How to Develop an Effective Recruitment Strategy

Posted by Fed Finance Canada in Our employment advice
Posted at 29/05/2023
How to Develop an Effective Recruitment Strategy
If you are struggling to find quality candidates to fill new positions or vacancies, your recruitment strategy might be the problem. With low unemployment rates, a decreasing job supply and an increasing demand for labor, some traditional hiring techniques need a rethink to be effective.

Our Montreal finance recruitment agency, Fed Finance, gives several examples of recruitment strategies that will help you overcome market challenges and attract the best talent.

What is a recruitment strategy?

A recruitment strategy is a structured plan of action for attracting, selecting and hiring the best talent for a specific company. It is based on a proactive and systematic approach, using appropriate techniques and channels to attract a pool of qualified candidates and identify those best suited to fill a position.

The goal of a recruitment strategy is to help an organization attract the right talent for its goals and culture.

The difference between sourcing and recruitment

Sourcing and recruitment are two closely related but distinct human resources activities.

Sourcing is the proactive search and identification of potential candidates for vacant positions. It is a preliminary step which consists of finding qualified candidate profiles via online research, database mining, professional networking, social media, recruitment events, etc.

Recruiting, on the other hand, refers to the entire process of selecting and hiring candidates identified through sourcing. This includes the evaluation of applications, interviews, tests, reference checks, salary negotiations and finally, a job offer. The goal of recruitment is to find the best candidate for a position and integrate them into the organization.

The role of sourcing in a recruitment strategy

Effective sourcing requires a thorough understanding of a company’s staffing needs and what constitutes a suitable candidate profile. Sourcing involves identifying the best channels to reach target candidates and actively engaging those candidates in the recruitment process.

A recruitment strategy which incorporates sourcing maximizes an organization's chances of finding and filling positions with the best talent while investing minimal time and resources.

Defining your goals: careful recruitment planning

To find ideal candidates, begin by developing a strategy and determining your recruitment needs. Before announcing a vacancy or posting a job offer, take the time to sit down with other managers and learn which qualities, experience and skills the position requires.

This will allow you to create accurate job descriptions in which you clearly express important job requirements to candidates.

Simplify the selection process

In a job market where quality candidates are becoming increasingly scarce, you can't afford to drag out the selection process. If you don't make a decision quickly, top talent could accept an offer from a competitor and slip through your fingers. Give yourself an advantage by using strategies that allow you to limit the time needed to make a hiring decision.

Phone or video interviews allow you to conduct interviews from a distance, at different times of day. Try to keep the number of interviews and selection steps to a minimum.

Examples of effective recruitment strategies

There are 7 recruitment strategies that we suggest you apply to obtain top results. The process might not be easy, but it will pay off in the long run.

1. Refine your corporate values and culture

Corporate values and culture are an important element within a recruitment strategy. They define the organization's identity and core principles, and play a key role in attracting, retaining and motivating talent.

Corporate values are critical for attracting candidates who share your values and are aligned with the organization's vision. These candidates are more likely to be engaged and motivated, and to integrate more quickly into the team. When values are clearly communicated during the recruitment process, candidates can make an informed decision about whether they are a good fit for the company.

After being hired, employees continue to be influenced by company culture. When the company culture is positive, inclusive and promotes well-being, employees benefit from an environment that nurtures professional and personal growth. Candidates who feel comfortable and identify with the company culture are more likely to stay with the organization longer. This reduces costs associated with turnover and helps build a strong, committed team.

2. Manage your reputation on social media

You can build your employer brand through social networks. Building brand awareness is an effective recruitment strategy, as it helps you increase your visibility with your target audience.

By establishing an active and engaging presence on social media, your company can inform potential candidates about corporate culture, values, benefits and career opportunities. This helps attract relevant talent. Social networks also offer opportunities to engage directly with candidates. Employers can answer questions, share information about job openings and create a more personalized relationship. This in turn helps build interest and engagement with potential candidates, while showing how your company is responsive and committed to its future employees.

As a window into your company, social networks allow you to show yourself as you want to appear. Use this tool wisely to shape your image and show your commitment to your employees.

3. Make a convincing and attractive offer

Writing an attractive job offer is very important. Since applicants typically receive multiple offers, hiring managers and recruiters need to stay informed about current pay rates to make an attractive offer. Prepare properly by making sure that your offers can compete with your competitors’.

Also, remember that money is no longer the only factor people consider when choosing a job. If you've asked the right questions during the interview process, you'll know what matters most to the types of professionals you’re looking to hire.

Flexible hours, extra vacation time, reimbursement for certain out-of-pocket expenses and the ability to work remotely are excellent examples of benefits that can weigh heavily in the balance when choosing an employer.

4. Use co-option to involve employees

Co-option is the process in which a company encourages its employees to recommend potential candidates for a position. It is a recruitment method based on the organization's internal network and the trust placed in the recommendations of current employees.

When employees refer a candidate through co-option, they act as a "referrer". If the referred candidate is hired and stays with the company for a certain period, the referrer may receive a reward in the form of a bonus or incentive.

Co-option has several potential benefits:

  • Employees often know people who are competent and well suited to the company's culture. Co-opting can tap into a talent pool that is often unavailable through other recruitment methods.
  • Co-opting can be more cost effective than other recruitment methods, since it does not rely on advertising or recruitment firms. Direct employee referrals can also speed up the selection process.
  • When an employee recommends a candidate who is later hired, it improves the employee's sense of belonging within the company and therefore their overall job satisfaction. When employees feel more involved and valued, they are more likely to stay.

Keep in mind, you will need to enforce rigorous evaluation mechanisms for candidates recommended through co-optation to keep your recruitment process fair and objective.

5. Make your employees happy

If your employees don't feel good about your company, it will have an effect one way or another. All the work you put into building your employer image or highlighting your company's values will have no impact if your target candidates are at the receiving end of negative word-of-mouth.

It would be hypocritical to suggest that your company is focused on employee well-being if your employees themselves tell a different story.

A sincere commitment to the well-being of your employees at work requires honest self-examination. You could ask your employees directly what they think through surveys or interviews. Any organization can benefit from listening to employees' feedback, even if they can sometimes be difficult to hear.

6. Choose the right platforms

Choose the best platform for posting your job offer based on your budget and recruitment needs.

  • Social networks – Everyone uses these now, including the ideal candidates for your position. LinkedIn is the most popular platform for employees looking to find a job in an office environment.
  • Job boards – A carefully thought out ad can do well on a job board. Remember, these platforms will not favor your ad over others, so be original.
  • Your website - If your website attracts some traffic, feature your job listings directly on a careers page.
  • Employment Agencies - At Fed Finance, we showcase ads for our clients. In addition to managing the bulk of your recruiting process, recruitment firms have the experience to give you better visibility.

7. Trust a recruitment firm to help you rethink your hiring strategy

There are many advantages to using a recruitment firm, but one of the most significant is how much time an employer can save.

Top specialist recruitment firms are aware of current employment trends. They have extensive access to a pool of qualified talent, making it easy to locate specific profiles. With an extensive network and sophisticated research skills, recruitment firms can find candidates that are otherwise difficult to attract.

With an in-depth knowledge of the job market and the ability to conduct rigorous selection processes, a recruitment firm can guarantee an optimal match between skills, experience and business needs. They can provide you with sound advice allowing you to rethink your recruitment process and choose the right candidate.

Fed Finance is here to help you with your recruitment strategy

The Fed Finance team has the skills and expertise to help you improve your hiring strategies. Entrust us with recruitment and we will help you find that rare gem of an employee! 😊

Feel free to contact us with questions. We will gladly help you overcome the challenges of the finance and accounting job market.