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So, what’s the difference between market coverage and market penetration? Well remember when social media first came about and people would boast about having 500, 1000, 2000 friends on Facebook, but if you asked them how many of them they would regularly speak to, they could count them on their fingers? Well think of the 2000 friends effectively as their market coverage; and the number who they actually speak with as their market penetration; it’s very easy to collect large numbers of friends with the click of a few buttons, but if you don’t have anyone to talk with, what use are all those friends? The difference between social networks like Facebook and professional networks like LinkedIn for example, is that you don’t even have to press a button to start collecting connections because for a monthly fee business like LinkedIn will give you access to everyone, or in other words, instead of 2,000 friends, you can access their entire network of nearly 600 million users! The challenge in talent attraction is no longer about having access to candidates or as we call it ‘market-coverage, it’s actually about getting the individuals from that 600 million network that you want in your business, to consider your job opportunity over the thousands of others that they are bombarded with on a daily basis. So in this video I thought I’d give you a quick guide to help you to not just get your opportunity in front of this huge network of professionals, but more importantly, get it noticed by the individuals you want to attract to your business.
Think of candidates in the same way you think of customers. It would be very nice if you just had to get your employer brand in front of them once for them to consider working for you, but then again, it would be nice if customers went out and bought your product the first time they heard about it. They estimate that in the UK consumers are exposed to well over 5,000 ads a day and it takes at least 7 touch points before you enter a buyer’s consciousness, so from the point of view of candidates, in the hyper connected job space, if you try and cram all of that into a two week period, you’re likely to push them away rather than draw them in. Try to stay active on social media by talking about your people and your culture even when you’re not recruiting, so that when you are, the seed has been planted. At the very least find a recruitment partner who is active in the market you’re looking to recruit in and are visible on social media, because it is their exposure; their credibility, and their active network (and the key here is ‘active’), that will get your opportunity noticed. And if you have a recruitment partner, talk to them about talent pipelining so you can be at the forefront of the candidate’s minds so that when you pull the trigger on your recruitment campaign, you’re not doing it from a standing start.
Hopefully, you’re already on your chosen candidate pool’s radar as I talked about in step 1, but when it comes to making the actual approach, it pays to get it right. Much in the same way that hiring managers spend an average of 7 seconds looking at a CV; top talent will consider a role for a similarly small amount of time when they’re presented with an opportunity before they dismiss it or explore it further. If you’re opportunity doesn’t stand out from the others, it will fade into obscurity just as quickly as it was considered; it doesn’t matter how many more times that person sees a new advert or gets approached by a different recruiter for your role, once candidates have forged an opinion on an opportunity, it’s very hard to persuade them otherwise. Write intriguing job specs, post enticing job adverts, don’t settle for ‘copy & paste’ mass market emails and LinkedIn InMail’s, and check up on how your recruitment partners are representing your opportunity. It might not be easy to do this during a process, but you can ask successful candidates how they found the process at its conclusion, so you don’t keep making the same mistakes over and over again.
Wherever possible, utilise a recruiter who specialises in the field your looking to make a placement. Whether they specialist in your industry, or even better the industry and discipline, they’re more likely to have an active network I.e they don’t just know who’s in the in the industry, but they regularly speak and actively update with them. If you look at FMCG for example; there’s around 400,000 individuals employed in the sector in the UK. If you tried to speak to just the top 10% of qualified candidates, it would take a team of 16 recruiters collectively updating with 100 candidates a day, a whole year to get through them all. The chances are that if they don’t specialise in your industry, they’re no better networked than the next person who has access to a LinkedIn recruiter license. If they don’t specialise in the area you’re recruiting, they aren’t really adding any value to your search and they’re possibly hindering it as if they don’t know the intricacies of the role you’re recruiting, they’ll unlikely to have the credibility gravitas with the talent you’re looking to attract. Talk to your recruiter; if you find yourself explaining what’s involved in roles, or if they can’t give you any feedback on salary benchmarking, or if they can’t reel off a handful of people they already know who will be good for your opportunity… what value are they adding to your process? Put yourself in the position of a candidate; if you’re presented with a job opportunity by someone who has very little knowledge about the job they’re representing, what would your initial thoughts be? So my third tip is; utilise a specialist recruiter.
The only thing you get from utilising multiple recruiters is lots of duplicated work. Of course running 3 different adverts at three different times might reach a few more people, but the good candidates who saw it first time round will be left wondering why it keeps getting advertised over and over again. What actually happens when you pit multiple agencies against each other is you just instigate a race, and that race leads straight to the bottom where only the winner gets paid. Rushed adverts, mass mailshots, brief intro’s to roles then quickly move onto the next candidate before the other recruiter gets to them? It hardly separates your employer brand from the other opportunities out there. The only way to genuinely get your opportunity to penetrate the noise of the market is to work with a recruitment partner, which enables them to take the structured and detailed approach that is required to properly represent your opportunity and raise it above the other opportunities in the market. Several people working on your opportunity simultaneously may ensure market coverage (but like I’ve mentioned, almost anyone can achieve this), but it has the opposite effect on market penetration which it actually hinders. So my final piece of advice if you want to get your opportunity to be considered by the best candidates, avoid contingency campaigns!
So that’s your guide to enable you to get your opportunity to penetrate the job market so candidates don’t just hear about it but listen as well. Make sure you follow our company page and look out for our next video where I discuss the best ways to promote diversity through your search and selection strategy to enable you to build high performing commercial teams.
Looking for your next career move?
Searching for market leading talent?