Expect to see a surge in the recruiting of passive candidates. While only 25 percent of global respondents from LinkedIn’s research are actively looking for work, 45 percent of candidates say that they would be open to speaking with a recruiter, which means that the passive talent pool could be a great source for finding fresh candidates. But how do you convince candidates who are satisfied with their job to make a switch?
Here are three things that can make the difference for a successful hire and what notable business leaders have to say about them.
While many commentators claim that money isn’t a main motivator, LinkedIn’s recent survey begs to differ. In fact, both active and passive candidates cite money as a top priority when it comes to a new job. For passive candidates it is actually the No. 1 pull factor for deciding to change careers. While active candidates sometimes prioritise opportunities for advancement and more challenging work, financial incentives — including annual salary, compensation, and benefits — are all contributing factors to motivate passive candidates to take on a different job role.
“Compensation and perks can open doors and entice a candidate,” says Sabrina Balmick, marketing manager for ACA Talent. “With a more competitive compensation package, your company will be able to attract better quality candidates who are serious about building a career with your organization.”
Next on the list of pull factors for passive candidates is work/life balance. Employees are increasingly placing a higher value on their time, and will factor this in when contemplating a job offer. Many passive candidates want their jobs to be challenging and rewarding — but not take up their entire lives. The prospect of time at the end of the day to pursue their hobbies, head out with friends, or home to their family could very well entice candidates to make the switch.
“It’s important for businesses of all sizes to ensure that their employees have a good work/life balance,” says Tim Kitchen, founder of online marketing company, Exposure Ninja. “Many of my employees have the benefit of remote working and flexi-time. Everyone wants to be able to find the work/life balance that works for them and this is a good way to do it. And it means that when my employees are on the clock, they’re on fire.”
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Professionals around the world agree that whether their prospective company is a good place to work is a highly important factor. 56 percent say the company’s work culture reputation is most important factor when considering a new job. 85 percent of active candidates and 90 percent of passive are passionate about the work they do, and a company that appreciates their work is essential. As a result, company branding and social media presence is more important now than ever.
“Culture eats strategy for breakfast,” is the phrase coined by Richard Plepler, CEO of HBO. Plepler is a leading advocate of transparency in the workplace, creating a company culture where employees feel able to contribute. He further said in an interview with the Financial Times: “The work environment that we create has to be transparent. Everyone can say what’s on their mind and once we make a choice, everyone is behind it.”
The Truth of It
When it comes to recruiting passive candidates, those pull factors need to be ever so slightly stronger. While a bigger pay packet might be the main draw, don’t overlook the importance of providing employees with a good work/life balance and creating a strong company culture.