Hiring candidates from around the world in fewer than 80 daysby
This article was written by Josh Tolan, CEO of Spark Hire, a video powered hiring network that connects job seekers and employers through video resumes and online interviews.
While it might be convenient to imagine your ideal candidate is located around the corner, the truth is your perfect employee might actually be located around the world. Don’t despair, because with a tough global economy, more job candidates are willing to relocate for a great opportunity.
In fact, a recent survey from Simply Hired found 77 percent of job seekers would consider relocating for the right career opportunity. There’s no better time to expand your hiring reach to far-flung destinations.
The biggest drawback to hiring a candidate who will need to pack up and move is the perceived cost. According to a survey, 32 percent of employers are even willing to pick up the tab to relocate talented new employees. With so many costs associated with hiring out-of-town candidates, it’s even more essential to focus on saving money in the hiring process.
So why even bother with out-of-town talent? And what are some ways to drive down costs and increase ROI while finding superstar candidates? Let’s take a look:
Jumping the skills gap by widening the candidate pool
Even with the tough economy driving more workers into the candidate pool, employers are having a tough time finding the highly skilled candidates they need. Only 42 percent of employers think students are exiting universities with the necessary skills for the job market. According to Ed Gordon, author of “Winning the Global Talent Showdown,” by 2020 employers might be struggling to fill as many as 14 to 25 million vacant jobs.
The skilled candidates you need might not be located a few minutes or even a few hours away. Yet you still need these highly skilled candidates in your open positions. By expanding your search criteria to far away talent, you’re widening the candidate pool.
This larger group might just be what you need in order to move your company forward. Just because the right person currently lives a plane ride away doesn’t mean they won’t be willing to relocate for the right opportunity.
Reducing employee turnover by finding more committed candidates
Employee turnover carries a high price tag. The Center for American Progress poured through 30 case studies to determine employee turnover costs, on average, about one-fifth of an employee’s salary. Plus there are the hidden costs, including loss of customer satisfaction, loss of credibility, and slippage as work falls through the cracks.
So how do you avoid costly employee turnover when 74 percent of workers are either actively searching for new work or open to new career opportunities elsewhere? Hiring a relocated candidate is one way. After all, candidates willing to relocate for an opportunity at your company are less likely to jump ship quickly.
It's also likely they'll have made a carefully considered decision - candidates need to feel strongly about a job if they're going to move internationally, potentially leaving family members behind. There may therefore be a smaller chance of employee turnover for the position, netting you a dedicated candidate and some saved cash along the way.
Save money and the environment with video interviews
Flying out a candidate, even a highly skilled and passionate one, for an interview can be costly, and there's also the environmental costs to consider. Video interviews are a potential replacement. A recent survey from Office Team found six in 10 employers are utilizing the video interview in their hiring practices, and 13 percent plan to ramp up usage in 2013.
Utilizing a one-way video interview, candidates answer on video the written questions posed by employers. This helps employers get a better feel for far-flung candidates than a typical phone screen, while ensuring the process moves much faster. After all, if employers know a candidate is all wrong for the job after a few seconds, they can easily move on to the next applicant. In the second instance, live video interviews may come into play, where employers and candidates connect face-to-face.
In today’s tough hiring climate, widening the candidate pool to include both candidates around the corner and around the world is just smart thinking. This far-flung talent just might have the skills and dedication your company needs to thrive.
What do you think? What are some ways you hire talent outside your geographical location? Share in the comments!
Jamie Lawrence is Insights Director at Wagestream, a financial wellbeing app that makes money less stressful for people in work. Founded by a group of leading financial charities, Wagestream's mission is driven by their social charter: everything they build must improve financial wellbeing. Jamie was previously Managing Editor of HRZone,...
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