While the question sounds like the preamble to a funny punch line, the answer is no laughing matter.
According to an article last week in the Wall Street Journal, it takes many more than most employers think (or at least want to accept.) I repeat – a lot more. The actual numbers are numbing.
For example, an infographic presented in the article revealed that it takes approximately 1,000 online views by candidates to get 100 candidates to complete the application. Out of that, 25 applications are selected for review, then 4 to 6 candidates are recommended for an interview. When all is said and done, companies may find their one diamond in the rough only after 1,000 candidates view the job posting. If those numbers hold up, it is clear that the impending war for talent is no longer imminent or pending. It’s here today.
Not one to rely only exclusively on hearsay, I was prompted by the article to review 25 jobs posted on our applicant processing system by clients during the last 3 months. The results don’t only confirm the findings presented in the Wall Street Journal but throw up an even bigger gauntlet to challenge employers. The best views-to-applicant scenario was 10 percent. But a more common scenario was as low as 1 percent.
Unfortunately for many companies, as good or bad as those results are, the job search does not always end when the one lonely qualified candidate is identified and offered the job. According to research presented by Talent Function Group, LLC, “the chosen applicant accepts the offer only 80% of the time.” That situation leads to two options – offer the job to your second choice (if there is one) or go back to the drawing board. Neither choice is desirable when a company’s productivity and competitive advantage are on the line and dependent on a minimum time to hire and high quality of hire.
To win the war for talent moving forward, nearly every employer will need to cast the widest possible sourcing net to attract, identify, and hire qualified candidates. In addition, operations and sales managers don’t have the time to waste interviewing candidates who can’t do the job.
The competition for recruiting qualified skilled workers poses a formidable challenge for most organizations. Management has a choice: deal with a “resu-mess” which will inundate recruiting and human resource staffs, which are already running lean; or insist on applicant processing automation to build a talent pool of qualified candidates, reduce the time-to-hire, and ultimately improve the quality of employees.
This article originally appeared in The Total View, a weekly online newsletter that focuses on hiring, management and retention strategies. The Total View is written and published by Ira S. Wolfe, president of Success Performance Solutions and is distributed with permission by The Chrysalis Corporation. Subscribe for FREE to The Total View by typing your e-mail address in the newsletter sign-up box on the right side of this page.