Why a Talent Supply Chain Will Make Your CFO Salivate: Part 2
Why You Need A Talent Supply Chain
Last week, we gave you the first dosage of why a Talent Supply Chain will make your CFO Salivate. Before we get into part 2, we’d like to invite you to join us on August 25 to learn more about this very topic. Click here to register!
Jobs2Web has been the market leader in helping our clients build their own proprietary talent communities and move towards Req-Less recruiting (click here to read more on this). Here’s the typical process a company goes thru to fill a job requisition:
- Create job req in the ATS
- Pay to post the job online (i.e. major job boards, niche boards, aggregators, etc.)
- Get 200 candidates to apply
- All passive candidates are not captured
- Review 10-15 qualified applications
- Hire 1 person
- Disposition all candidates off the req (one-time use of candidate)
- 3 months later, the same job comes available and you start the process from scratch
We call this the vicious cycle of recruiting. And this is the kind of workflow that doesn’t win over your CFO nor optimize your Time to Fill.
We believe the first step in your strategy should be to create your own Talent Community. This enables all of the passive candidates to give you their email and a “business card” of information about themselves, even if they aren’t ready to apply at the moment, so you can market future job openings to them. In addition, every first time applicant is added to your Talent Community. This way, you can remarket relevant jobs to applicants who didn’t complete the apply process or were not hired for that job to which they initially applied. With the Talent Community, you will know who the person is, what jobs they are interested in and where they reside.
Over time, Jobs2web clients build a very robust database of candidates in your Talent Community that will automatically be alerted about new relevant job opportunities without you or your recruiters having to initiate a posting or email manually. Our clients hit the tipping point where their own Talent Community drives more return visitors and applicants than any job board or other “external” media source—now you will now have a Talent Supply Chain which ultimately will reduce your Time to Fill.
Bottom Line Revenue Growth and Optimized Talent Supply Chain Go Hand in Hand
CFOs understand that delivering growth is a lot harder than cost-cutting in this environment, said Sanford Cockrell III, national managing partner, CFO Program, Deloitte LLP. And talent availability was a top-four concern among the Deloitte survey of 78 CFOs representing companies with more than $1 billion in annual revenues. Despite continued high unemployment levels, the elevated skill sets companies now require are not easy to find. Talent acquisition leaders have the opportunity like never before to measure, optimize and ultimately impact key financial and business drivers of their organizations.
