In 1997, researchers from McKinsey declared a “War for Talent,” stating the fight for the best employees would be every company’s greatest challenge. More than 20 years later, the search for the best and brightest remains constant, but the battleground has changed. Recruitment can no longer rely solely on job boards, forcing companies to continuously find more inventive ways to introduce new talent to their workforce. Consequently, most strategies continue to put a spotlight on candidate sourcing. While companies recognize the importance of maintaining relationships with current talent, the emphasis is far less and sometimes forgotten entirely. In fact, only 5% of staffing agencies state they use redeployment rate as a metric.
The job market is evolving. Passive candidates are on the rise, and candidates are looking for more from their employer. If you haven’t already, it’s time to update your recruitment strategy to optimize your resources and refocus on redeployment. Here are three reasons why:
1. Improve your bottom line. A lot of time, money, and effort goes into matching a skilled candidate with the perfect career opportunity. It takes even more time and effort to ensure the experience is a success. To lose that employee after a single contract is over is devastating to your bottom line. Redeploying a successful employee, you’ve already invested in, versus starting from scratch, will reduce your initial recruitment cost, your time to fill the new position, and improve turnover rates.
PREMIUM CONTENT: Independent Contractor: Legal analysis under state law
2. Enhance your brand and become top-of-mind with clients. A rising redeployment rate goes hand-in-hand with improving your company’s image. When redeployment is offered to employees as a part of a benefits package, your company’s commitment and values shine through organically. Skilled candidates will feel valued, clients will see your promise on delivering top talent, and they’ll want to tell others. Word-of-mouth has been shown to improve marketing effectiveness by up to 54% and nearly half of all job seekers review a company online before making a decision. A good corporate brand will always attract new prospects and protect your reputation among current customers.
3. Strengthen your workforce. Offering your employees redeployment opportunities provides your entire workforce with encouragement and a sense of safety. When one employee sees their colleague being redeployed, they know they will get the same treatment if they perform their best. This fosters a loyal relationship, keeping your top performers close and away from competition. Redeployment not only allows you to retain your best workers, it keeps your entire staff at ease and more productive.
Sourcing top talent will always be important, but in today’s evolving market, companies fall short when it comes to investing in their top people. Refocusing your strategy around a redeployment methodology is an overall win-win situation. You’ll grow your bottom line, enhance your brand image and grow your reputation as a loyal and dependent workforce.
MORE: How the IT industry can overcome gender disparity
