Lateral hiring involves selecting candidates with at least a few years of experience in similar roles to fill open positions. This form of recruitment allows companies to tap into a pool of talent within their network, saving both time and resources. For companies to reap the benefits, it is important to understand how the lateral recruiting process can be streamlined to launch and execute a successful recruiting campaign. However, given the intensity and scale of the demand for top talent, companies should streamline the process to attract and retain a superior workforce. Here are some tips on how companies can gain a competitive edge by adopting the right lateral hiring strategy.
Efficiency is key
It is important to understand that lateral hiring is a two-way process. While employers seek to hire the best and the brightest, candidates are always looking to punch above their weight. A candidate with a premium college degree or with niche skills is likely to be approached by many employers.
Employers who have efficient and fast processes are more likely to retain talent. Lengthy hiring processes make companies less attractive to top talent. Structuring the lateral hiring process greatly improves the efficiency of the hiring process and can prove to be an effective strategy for attracting and hiring top lateral talent.
Put the H back in HR
The recruitment process must be more human to attract the best talent. One effective way is to start by creating a positive environment for candidates. This means communicating openly and honestly about the company and its goals, as well as giving employees the opportunity to share their thoughts and ideas. The first round of conversation should give candidates plenty of time to learn more about the company, team roles, etc. Making the recruitment process less impersonal can help employers build a higher quality talent pool.
Move away from cold evaluation processes
Candidates prefer to have conversations with recruiters and hiring managers to understand the culture of the company, what they can bring, the challenges they are expected to solve, etc., in addition to compensation, wealth creation, etc. Before a hiring manager can interact with potential candidates, the initial assessment phase involves several rounds of written tests and a multitude of functional and technical interviews. Often, having too many cold assessment rounds in the recruiting process ends up driving away a number of qualified candidates. Ideally, this assessment process should include no more than two to three rounds of formal interviews.
Use JDs as an effective communication tool
A well-written job description (JD) that reflects the company’s mission and goals can be enough to attract the most qualified candidates. A clear and concise job description can also aid long-term recruitment efforts by setting expectations for employees and employers, allowing them to work more effectively. Outlining and updating job descriptions is also essential for planning future hiring goals, increasing current employee productivity, and ensuring long-term workforce sustainability.
Keep Candidates Informed with Automation
A bad candidate experience can harm the employer brand. Using automation to keep candidates regularly informed and in the loop between processes will help them stay engaged and satisfied. If candidates are not being considered, loops should be closed, especially when the process is taking longer than expected for reasons beyond the candidate’s control, such as reprioritization, interviewer availability, project delays, etc. The best approach is to keep the candidate engaged and informed.
At a time when companies are always competing for the best talent, a company’s employer brand plays an important role in attracting the right talent. Employer branding is a long-term strategy that helps companies manage the expectations and perceptions of current and potential employees. The right messaging can help communicate the values and characteristics that define an organization’s culture and foster engagement and pride in belonging to a company’s global workforce. Employers can strengthen their brand by establishing a positive reputation as a welcoming, supportive and understanding workplace. It is essential to invest time, energy and resources in improving the image of a brand.
Transparency breeds trust
Organizations should fully explain the offer letter, company policies, and wealth-building opportunities to the candidate while maintaining transparency. Candidates joining a new company are often uncomfortable asking these questions on their own, but they want to know more.
New recruits want to feel at home
Hiring managers should strive to connect with candidates during and after the hiring process. The bond can happen during informal get-togethers for coffee/lunch or sending birthday wishes. Candidates join and leave their managers and not the companies. It also helps create informal peer groups of employees who can connect with candidates during their onboarding process. This doubles as a great way for new hires to learn more about organizations.
The recruitment process is the first impression a candidate has of a company. When recruiting lateral candidates, streamlining this process can be a big plus. With so many companies adopting lateral hiring as a strategic approach to growth, the competitiveness between companies for talent is now even greater. Businesses leverage this strategy to expand geographically, expand their customer base, increase revenue, and increase profitability. Making this process more efficient through personalization, efficiency, interactivity, messaging, automation, and branding can be the competitive edge a company needs to win the war for top talent.
The opinions expressed above are those of the author.
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