How many passive candidates are you in contact with today? Do you have any phone or in person meetings with passive candidates this week? If your answer is no, then it is time to change that answer.
Recruiting in this new economy is tougher than it has been in many years. I have asked many industry vets with 20+ years of recruiting under their belts what they think of this current job market. They all have told me that this is the worst they have ever seen it. Companies are really taking their time to find the “perfect” candidate.
So if you are recruiting for a client and your candidate has some glitch in their background, you can count on them being put on hold in hopes for a better option later on.
What is causing this mass procrastination by employers? There are three main culprits:
- Per position it is not unlikely for an HR professional to receive 200+ applicants. Pre-recession, most of those 200 applicants would not have met the qualifications for the job. Today, many of those 200 applicants are highly qualified for the job. So employers have a larger pool of qualified candidates to select from.
- More than ever before you are competing with in-house recruiters who cost a lot less than your professional fees.
- Employers are hiring passively and are not in a hurry to expand their workforce. That is not expected to change till Q2 2010.
Today, the only way to add value to your clients is to differentiate your talent pool from all of their other sources. Keep in mind, their in-house recruiters are on all the job boards already. They are using other recruiting services who are also on all the job boards. And active candidates are applying with them in hordes. So don’t waste your time recruiting from job boards. You will be broke by the end of the year!
What you can do to rise above all this activity is to present candidates that they could not find without you. These are folks who are still employed and meet all the criteria that your client is looking for and haven’t updated their resume in 5+ years. Believe it or not, employers will pay more for this type of candidate under current economic conditions. The element of security and proven expertise is very valuable right now. This is why a truly passive candidate has great value in this job market.
This is no knock against the highly qualified candidates who are actively in the job market, but to compete we have to produce better results.
Passive recruiting is a 24/7 activity. Your call volume needs to be in the 50 – 70 range on a daily basis. Be responsive and stay focused. There is a lot of money to be made and its being made by those of us who are presenting truly passive candidates. My pipeline is full of passive technical candidates who I attract or reach out to on a daily basis.
I am recruiting candidates today that I might not place for 6 months to a year from now. But the seeds I am planting now will bear the same fruit that I am feeding off from seeds I planted last year. I want you to do the same as well. So scour your data sources and start connecting with everyday professionals who are in the market.
Keep in mind, “networking” is a loose translation of “passive recruiting”. And networking can and should be done all the time. By doing so, you will find great candidates at the grocery store, amongst friends, on Facebook, at seminars… all over. Just keep your eyes and ears open and keep your business card handy!