abilities to leverage great sets of data to make critical decisions for those high-tech businesses. The skills and techniques of those professionals will empower them to guide enterprises through new territory with confidence.

Wayne Stottler of Kepner-Tregoe suggests that in the future, the skills and techniques of those specialists will need to be replicated across the broader workforce. This will help businesses to solve several unique and diverse business problems better.

2. Team members will adopt multiple roles

Bernard Marr suggests in his Forbes piece that as we move closer to 2050, we’ll see positions become more fluid within organisations. Strict organisational charts will disappear as project-based teams take the spotlight.

This more fluid structure will help businesses to morph and quickly respond to new challenges that emerge over the coming years.

As the concept of a “job for life” continues to recede into the past, Marr expects that we’ll more frequently see professionals work with a host of businesses as a contractor or freelancer before moving onto another role.

3. Unforeseen jobs and opportunities will emerge

A couple of decades ago, it would have been hard to predict the recent exponential rise of small, labour-intensive services. This yearning for small products and experiences that deliver a personal touch mainly came about as a response to mass production.

Interestingly, this piece by Timothy B. Lee over at Cox explores how automation is making human labour itself a mark of luxury. There’s a good chance that as automation continues to take hold, we’ll see novel trends and professions emerge as a result.

New opportunities will also emerge in light of automation. We can expect for robotics engineers and technicians to be in high demand in the coming years, for instance. Mechatronics – the intersection of electrics, mechanics and computerisation – is an exciting field that is projected to experience serious growth.

4. The volume of manual jobs will waver

As automation takes hold, we can expect several manual roles to be replaced. In its future of work in manufacturing report, Deloitte outlines a number of ways that those roles might be restructured or adjusted as we move forward.

Back in 2016, Dan Collier, Director Of Sales Strategy at Elevate, outlined his thoughts about the future of labour in a roundtable discussion hosted by The Guardian about the future of work.

In the discussion, Dan explained that not everybody could be a “knowledge worker”. This means that there will inevitably be lots of unemployment and a “division between the few jobs that need humans, and those that can be automated.”

The future of work and the displacement of workers is currently a pivotal challenge that we all face. Over in the United States, Andrew Yang is bringing attention to this challenge with his “Freedom Dividend” policy. This universal basic income would aim to provide a foundation to protect against mass unemployment.

5. Corporate alumni networks will become a precious resource

“Job-hopping” used to be perceived negatively by some employers, but it’s now becoming the default for many workers. As automation takes hold and businesses employ project-based teams, we can expect this trend to continue.

With workers dipping in and out of different companies, we predict that many businesses will develop robust corporate alumni networks. Those networks will become a valuable resource for companies that will have to rehire outstanding performers with specific skills.

If you want to learn more about corporate alumni networks, we’ve put together these resources for you:

Prepare for the Future with Elevate Direct

As the nature of work continues to evolve, the recruitment industry will need to adjust in parallel. There are exciting times ahead that will undoubtedly be filled with unique challenges and opportunities for forward-thinking recruitment professionals.

Ready to prepare yourself for whatever comes? Be sure to learn more about Elevate and how our AI-powered talent intelligence can help you keep pace with a shifting recruitment landscape.

If you find it challenging to find the right talent, you’re not alone.

According to a survey of 40,000 employers conducted by Manpower Group, 45% of employers say that they can’t currently find the workers with the skills they need.

This statistic means that there’s more competition than ever before when it comes to attracting and retaining highly-qualified candidates. That competition is just one factor changing the landscape of talent acquisition – technology and changing attitudes towards labour are also playing their part.

If you’re going to attract and retain the best talent in 2020, you’ll need to keep on top of the latest trends. Let’s dig deeper into five unmissable 2020 talent acquisition trends.

2020 Talent Acquisition Trends

These are the five most prominent 2020 talent acquisition trends, but we’d love to hear your thoughts or suggestions too. Be sure to let us know if there’s another trend that you’re particularly excited about in 2020.

1. More companies will adopt cutting-edge talent acquisition technology

There’s no question that as we enter the brave new world of Recruitment 4.0, technology is transforming the very notion of talent acquisition.

Advancements to AI mean that HR departments can use cutting-edge talent acquisition technology to level-up their performance and find the right candidates. As talent acquisition platforms continue to mature throughout 2020, we can expect to see HR departments use them to:

  • Reduce unconscious bias
  • Automate time-consuming and repetitive activities
  • Pinpoint the best candidates from within a talent pool
  • Effortlessly increase hiring volume
  • Auto-screen candidates

We’re excited to see how companies continue to make the most of talent acquisition technology and how those platforms will enhance the performance of HR professionals.

2. Businesses will focus on mentoring and training to retain talent

According to the Association for Talent Development (ATD), those companies that offer comprehensive training programmes enjoy a 218% higher income per employee.

Top candidates also expect to receive training: 87% of Millennial employees state that career growth opportunities are an essential factor when deciding whether to remain at a company.

Over the course of 2020, we’ll be sure to see more businesses invest in robust mentoring and training programmes to attract top talent. Those mentoring and training programs can help businesses to get the most from their team members while also fostering a sense of loyalty and belonging.

3. Ambitious companies will invest heavily in employer branding to attract top talent, reduce costs and enhance engagement

Employer branding sounds fancy, but as we know, it merely refers to a company’s reputation as an employer.

Given that it’s so difficult for companies to attract the best talent at the moment, they must invest in employer branding to stand out from the competition and entice the most sought after candidates.

TalentNow found that 84% of job seekers say the reputation of a business as a potential employer is crucial to them when making decisions.

Over the course of 2020, we’re confident that more companies will invest in employer branding to attract the best talent. We’ll see lots of companies take a combination of the following steps:

  • Audit their existing employer brand
  • Define a strong employee value proposition
  • Craft a definite and clear culture
  • Manage their online reputation
  • Encourage employees to become energetic advocates

Are you looking for an innovative and effective way to boost your employer brand in 2020? We have three words for you: corporate alumni network.

For more information, please read our guide on why building a corporate alumni network makes sense for your business.

4. Workplaces will become more diverse (and prosper for it)

By now, countless studies have demonstrated that diverse workplaces benefit from increased creativity, different perspectives, higher innovation and much more.

This is why achieving true workplace diversity has become an essential goal for businesses in recent years. HR departments around the world now place a strong emphasis on assembling diverse teams that include people with different characteristics.

Over the course of 2020, we’ll continue to see ambitious HR departments bring together a range of diverse candidates. Those departments will use several vital techniques to promote and manage diversity in the workplace.

Here are just some of the principal techniques that HR managers will use:

  • Talent acquisition technology will help mitigate unconscious bias
  • Diversity-friendly workforce policies will accommodate for a range of profiles
  • Mentorship programs will give every team member the chance to advance
  • Clear internal communication will contribute to an open and respectful atmosphere

5. Businesses will offer competitive perks to secure the best talent

When it comes to the dynamics surrounding talent acquisition, the ball is most certainly in the court of talented and in-demand candidates. If you’re going to attract them to your business, you’ll need to offer a suite of competitive perks.

Nowadays, those candidates expect their salaries to be complemented by a range of non-monetary benefits that keep them happy and engaged. 48% of candidates weigh benefits and perks when deciding on their next role.

We expect that over the course of 2020, businesses will revise the suite of perks that they offer to attract top talent. Here are just some of the most sought after perks that you can use to sweeten the deal:

  • Private insurance
  • Performance bonuses
  • Flexible schedules
  • Employee development programs
  • Gym memberships
  • Stock options
  • Employee discounts

Unlock the Power of AI-Driven Talent Intelligence with Elevate Direct

Are you ready to leverage the power of AI in 2020 to build an instantly qualified pipeline of talent? Learn more about how the Elevate Platform can help you to retain, engage and attract the best talent for your organisation.