These days we are surrounded by statistics. An incredibly important statistic to consider when looking at the recruitment market is not how many applications are received for a role, but where the successful candidate was found.
In recruitment the key to success is finding the absolute best candidate in the market, a person with superior skills and experience who is the ideal fit for the organisation.
This year to date at Hunter Campbell, 88% of the permanent roles we have recruited were filled by candidates who did not apply for the job directly by responding to an advertised vacancy. Extrapolating that out, we can assume that if you rely on advertising alone, there is an 88% chance that you missed out on a better candidate.
Why is this? And will this continue to be the case in the current market, where there has been a sharp increase in candidates applying for advertised vacancies?
The best candidates are not usually actively looking
More often than not, the best talent are high performers who are gainfully employed and who are not looking actively looking for a new opportunity.
These people are even less likely to go job hunting in the current environment, where employment security is front of mind for people.
Rather, they need to be identified and engaged. For Hunter Campbell finding these people involves a full market search that includes tapping into our extensive network, exploring our database and talent pools, market mapping and referrals.
This does not mean that roles should not be advertised or that candidates should not apply directly. Rather, it means that advertising is one component of a broader strategy. For the cost, sensible advertising is still important.
More candidates equals more risk
Over the course of a few months, we’ve gone from having a shortage of candidates in the market to the reverse.
It is not unusual for advertised vacancies now to receive up to five times the number of applications than they would have a few months ago.
With increased volume, it is easy to assume that looking for the right candidate to fill a vacancy will be easier.
But in fact, the opposite is often true – because quantity does not equal quality. You may have more candidates, but they may not be the right candidates.
Interestingly since the start of COVID-19, the number of successful candidates we have placed through direct application to an advert has remained at less than 10%.
So even in the current environment, is it advisable not to limit your recruitment strategy to advertising alone – you have an 88% or more chance of getting a less suitable candidate than if a full market search is conducted.
Time and expertise
Furthermore, it takes time and expertise to shortlist and select the best candidate. More so, when you are inundated with applications.
Regardless of the market, it makes sense to employ a specialist recruiter. They will be able to fully understand the needs of the role, the organisation and the nuances that are critical to ensuring a successful appointment. They will also know the candidates they place well, not only the candidate’s skills and experience but whether they are the right fit for the company culture and values. A specialist recruiter brings a level of expertise that can’t be quantified, particularly for business critical and executive level appointments.
All that said, the importance of these statistics varies hugely based on how much of a difference the best candidate in the market may make versus someone not as qualified or capable. The more business critical the role, the more important it is to conduct a thorough process.
Recruiting the wrong candidate can be a costly and time-consuming exercise. So even now with an abundance of people seeking work, it is a good idea to have a recruitment strategy in place and engage an expert. This way, you have a much better chance of success.
What we offer
Hunter Campbell is a specialised recruitment and search firm with a team who are experts in Accounting and Finance as well as Supply Chain, Operations and Procurement.
We have a solid track record in success, filling 100% of our retained assignments with a 0% drop out rate.
For each appointment, we adopt a broad, proactive strategy that explores all avenues to find the best candidate in the market.