Today’s Companies Are Turning Silver Medalist Job Candidates into Gold

March 1, 2018    |    2 minutes read

Modern Hire

In sports competitions, a second-place finish is bittersweet at the very least, if not a major disappointment. Not so for today’s runner-up job candidates, though. As companies move to a more candidate-centric hiring approach, being the silver medalist job candidate can also mean winning gold.

Modern Hire CEO, Kurt Heikkinen, recently spoke to The Wall Street Journal about this corporate trend to shift away from a job/requisition fill TA model. The candidate-centric hiring philosophy at healthcare powerhouse Humana, a Modern Hire client, was featured too. Read Kurt’s comments.

Why Focus on #2

The widespread talent shortage and skills gap are primary drivers for this trend. If hiring comes down to a decision between two great candidates, TA has delivered two essential resources who could both contribute to company performance. When organizations have skilled, talented candidates interested in becoming employees, they can’t afford to let them go.

Another key driver is the demand for increased hiring efficiency. By the time a decision comes down to two candidates, TA and the entire hiring team have invested a lot of time and resources to get there. Making a second hire from that process effectively reduces cost per hire.

How to Transition to More Candidate-Centric Hiring

HR is leading the transition to a more candidate-centric hiring approach. In many companies, it’s a golden opportunity for TA leaders to take on a trusted advisor role with organization leadership and create significant, positive bottom-line impact.

TA leaders are bringing the following strategies into play as they lead the charge:

  • Stay closer to your hiring managers. Talk with hiring managers about your shift in approach. Set expectations that you may be presenting them with candidates who have the core skills, but need training or coaching to become effective, productive employees. And, set a goal to increase your team’s knowledge of your company’s business units so they’re better positioned to suggest opportunities for silver medalists’ fit with another role in the organization.
  • Increase opportunities for candidates to shine. Talent Board’s 2017 Candidate Experience Research Report indicates there is a direct correlation between opportunities for candidates to showcase their skills and experience and their satisfaction with your hiring experience. Building more of these opportunities into your hiring process will help keep talent engaged with your process and may also uncover unexpected skills and experiences that could benefit your organization.
  • Integrate tech that supports identification and engagement of top talent. Storing resumes in the ATS isn’t going to advance a candidate-centric hiring approach very far. Explore innovative HR tech like interviewing technology which supports better and faster talent identification, sharing of candidate interviews across your organization, and your efforts to keep them warm until the right opportunity comes up for them.

Finally, make sure that you’re consistently providing an excellent hiring experience for all candidates whether they’re gold medalists or not. As your candidate-centric approach expands, you’ll have a deeper pool of talent you’ll want to engage and keep engaged. A superior candidate experience is vital to your success with that candidate engagement.