Silkroad just published its 2014 study in which it focused on two key metrics used by organizations to measure recruiting effectiveness: interviews and hires. In total, 1,140 companies participated in the latest study, ranging in size from small (100 employees) to large employers. While internal and external sources were equally likely to generate interviews, when it comes to getting hired, internal sources were more successful (59% versus 41% hires of externally sourced candidates).
How do you increase the odds of being hired?
To answer this question, you have to look at the internal sources of hire in Silkroad’s study and figure out how to get into that pool.There are two important strategies you can employ, but you first need to identify your target market - those hiring organizations who are a match for your location goals, background and skills.
How do you identify your target market?
To help identify target organizations:
- Harness and build your network. Advise your network connections of what you are looking for and in return tap their insights and explore their suggestions.
- Employ the top external sources of hires quoted in Silkroad’s study. Indeed.com proved to be the best source cited by employers for generating interviews and hires, but CareerBuilder, Monster and LinkedIn made the cut too. Note that when querying these sources, the key is not to enter job titles or job functions but instead, to enter your target location(s) using your zip code and a commute radius. At the results page focus on employers who are hiring; the business functions for which they are hiring and the types of positions.
- Explore location specific top employer directories and databases as well as fastest growing companies (especially small businesses). Your local librarian can direct you to fee-based resources that your library subscribes to (some will even let you access these tools remotely).
How do you connect with your target organizations?
With your target market identified we recommend that you focus on the two strategies that account for 87% of internal hiring sources (see pie chart above):
- Network to employees within your target organizations. Use LinkedIn and ask for referrals. Many employers offer incentives to employees for making successful referrals and LinkedIn will help you figure out how you might be connected. You can ask for introductions through those you know as well as make connections through LinkedIn.
- Visit the career websitesof your targets. Check the current open positions to see what departments are hiring; register to receive job alerts and enter your resume. Remember that your target position may never be advertised if a candidate pool can be generated from internal sources, including resumes entered to the company's database.
Several recent studies lead to the same conclusion which is best summed up by this Silkroad quote:
“Employee referrals are the strongest base for recruiting among internal sources, yielding the majority of interviews (57%) and hires (61%).”
Not convinced yet? This great infographic will hopefully persuade you how to beat the competitive odds and get hired through a referral.
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