What is the first place a recruiter would look for candidates when a new requirement comes up? Does it happen to be Dice, Monster, Naukri, your vendor network or the latest jazzy candidate aggregator?
For most companies the answer is YES.
What about an in-house database that specifically caters to your company? Do you have one that you can tap into before venturing out to look for candidates?
For most companies the answer is NO.
There is a continuous flow of incoming profiles into any organization, be it referrals, social channels, career pages, job ads or the profiles viewed by recruiters daily. Today these profiles go into a black hole within the organization to be lost for ever.
What if you could leverage these incoming profiles for future requirements? The idea is simple, but the challenges in making this happen have resulted in most companies never bothering about their existing candidate pool. The challenges are almost entirely the lack of technology to make this happen. It is impossible to manage a candidate pool of any reasonable size manually, without the help of technology.
Why cant resume aggregator’s be your primary candidate pool?
Most companies today treat external databases like Dice, Monster and Naukri as if they are an extension of their company resource pool to tap into for hiring. This state of affairs also says a lot about the value created by these aggregation companies and their obvious dominance in the recruitment market over the last decade.
But do not forget the reality that you are competing with other firms for candidates on these eco-systems. You and your competitors are tapping into a common pool of candidates.
The basic feature of all these platforms irrespective of the sophisticated language used in their marketing and the intelligent technology that is pitched – the product being sold are the candidates. The implication of this reality is that the same candidate is being pitched to as many companies as possible.
How does that affect you? Every one of these hires becomes a battle you need to win against the other firms.
Does this mean you should not use these platforms? Not at all. These platforms are a good source of candidates, especially those actively looking for a job at the moment. But the mistake is in treating these as your exclusive or primary candidate pool, which they are not. They should be one of your many sources of profiles in addition to organic sources like referrals, social hiring, career sites and more. You need to leverage all available channels to build your own candidate pool which should be your edge in the hiring market.
The danger is when the recruitment team is lulled into treating these aggregators as your company pool to tap into. The reality of higher no-shows, lower quality of candidates and extended time to hire being a consequence is of this decision is not obvious.
So go ahead, build and leverage your own candidate pool, done right it is possible for more than 50% of your hiring to come from this pool.