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IN THIS ISSUE
Newsletter Sponsors
A Note from the Editor
Breaking News
Today's Recruiting News Headlines
Featured Recruiting Jobs
Weekly
Article:
Cutting Corners to the Best
Candidates
Employment and
Economy Stats
Special Trials and Discounts
Employment Studies and Trends
Layoffs and Downsizing
Report
Recruiting Essential Bookmarks
Upcoming Conferences
Site Of The Week:
TalentPoint
Final Note - On The Lighter Side
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Newsletter Sponsors
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A Note From The Editor
Traditional media players
seem to be scrambling to buy up online assets. There was
Dow Jones' purchase of MarketWatch; the New York Times'
purchase of About.com; and the Washington Post's
purchase of Slate.
Complete Story >>
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Breaking News
Monster Employment Index Data for March 2005 to Be
Released Thursday, March 31st
Monster Worldwide, Inc. will
release the Monster Employment Index findings for March
2005 this Thursday, March 31st, at 6:00 a.m. EST.
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Today's Recruiting News Headlines
View more HR/employment
news
headlines or our Recruiting
Newswire.
Please send us your press releases. Click
here for submission instructions.
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Featured Recruiting
Jobs
This section highlights
several recruiting related positions recently posted on
Recruiting Jobs. To view all jobs or to register
for a career agent
click here.
Looking to hire
recruiting professionals? Post a 60 day job
posting ad on RecruitingJobs.com for $225 and be
featured in The Recruiting News.
Register
to post >>
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Weekly Article
Cutting
Corners to the Best Candidates
By
Peter Weddle
According to a recent PricewaterhouseCoopers
survey of Chief Executive Officers, two-thirds of corporate executives now
use a planning cycle of one year or less. Such nearsightedness virtually
guarantees that recruiting will be an ad hoc, reactive and often
crisis-driven process. Requirements will come in without warning or even
adequate information, and be declared mission-critical the moment they
arrive. It’s no surprise, therefore, that the CEOs who responded to the
survey also said that their greatest business risk (after an economic
downturn) was their ability to acquire the talent they needed to accomplish
their mission.
 Ironically, their own approach to leadership
is exacerbating the risk. Without advance notice of staffing requirements,
recruiters do not have the time to source prospects from among the passive
job seeker population. Without the lead time necessary to build
relationships with those prospects, they are often unable to sell them on
the value proposition of working for their employer. With a planning cycle
only a gnat could love, recruiters have no choice but to limit their
candidates to those they can find among active job seekers.
Why does that add to the risk facing
corporations today? Because it decreases the range of talent an organization
can potentially hire, and it increases the competition for that talent.
According to the U.S. Bureau of Labor Statistics, active job seekers make up
just 16% of the American workforce. Even if you believe that “A” level
performers are as well represented in that group as they are among passive job
seekers (and not everyone accepts that view), limiting an organization’s
recruiting to fewer than one-out-of-every-five workers will inevitably depress
its performance over the long run. Further, as the majority of employers are now
using the shorter planning cycle that forces recruiters to focus on active job
seekers, the competition for the best among them has significantly intensified.
In essence, 67% of corporate recruiters are now trying to meet their
requirements from among just 16% of the workforce population. The demand has
remained constant, but the supply has been artificially limited, producing what
is now accurately described as a War for Talent.
Yes, I know that sounds a bit hyperbolic. For
many organizations, the problem isn’t finding talent; it’s staying on top of
the tsunami of resumes that crashes into corporate e-mailboxes these days.
This happy plethora of applicants would seem to belie any limitation on
available talent. Unfortunately, however, the resume surplus is not evidence
of a robust pool of candidates, but rather, the natural byproduct of the
ease with which resumes are now submitted online. Full e-mailboxes mean that
your employer is hearing from more of the 16% of the workforce who are
actively looking for a job, not that it is reaching the other 84% of
the workforce who are not.
What can we recruiters do to mitigate the
risk this situation poses for our organizations? How can we cut corners to
sourcing the best candidates? Consider the following steps:
Build, communicate with and recruit from
an alumni database. As long as a former employee left your organization
on good terms, hiring them back provides two key advantages. First, you get
someone about whom you know a great deal. They have a track record with your
organization that eliminates much of the uncertainty associated with
recruiting a new hire, and they can often be hired more quickly because much
of your “due diligence” has already been accomplished (the first time you
recruited them). Second, you get a “new” employee who has strengthened their
potential ability to contribute to your organization by acquiring additional
skills and/or experience elsewhere. If effect, their previous employer
subsidized their development, and your organization can put that enhanced
capability to its advantage.
Build a database of prospects and
establish relationships with them. Prospects are not past or current
applicants. They are individuals with whom you have made contact (normally,
through networking and employment branding) who may be superior candidates
in the future. More often than not, prospects are already employed, and are
not looking for a new job. They are the quintessential passive job seeker.
They do not make snap decisions about their career, nor do they listen to
strangers. To recruit them, therefore, you must first earn their trust and
confidence. You may not know exactly when your organization will have an
appropriate opening, but if you regularly recruit for top talent in their
field, start communicating with them now. It takes time and effort to
provide the information, persuasion and reassurance necessary to convince
passive candidates to leave the devil they know (their current employer) and
join the devil they don’t (your organization).
Reinvigorate your applicant database.
Your applicant database represents a population of job seekers who have
already expressed an interest in your employer and about whom you know a
great deal. You have a resume or application form on file and, for those who
made it beyond the initial screen, you are likely also to have interview
notes, assessment test scores and other data. Moreover, since these
candidates were not selected to fill the opening for which they originally
applied, they have probably gone on to other employment situations where
they may have acquired new skills and/or gained additional experience. In
effect, they are likely to have become stronger candidates, but the only way
for you to know that is to stay in touch with them. Treat your applicant
database not as a repository of dead data files, but as a reservoir of
living contacts, and nurture those connections with continuous
communications. To speed your sourcing, these messages should be both
helpful (to pre-sell the recipient) and inquisitive (to keep their record
up-to-date in your database).
Short planning cycles in the corporate
headquarters can be a problem for recruiters, but only if we let them. There
are ways to get ready today for almost any requirement that may arise
tomorrow, and now is the time to get started.
About Author
Peter Weddle is a
recruiter, HR consultant and business CEO turned author
and commentator. Described by The Washington Post as
"... a man filled with ingenious ideas," he has earned
an international reputation, pioneering such concepts as
Human Capital, Career Fitness and the Internet as a
resource for recruiting and HR management. He has
authored seven books, edited six others and published
dozens of articles in professional and trade magazines.
He writes a weekly column about online recruiting for
CareerJournal.com from The Wall Street Journal and a
monthly newsletter that is distributed worldwide. In
addition, he oversees WEDDLE's Publications, the leading
print publisher of newsletters, guides and directories
about employment resources on the Internet.
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Employment and Economy Stats
|
Current Stats
Unemployment Rate:
0.4% in Feb 2005
Payroll Employment:
+262,000(p) in Feb 2005
Average Hourly Earnings:
Unchanged in Feb 2005
CPI:
+0.4% in Feb 2005
ECI:
+0.7% in 4th Qtr of 2004
Productivity:
+0.8% in 4th Qtr of 2004
Source:
BLS.gov
(p) = projected |
Trends Unemployment Rate
5.4% Feb 2005
5.2% Jan 2005
5.4% Dec 2004
5.4% Nov 2004
5.5% Oct 2004
5.4% Sept 2004
Employment Cost Index
+0.7% in 4th Qtr of 2004
+0.9% in 3rd Qtr of 2004
+.9% 2nd Qtr of 2004
+1.1% 1st Qtr of 2004
Change in Payroll Employment
+262,000(p) in Feb 2005
+146,000 in Jan 2005
+157,000 in Dec 2004
+112,000 in Nov 2004
+337,000 in Oct 2004
+96,000 in Sept 2004
Source:
BLS.gov |
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Special Trials And Discounts
Below is a partial list of trials and discounts that companies
have extended to our readers.
Click here for full list. If your company is interested in
offering a promotion/discount, please contact
us.
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Employment Studies
and Trends
Nearly Half of Executives Plan to Work Past Age 64,
Korn/Ferry Survey Finds
Nearly half (44 percent) of almost 2,000 global
executives surveyed plan to continue working past the
age of 64, with 15 percent planning to work past 70,
according to the latest Executive Quiz from Korn/Ferry
International, the premier provider of executive search,
outsourced recruiting and leadership development
solutions.
When asked at what age they plan to retire, the most
popular response for executives was between ages 64 and
69 (29 percent). Twenty-eight percent of executives
selected ages 60-64, 19 percent selected 55-59, 15
percent selected over 70, seven percent selected 50-54
and two percent selected under 50. Additionally, a
majority (62 percent) of executives say they plan to
work until later in life than they thought they would
three years ago. In a possible clue as to why, 60
percent believe their employers have inadequate
retirement benefits programs.
Complete Study >>
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Layoffs and Downsizing
Report
The layoff and downsizing report can be a great leads source for
candidates.
More information on how to use this section >>.
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Recruiting Essential
Bookmarks
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Upcoming Seminars &
Conferences
Apr 18 -
Staff
Digest Rendezvous
May 9 -
Recruiting 2005 Conference & Expo
June 9 -
Recruitment & Retention Summit
July 19 -
NAHCR Annual Conference
Complete calendar for upcoming
conferences and
seminars.
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Site of the Week
TalentPoint™ is a turnkey career site application
that allows recruiters and job seekers alike to quickly
and effectively manage the online recruiting process.
Designed as a stand alone application or as an add-on to
Oxygen™, TalentPoint™ offers advanced 'apply online'
features, candidate screening tools, online interview
scheduling, as well as a sophisticated candidate
database and marketing engine.
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Final Note - On The
Lighter Side
Workers Share Top 10 Wackiest April Fool’s Day Pranks
Played at The Office in New CareerBuilder.Com Survey
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