Recruitment MarketingRecruitment is evolving quickly and organizations that want to continue to recruit effectively need to improve their strategies to take advantage of this evolution.  That means incorporating new techniques, recruitment trends and technologies that can help them execute and measure what they do to attract qualified candidates.

If you are like most, there is nothing surprising about the above.  You realize that you need to stay on the forward edge of how you recruit and you are looking to incorporate new ideas into how you do so.  That doesn’t mean you have to make a huge departure from what you are doing today but it does mean consistently evaluating if what you are doing is successful.

So where do you go from here?  How do we embrace the future of recruiting while maintaining what’s working today?  And how do we evaluate where we can improve and what we need to change in our strategies?

Let’s try to answer these questions.

Understanding Sunk Costs in your Current Ecosystem

When we look at our strategies today, we need to be comfortable with where we are today.  That means understanding and coming to terms with the decisions of your past. And coming to terms with the following two statements.

1. Many of the Decisions of the Past were the right ones

You have to give yourself a pat on the back every once in a while.  And the fact is, you should.  The strategic decisions made in the past were more than likely the right ones.

Let’s look at a few.  The decision to purchase an ATS to mange applicants and remain compliant was a great decision by your organization and is one you will continue to reap benefits for in the future.  On top of that, you’ve more than likely realized the need for recruitment marketing technology to supplement your ATS for pre-applicant recruiting and attraction.  If you made this decision a few years ago, you may have purchased an SEO platform or recruitment CRM to better attract and engage with candidates.  This was the right decision at the time as their were limited options available to do recruitment marketing at the time.

2. They may not the right decisions for your current situation and future

Today’s recruiting world is a whole new ballgame.  And while you’ve exhibited great decision making in the past, it doesn’t mean your decisions fit with today’s landscape.  They’ve put you in the position you are today and now it’s time to re-evaluate and push the needle forward once again.

We also need to be aware of the “sunk costs” you have today.  A sunk cost is a cost that has already been incurred and cannot be recovered.  And while you are already committed to these costs, sunk costs need to be eliminated when making future decisions.  Sure we should use existing job board inventory and/or technology we have purchased but as we move our strategy forward we shouldn’t automatically peg existing investments automatically into our calculations.

The biggest area I see sunk costs observed in recruiting is in technology.  Many organizations are hijacked by the systems they use to find, attract and manage candidates.  Whether it’s the ATS or legacy recruitment marketing oriented systems, organizations like to keep with what’s familiar instead of looking to do a wider search for technology investments that better fits their recruiting strategy today.

Recruiting Past and Future

I think we can all agree that recruiting has evolved.  It’s not about a single recruiting trend but the convergence of all these trends into a comprehensive strategy.

That hasn’t always been the case.  Gone are the days where a single trends helps you make recruiting a competitive advantage for your company.

Let’s take a look two examples, the first being job boards.  Organizations that embraced job boards when they first came on the seen reaped tremendous benefits from these online portals.  However, as word got around and more organizations leveraged job boards to market their jobs, they’ve become less useful.  That’s not to say they still can’t be valuable but today we can’t just post to job boards and be done with our recruiting.  They need to be part of a holistic strategy.

Another great example is SEO.  Many companies jumped on the Career Site SEO trend early and were able to get tons of candidates to find their jobs through organic search engine results.  What a great free source of traffic.  Today, however, most organizations Career Sites are SEO optimized and the competition for 1st page results on Google is fierce.  It doesn’t provide the same benefit it used to for organizations but still remains essential as part of a holistic strategy.

This gets back to my point.  Our strategies today need to be diverse and inclusive to find and attract today’s qualified candidates.  We need to broaden our skills and strategies to embrace all the trends that impact recruiting whether it’s job distribution, employer branding, candidate experience, social, mobile, CRM engagement, SEO, messaging, employee referrals, email marketing, event management.  Our recruiting team needs to be good at all these things to be successful.

And most importantly, we need to measure it all to consistently evaluate where our strategy is going in the future.

0 responses to “Sunk Costs and your Recruitment Future”

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