As part of a career development webinar for their alumni,
Lou Adler, a performance-based hiring expert, unpacks insightful statistics about how top talent are finding their jobs in an article published on LinkedIn.
The Adler Group, of which the author is the CEO, helps companies around the world to make the hiring of top talent a systematic business process. As the originators of Performance-based Hiring℠, they offer a full range of training and consulting services for recruiters and hiring managers.
The company’s ongoing survey that seeks to find the link between the source of hire and job satisfaction has yielded some very interesting results about the impact of network recruitment. Here are a few key insights they’ve gleaned along the way.
Three Important Insights About Network Recruitment & The State of the Job Market
1. 85% Of All Jobs Are Filled Via Networking
There are different kinds of job seekers. Some are actively looking for new positions, while others are ‘tiptoeing’ (that is, looking for a new job while still employed at their old job). There are also those who are completely passive and will only consider making a move if the opportunity quite literally drops in their laps.
However, the statistics show that all three of these groups are most likely to find a suitable job opening through network recruitment. This includes everything from word-of-mouth marketing among peers, to recommendations from friends and family, and even connections they’ve made via corporate alumni groups and related platforms.
In fact, passive job-seekers are seven times more likely to find a new job by networking through these channels than applying for a position they came across in another way. This factor stands at 3:1 for tiptoers.
2. There Exists Such A Thing As A ‘Hidden Job Market’
Many job seekers realize that there are job openings that never even make it to the job boards because they are filled internally, or via a recommendation from a trusted source. As an HR professional or recruitment agent, this type of insight can stand you in good stead. Instead of hiring for a perfect fit, rather base your choice on track record, leadership abilities, etc.
By being a little more flexible in terms of what a given job title will be, you open yourself up to finding truly great talent. This is ideal for companies that need to remain nimble and pivot regularly to remain relevant and competitive as the new normal unfolds.
Use your internal networks to gain access to the right kind of people, and then work alongside them to use their talents to bolster your business from within.
3. Seek Out Networks, Not Databases
The real magic happens between people who are truly connected to one another – not just linked by a database or mailing list. As such, it pays to invest in the creation of such internal (and external) networks if you want to reap the benefits in years to come.
Network recruitment works. It’s the best way to find jobs and source candidates. Think beyond traditional channels when you need to recruit new talent – reach out to current employees, alumni, and other members of your network to discover the hidden gems.