The best talent always lands in Product companies. Is it just because of high paying packages? Or is it because Product companies know a way to spot, Interact, hire and retain (in short- better recruitment) the brightest talent in a much better fashion than their Service counterparts?
After interacting with several CHROs/COO’s of product companies and reading close to 250 Glass-door accounts, here’s what I found out what they do better during Recruitment that Service companies do not.
1. Making drip campaigns an integral part of their recruitment
Drip campaigns are notoriously famous for being marketing oriented. Well, yes! Their primary aim is to help marketers sell to their customers, but that doesn’t mean they can’t suit the recruiters’ needs. Studies based on data we collected at Xobin from our customers show that there is a major fallout percentage to applicants that are not contacted within the first 24 hours of application.
As a recruiter, this basically quadruples your work. Considering you work at a sizeable firm, the number of applicants you get is unsurprisingly high, leaving you with a huge pile of resumes to go through and practically no time to do that in. What you need is an automated solution that helps you initiate contact and then follow-up with all your applicants. And this is the perfect use case for a DRIP campaign.
DRIP campaigns are pretty easy to set up. Scary as they may sound, they will reduce your workload and improve the employer brand if done right. If you do not know what a DRIP campaign is, you can have a look at this wonderfully worded explanation.
A simple email to welcome applications, followed by a campaign to follow-up on any inactivity for further rounds goes a long towards showing professionalism. There are some amazing services out there that help you set up a DRIP campaign. The most commonly used Marketing Automation tool isHubspot, which allows you to set up your DRIP campaign with help from their team members.
A DRIP campaign ensures that instead of a single mail blast to all your applicants, there is a constant follow-up, improving the overall interaction rate. This is where Product Leaders gain that first competitive edge over everyone else. Where people lose over 40% applicants due to a delayed response or a lack of follow-up, they make up for it with the use of technology.
2. Putting all their applicants to a small task at the very beginning.
The biggest challenge for Product companies is in finding the intent of the candidate. While many candidates are in genuine need of a job, many people are waiting to get your job offer just to get an appraisal or maybe to just have more options. As soon as the top of the funnel hits the 100 applicants mark, many experienced recruiters put their applicants to a small test.
It is not because they have a wrong eye for screening resumes. Let me admit, it is a tedious routine and requires a lot of patience. On top of all that, as long as it is determined by a piece of paper, human bias and prejudice will always prevail because of the way our minds work.
So what sets the leaders apart? It is the very fact that they have embraced technology and its role in screening for the best-suited applicants. While the thought in itself is a huge step forward, you will also have to make sure that you find a proper platform that allows you to test all your applicants in the necessary areas. This can also be achieved with take-home assignments, but then they defeat the entire purpose of saving your precious time.
So what is the best solution to all of this? Simply put, Online Assessments. Platforms like Interact provide you with pre-built assessments that on the click of a button can become part of our hiring process.
DISCLAIMER: While the entirety of the post is unbiased, I thought there would be no harm done in mentioning the product that I happen to be a Founder of (Xobin Interact)
What these assessments do is give you a quantified measure of the applicants’ ability and help you make an educated and unbiased choice. This is a huge advantage compared to what resume screening brings to the table. If you are thinking of choosing an assessment platform, do give this one a read.
3. Asking the candidate to take a psychometric evaluation before interviewing
Any good manager knows that 30 minute-1 hour interviews are not sufficient to gauge a person’s abilities completely. But what helps in having a meaningful interview is some insight into the way the person thinks. And the most obvious answer to this problem is a Psychometric Assessment.
What a psychometric assessment does is give you a huge heads-up in terms of what you know about the candidate. Even with the best skillset, a person could be a negative influence on the wrong attitude and mindset. And some people with mediocre skill levels exhibit leadership abilities that you should always be on the lookout for. This ensures that your cost of a wrong hire comes down drastically.
There are currently a few options for choosing your psychometric provider. What really matters is the quality and depth of the metrics that the reports provide you. Some of the options out there are Psychometric Institute, Mettl, Interact and so on.
4. Keep recruiting even when they aren’t hiring
Recruitment and Hiring are two different things. While one is a perennial process, the other is a need-based process. The idea is to create a relationship with candidates that you want to hire in the future. To nourish these relationships, there should be a constant channel of two-way communication with the candidates.
That is how a consistent recruitment effort ensures that active hiring results in a very smooth sailing. This also ensures that in times of a sudden hiring need, the candidates you engage as part of your recruitment process come in real handy and are more than happy to join you.
These are few basic things about recruitment that I found many services companies or startups with a service mindset were not really aware of.
Most of the CHRO’s of Software services companies I’ve spoken with, aspire to hire and retain talent like a startup/product company. Is it a good thing for Services companies & GIC’s to hire like a startup? Or should they just stick on to their traditional way of doing things? Do share your point of view.