Ever get a case of candidate lead FOMO?
If you don’t have a talent network and a nurture strategy in place, it’s not just a fear of missing out (FOMO) – it’s real. By sending every interested candidate directly into your ATS, you’re costing your company leads, applicants and hires – and missing out on building a strong pipeline of qualified candidates that only you can source from.
“I’ll just stick with the status … oh.”
Talent acquisition isn’t what it used to be – the linear, status quo of just-in-time hiring that used to work like a charm (i.e. 1. post on a job board, 2. get applicants, 3. make hires) is no longer effective. Low unemployment has resulted in less skilled talent, and the time and money it takes to hire the right candidate is now at 52 days and $4,000.
Today’s candidates have to be earned. And the best way to earn them is through a Recruitment Marketing strategy that attracts qualified candidate leads, engages them throughout the candidate journey and converts them into applicants when the time is right for both your organization and them.
A talent network is pivotal in that process.
74% of interested candidates who start your application don’t finish it. Eeek. That means only 26% of the leads you paid to attract from a job board, career site branding, recruiting events and more make it into your applicant tracking system (ATS). The other three-fourths? Gone, never to be known to you – and probably moving on to another company they can learn more about in time.
Adding a talent network form ahead of your application process platform is an effective way to enable interested (and more passive) candidates to opt in to communication from your organization. It’s a win-win: candidates have a way to learn more about your employer brand, employees, culture, jobs and other career-related information without having to apply; you learn more about candidates’ interests, skills and action while building a database of qualified leads to select from when the right position opens.
How do you keep the pipeline strong and active? Nurture.
Once you have a database of targeted leads, nurture is what you do to keep leads warm and grow their interest in your organization. It’s all about personalization: delivering the right content, jobs and messages to keep leads engaged throughout the candidate journey. It’s your opportunity to convert hires and build brand advocates based on giving them the information they want. Ultimately, a talent network drives pipeline, and pipeline drives leads, yes, but it also drives more applicants and hires – all from the pool of interested candidates you would have lost to an incomplete application.
Still not convinced? Calculate the benefits for yourself.
For more tips on how to nurture candidates from attraction to hire, check out our guide to the ultimate candidate experience we created with Glassdoor.
And if you need hard numbers to make it real, use our talent network calculator. Quickly find out how many leads, applicants and hires NOT having a talent network and nurture strategy is costing your company. The results may surprise you, and will arm you with the hard numbers to justify the need for a talent network and nurture strategy.
Missing out is no fun for anyone. Kiss your FOMO goodbye and say hello to your lost leads.