According to a study from Entelo in 2018, recruiters spend about 1/3 of their workweek just to source candidates for a single open position! Does that number mean a bad quality of work? Well, no. But it definitely does make the process a bit inefficient. If you are among these recruiters who still find themselves holed up in the office just to source candidates, then talent re-discovery is going to change the game a bit. With talent discovery, there is assured satisfaction while working at a faster pace.
While during earlier years due to lack of advancements it was hard to think of using candidates who had applied in the past, as it was hard to find the data of these candidates. However, with recent developments, it is much easier to find candidates that you could not go over during your past recruitment process.
What is candidate re-discovery?
Candidate rediscovery can be said to be mining through your own database of candidates to find those candidates who are open for positions. It can also be said to be the process of screening candidates who had previously applied for a post in your company by using the ATS resume database to check whether they match the current openings.
According to the Ultimate Hiring Statistics via LinkedIn, about 70% of the global workforce is made up of passive talent who are not actively searching for a job. This means that there are candidates who have might have applied for a post in your company in the past, but is no more searching for a job but instead are just casually looking over the open positions. These candidates can be easily contacted with candidate rediscovery.
Reasons why candidate re-discovery is the next big thing in recruitment
Now that we are aware of what talent rediscovery is, here are 5 reasons why candidate rediscovery will be the next big thing in the industry:
- Only about 36% of the candidates are actively searching for jobs:While there are about 90% of professionals will be happy to hear about open positions, there are only about 36% of the candidates will be actively applying for a position. This means that an open position is most definitely assured to attract at least one-third of candidates from your talent pool.
- A recruiter tends to spend about 7.4 seconds going through a resume on an average:A study conducted by TheLadders has found that about 7.4 seconds is spent by each recruiter going through a resume. But no matter how much time you dedicate to going through a resume, it is always observed that the best candidate out of the lot is bout to slip through the bunch of candidates who have applied.However, a tool like a candidate rediscovery ensures that you get candidates without having to go through each resume again. This means no more slipping of potential candidates during the recruitment process.
- According to most employers, the biggest mistake that recruiters do is not utilizing the database of existing candidates:One of the major complaints that every employer has is that recruiters fail to look at a strong collection of potential candidates. This, however, would have been a bit of an unfair statement as there was no ATS system developed in the earlier years, however, now that ATS has become advanced, it is sure to say that candidate rediscovery is a thing to be practiced!
- 95% of the recruiters claim that the market is getting competitive day by day:Now with more and more companies looking for top-notch talent, it is only a matter of time before the market turns out to be even more competitive. To overcome such competition, it is needed that recruiters start using AI and recruitment automation to the max. It makes even more sense to use candidate rediscovery to source candidates who have shown interest in the position in the past. This does not only save time but also the costs associated with the recruitment process. Such a situation is a win-win!
- Almost about 65% of the resumes that are sent for a fast-filling position are not checked out:Most recruiters due to time constraints tend to go through the resumes that they receive at the start. This just means the loss of candidates who are much more than just capable of getting the role. With ATS, however, it will be possible to get the resume of these candidates in your company’s database. Instead of using a Boolean search or keyword, candidate rediscovery uses an algorithm that will match the candidates along with the set requirements. Due to this feature getting well-matched candidates is easier.
Benefits of utilizing candidate re-discovery in hiring:
The benefits of utilizing candidate rediscovery in hiring can be provided as follows:
- Increase the overall efficiency of the recruitment process by automating the candidate shortlisting:With both competitors and other companies all running ahead to get the best talents for their companies, it has become hard to secure the best candidates. However, when the hiring volume increases, it is the duty of a recruiter to automate the hiring process as well. In order to automate this process, recruiters can use the candidate re-discovery tool which helps screen resumes and shortlists candidates at a faster pace. Due to an increased speed in this phase, it will be faster to find and fill in the roles than your competitors.
- Money spent in each recruitment cycle can be reduced:The amount spent on each cycle of recruitment is high. This leads to more money spent on sourcing and screening candidates even when there are already a high number of candidates readily available in your database. Using these candidates through the candidate rediscovery tool will not only save a lot of time in the entire process but will also save money spent on each recruitment cycle initiated.
- ATS helps acquire candidates faster:With competition on the rise, ATS is sure to help find the right talent within the right timeframe. This will allow companies to fill in their positions faster than the competitors while also ensuring they get only the best of candidates who might have otherwise been a part of other companies.
So, the next time you are about to start a new recruitment cycle, start searching for talents from inside the database where you already have the best of talents. While some of them may have been skipped through or may have been entirely missed out, this tool will ensure that no capable candidate is being left out. Candidate re-discovery eventually saves both time and money so the question why not utilize it to your comfort!