By Leslee Kress, Vice President – Partner Success
The unpredictable labor market has sent shockwaves through talent acquisition teams around the globe. Questions are plentiful: How should we plan our hiring strategy? When will the next round of talent scarcity take hold? And while the answers to these types of questions remain ambiguous at best, there are steps TA leaders can take to reduce risk.
Hiring the right talent is the difference between gaining or draining money, time and resources – directly impacting your company’s future growth. And finding these in-demand individuals comes with a certain set of risks, especially in today’s fluctuating landscape:
- Move too slow and you’ll lose quality candidates before an offer is even extended.
- Rely on outdated employer branding and you’ll attract candidates who aren’t the right fit for your company and increase attrition.
- Use short-term resources to fill talent gaps and you’ll find it’s unsustainable for the company long term.
By implementing innovative approaches to finding top talent, balanced with the right degree of risk management, you’ll boost your attraction efforts and your bottom line. Here are four ways to manage hiring risk:
- Leverage predictive analytics
Analyzing historical data helps identify patterns and factors that contribute to successful hires. This data-driven approach enables assessment of candidates' potential fit and performance based on their skills and experience. Predictive analytics can also highlight potential red flags, such as high turnover rates or performance issues, reducing the risk of making poor hiring decisions.
- Implement AI-powered screening tools
AI-powered screening tools are revolutionizing how risk is managed during the early stages of talent acquisition. These tools use natural language processing and machine-learning algorithms to identify relevant skills and experiences. By automating the initial screening process you’ll save time, reduce bias, and quickly identify promising candidates.
- Strengthen your employer brand
In today’s information age, powerful employer branding is essential to establishing your reputation as a desirable place to work. Showcase your company culture through various channels, such as social media and employee testimonials.
An engaging employer brand not only attracts candidates who align with your organization’s goals and values, but it also reduces the risk of turnover by fostering a sense of loyalty and engagement among employees.
- Develop robust talent connections
Proactive strategies focus on building strong candidate relationships. Creating connections with future candidates ensures you have the right talent ready at the right time – especially for leadership roles. This approach involves creating a pool of pre-qualified individuals who have shown interest in your company or industry.
Nurturing relationships with potential candidates reduces time to hire, minimizes the risk of making rushed decisions, and maintains a steady supply of talent. Talent connections can be established through networking events, internships, and alumni programs.
Managing risk alongside robust talent acquisition efforts doesn’t have to be challenging. As you adopt new approaches, you’ll create a more future-focused talent strategy that’ll increase smart hiring decisions, reduce time to fill, and attract top candidates. With the right talent acquisition strategy, you’ll set your business up for success – no matter the market state.
Connect with Leslee on LinkedIn.