One of the golden rules in finance and business is diversification.
Diversification is the act of “having your eggs in more than one basket” – investing in a range of stocks from different industries to prevent losses from having all one’s capital tied up in a small pool.
Diversification also applies to businesses – having multiple clients, products, services, and other revenue streams.
So why not use the same thinking in Talent Acquisition? Figuring out how is the perfect start to your End of Financial Year planning in HR.
Talent Acquisition and laser-focus
For some companies, recruitment means hitting up the usual online job boards with a position description and using a Field of Dreams approach – in this case, post it and the candidates will come.
Most Australian organisations will place ads on SEEK, LinkedIn, and occasionally attend networking functions to scout for Talent. Though it feels like quick and easy solution, the rewards are often less than stellar. LinkedIn, for example, only appeals to a certain white-collar demographic.
LinkedIn is also home to many entrepreneurs and freelancers who are not interested in permanent positions. Having a laser focus on Talent Acquisition on SEEK or LinkedIn may prevent you from finding the most qualified and able person for your position.
Capturing unique audiences using diversification
Generalist job sites like Adzuna allows Talent Acquisition specialists and HR officers to leverage a partner network of a 150+ partner websites and Australian Community Media.
This diversity of contact points means a wider range of demographics that may not be available on other more “traditional” job boards.
The key difference between “traditional” job boards and Adzuna is their hands-off approach to candidate information. Adzuna doesn’t capture candidate details – all details are controlled by the company looking to acquire Talent.
That means your business will “own” the candidate information first and foremost. Adzuna takes care of remarketing to potential candidates and pushing job advertisements to new and compatible demographics.
You would also be able to tap into the passive workforce through the platform’s unique ValueMyCV tool. The candidates would have been set up job alerts related to their current roles or other careers that they have not thought of. This would definitely extend your reach of new candidates rather than using “traditional” job boards.
Key question: can you test multiple channels?
Generalist sites such as Adzuna allows Talent Acquisition specialists to test multiple channels instead of being “walled-off”.
The platform’s unique approach has job ads link through to a company or business’ site, so they may collect information about the age, location, demographic, interest, and other metadata from the leads clicking through to view your position description.
You can then use this intelligence to remarket the position to desired candidates in demographics you may not have previously considered.
This approach means you can test multiple channels using a trackable link – for instance, using social media (outside of LinkedIn); traditional print ads; networking; informal discussions on the “hidden” job market; and facilitates an integration of processes with Candidate Relationship Management applications.
Testing and measuring a return
Filling a role with a candidate you feel is up to the task and a good fit for your company is not the end of the conversation.
Traditional methods – or more opaque methods such as using third parties – don’t impart business intelligence such as your brand recognition or perception among candidates. Diversification and tracking are sure ways to success in a rapidly changing world of employment.
This End of Financial Year, perhaps it is time to take stock of your Talent Acquisition methods and consider diversifying them.
Cover image: Adzuna
This article is contributed by Adzuna.
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