The traditional approach to hiring, which includes extensive job postings, expensive agency fees, and time-intensive screenings, is draining resources and delaying organizational growth. Companies face immense pressure to find qualified candidates quickly and efficiently without breaking the bank.

Higher cost per hire: SHRM reported that the cost per hire has risen by 14%.
Increased recruiter workload: Compared to three years ago, recruiters deal with 56% more job requests and nearly three times the number of applications.
Longer time to hire: Josh Bersin reported that the hiring time has increased, reaching a record all-time high.

Now, recruiters and their managers must rethink their strategy to improve efficiency and find talent faster.

Discover Hidden Talent in Your Existing Data

Candidate rediscovery is a strategic approach that leverages your existing database. Using AI tools, you can find the right candidate in your own database. When new jobs open, you don’t have to worry about expanding talent pools, as the right talent may already be in your existing database. As new roles open, you can leverage your ATS platforms to discover the right applicants who have already expressed interest.

The process of re-engaging and re-evaluating candidates who have previously applied to your company, whether they were interviewed or not. This means tapping into a pre-vetted pool of individuals who have already expressed interest in your organization.

Optimizing Recruiting Strategies to Find the Best Talent Faster

By implementing an effective talent rediscovery strategy, you can find talent and identify the warmest leads since they are past applicants.

With Leoforce’s talent rediscovery, you never have to leave your ATS. You can quickly leverage one platform to fill roles based on the best-fit candidates in your current talent pool. This way, you no longer have to worry about spending time on candidates who are uninterested or do not match your job description.

Why focus on sourcing new candidates when there are applicants already interested?

Talent acquisition teams that leverage talent rediscovery can find the best fit for a current role while significantly reducing their cost per hire and streamlining their recruiting process.

Instead of screening hundreds of resumes, Leoforce’s solutions use artificial intelligence to automatically screen candidates and deliver a dynamically ranked list of candidates into your ATS to save time and streamline the selection process – allowing recruiters to forward applicants to the hiring manager with more confidence, knowing they found potential future employees.

The Cost of Ignoring the Past Applicants

Missing Out on Top Talent

Your existing talent pools have a goldmine of talent to source the right applicants from and the best part is that these candidates have already expressed interest in your business.

The High Cost of Sourcing from Scratch

Traditional sourcing methods are expensive. Job boards, recruitment agencies, and paid advertising can quickly drain your budget. Furthermore, the time spent screening and interviewing numerous unqualified candidates adds to the overall cost. With Leoforce’s outcome-based recruiting solutions, you pay for qualified applicants instead of per click.

The Time Factor

The time-consuming nature of traditional hiring can significantly impact productivity. Every day a position remains unfilled, your team is burdened with extra work, and projects can be delayed. This time factor directly translates to lost revenue for your organization.

Losing Good Candidates Due to Timing or Fit

Many qualified applicants are missed due to timing. They may have been unavailable or moving forward with other opportunities when they initially applied. Likewise, the specific fit for a role might not have been present at the time, but circumstances change. Skills are gained, and career paths shift.

The Solution: Implementing Effective Talent Rediscovery

Identifying the Best Match Through Talent Rediscovery

Ideal talent rediscovery goes beyond simply searching your ATS data for past applicants. It involves defining your ideal candidate profile based on their ability, skills, job experience, cultural fit, and potential.

It’s crucial to understand your team’s core values and the specific requirements of each role. This allows you to match candidates to jobs that possess the necessary skills and align with your company’s culture.

Leveraging Your ATS

Your ATS is the foundation of your talent rediscovery strategy. Utilize its search and filtering capabilities to candidates based on relevant keywords, skills, and experience. Seamless ATS integration is crucial. Integrating your ATS with other talent acquisition tools can streamline the rediscovery process and improve data accuracy.

Talent Rediscovery Solutions

Specialized talent rediscovery tools can automate and enhance your rediscovery efforts. These tools often leverage AI and machine learning to identify ideal candidates based on data and complex criteria. Features like AI-powered matching, candidate tags, and automated outreach can significantly reduce the time and effort required for rediscovery. These systems can also automatically update candidate data, ensuring your database is always current.

Proactive Candidate Engagement

Nurturing relationships with candidates engaged already is essential for effective talent rediscovery. Stay in touch through targeted communication, such as newsletters, personalized emails, or social media engagement. Keep candidates informed about new opportunities and business updates. This demonstrates that you value their interest and keep them engaged with your organization.

Benefits of Talent Rediscovery: Lowering Your Cost Per Hire

Reduced Sourcing Costs

By relying on existing candidate data, recruiters can significantly reduce reliance on expensive job boards and recruitment agencies. This translates to substantial cost savings and frees up resources for other strategic initiatives.

Faster Time to Hire

Rediscovering qualified candidates streamlines the hiring process, reducing the time spent screening and interviewing. This allows you to fill open positions quickly and minimize the impact on productivity.

Improved Candidate Quality

Hiring candidates who have already been vetted ensures a higher level of quality. This can lead to improved employee performance and retention.

Enhanced Employer Brand

Effective talent rediscovery demonstrates a commitment to talent and creates a positive candidate experience. Rediscovering candidates shows that your business values its relationship with people, even those who didn’t get the job the first time.

Practical Tips for Implementing Talent Rediscovery

Regularly Audit Your ATS Data

Ensure that your ATS data is accurate and complete. Update candidate profiles with relevant skills and experience.

Develop Targeted Search Strategies

Recruiters who effectively utilize keywords, filters, and data can identify the best candidates to send to hiring managers.

Personalize Your Outreach

Recruiters should tailor communication to individual candidates, using data to highlight their specific skills and experience.

Track and Measure Your Results

Monitor key metrics like time to hire, cost per hire, and candidate quality to assess the effectiveness of your team’s talent rediscovery strategy.

Invest in the Right Talent Rediscovery Tools

Find tools that fit your business needs and budget.

Recap of the Key Benefits of Candidate Rediscovery

Talent rediscovery tools offer significant advantages, including reduced sourcing costs, faster hiring time, improved candidate quality, and enhanced employer brand.

Your company can achieve long-term cost savings and efficiency gains by implementing a strategic talent rediscovery program.

Learn more about Leoforce’s talent rediscovery solution.