Can Social Recruitment really save you time and money?

In All, The Human Resource by Fiona AnsonLeave a Comment

There’s a lot of talk about social recruitment at the moment. It seems everywhere you look, everyone is talking about how time and resource effective it is.  But what is it really and, more importantly, can it really save you time and money?

Social recruitment is not simply about using social networks – although they are part of it.  It’s all about using your own sources, that is your and your company’s sources to find people.   Cutting it down to it’s bare minimum, it’s about using sources like your existing staff, referrals from within your employee base and from outside of your company using your own business, colleague and acquaintance networks.

At a recent HR Breakfast that we ran, Rhonda Brighton, Executive General Manager of Organisational Development at the Commonwealth Bank, spoke about how the bank have turned their new hire sources from 80% external to 80% internal.  Apart from saving an enormous amount of money – and time – sourcing people, they found that the quality of people they had access to was much higher.

She went on to elaborate that good people that are currently working within your organization typically know other good people.  Birds of a feather, as it were.  Putting the call out to people already in your employ that you are looking for staff resulting in recommended candidates for the bank, many of which were not only more suitable than the “hit or miss” pool you get from advertising on a job board, but were already somewhat “brand engaged” because their friends – the referrers – already spoke well of their employer, the bank.

Doesn’t that make an enormous amount of sense?  And yet, how many businesses are using the power of their own networks currently?  Not enough.

So, where to do online social networks fit into this?  We’re seeing the rise of the social network – started by Facebook and enhanced by LinkedIn, Twitter et al, and developing now into interest-related segments  There are now social networks for entrepreneurs, creatives, parents, travels – and just yesterday I saw a new one based around sports fans .  The whole “crowd-sourcing” movement is based around the same concept – think Uber, Airbnb, 99Designs.  And, if you think they have no value, a quick look at the numerous articles about Airbnb’s recent $10Billion valuation (higher than any hotel chain), might convince you otherwise.

These online communities can provide yet another source of candidates for us – and allow us to find better people easier and cheaper than every before.  They also give us the opportunity to engage with them, to build brand familiarity, promote our businesses are great places to work and create a personality around our brands so that we become places that people want to work at.

While employee engagement is starting to become more of a focus for companies of late, the bigger picture is that there are even more benefits than just happy employees.  If the people who work for you become your biggest brand fans, they’ll also become the biggest source of great candidates for the positions you need to fill – saving you both time and money!

Co-founder and Director at Workible | HR Disruptor | What if explorer

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