Let’s be honest, we all know how difficult hiring can be. Going through the process of sourcing quality candidates and placement in open positions can lead to feelings of anguish and despair. That alone can drive a hiring manager mad and we haven’t even mentioned retention. Aside from sourcing, by the end of the hiring process companies are usually out a pretty penny and many times miss out on great talent that simply wasn’t handled in the right manner.
In fact, it can take anywhere from 42 - 52 days and over $4,000 for companies to source the talent they need and fill their open positions. Furthermore, hiring managers can spend up to 60% of the cost of an annual salary on sourcing candidates, and use anywhere from 10-20 different tools to manage the process. That’s a lot of time, money and features to waste just to have those resources fall into an irredeemable bucket.
Too often, companies lose quality talent after candidate rejection because there’s no way to reserve their position on a company’s radar. With so much talent literally going to waste, time and resources often float away without any chance of return.
Likewise, it’s important to note that in some cases, candidates may have been or become future customers. If the rejection process is handled poorly, companies can lose up to $6 million in revenue from a negative candidate experience. So, you can imagine having a feature in place to avoid this would save time, but also lead to some major savings on the bottom line.
So, we took it to the drawing board
We found that companies want to maintain relationships with diverse candidates in the event future opportunities arise. That’s where the Closed Circle presents its benefit. In addition to reducing sourcing time by 16% and saving companies $11k or more in recruiting expenses, Joonko has mastered the technology to make it all effortless.
Once a candidate ends the journey from a company’s hiring process they are flagged in the Applicant Tracking System (ATS) as 'rejected.’ At this point, it’s usually the end of the road in the hiring process regardless of how qualified and potentially awesome they may be. However, the Closed Circle gives companies the opportunity to keep quality talent at an arm's reach and provide a second chance for a candidate to find a fit within the company. See, it’s a win-win situation…we help optimize the company’s efforts and candidates receive extended opportunities. From there, Joonko exposes a the Closed Circle company’s open positions front and center to prime candidates before they move on to other positions outside of the company - saving time and effort overall.
Let’s take a deeper look at our recently presented feature - Closed Circle sourcing:
Closed Circle or ‘Retain Your Talent’ as we like to call it, is a special feature we created to help companies hire and retain great talent. Companies today lack the bandwidth and technology to direct talent from one position to another in another branch or location. These candidates may not have worked out at one location, but they might be perfect for another. With talent acquisition teams bombarded with positions to fill and talent KPIs, they need all the help they can get. To put it simply, companies want to keep good talent close.
Talent I can retain within my organization? Oh yes, Tell me more!
Let’s take for example one of our current customers, a large financial institution managing branches across regions of the United States. In the corporate office, a diverse candidate may apply for a job and due to salary negotiations, time of hire or for any of the other million variables that could arise, this qualified talent isn’t just tossed to the side, but rather, almost put on reserve and tagged as highly valuable to this institution.
In situations like this, there are often multiple offices and branches continuously searching for new talent and frequently opening new positions. Many times, if a candidate isn’t a fit for the corporate office, they very well may serve as an asset for a remote office or another branch underneath the institution’s umbrella.
This saves vast amounts of time when it comes to filling a position and also keeps the talent pipeline secured with the best talent in their circle.
Advanced retention - The Multi-Circle
Now, let’s say we’re working with a Venture Capital Fund and they’ve spent years building a strong portfolio of companies that are doing really well.
If a candidate at one of this VC’s many successful companies is rejected, they may then be added to a pool of candidates that receive opportunities exclusively within the portfolio pool of companies. This allows a specific circle of companies to access an amazing pool of talent and continue to effortlessly source qualified, diverse candidates and better the success of the companies they’ve fostered.
A look at the tech
With the benefits out of the way, let’s jump into how the Closed Circle works from a technical perspective...follow along closely:
Once a candidate is rejected from a Closed Circle company, they are then pushed through our machine learning process and end up in a special Closed Circle pool. We categorize those candidates almost as "first-class" passengers. Okay, not literally, but similarly to these top-tiered travel arrangements, “first-class” candidates are at the front of the line for companies with the Closed Circle feature. When positions go live at one of our Closed Circle companies, Joonko identifies a candidate's experience, qualifications and geography to a position and blasts the opportunities to those previously rejected “first-class” candidates before the position is shared with the other 47,000+ candidates in our regular pool...thus keeping the Closed Circle company’s pre-vetted talent close at hand.
The flow is actually pretty simple:
- Joonko’s machine learning technology first identifies a candidate that has been rejected from a Closed Circle Company
- Then utilizing AI, we pull all relevant jobs from our open pool including jobs located within the Closed Circle that would be relevant to that candidate
- Then based off location and job requirements, we scan the Closed Circle Company’s jobs and find relevant positions for that candidate at other branches or locations nearby
- Once our technology has configured the relevant matches, we push the Closed Circle companies positions in other branches to that candidate before they receive jobs from any other company active in our pool
- Once our technology levels out all these intricacies, then BOOM!
- That’s when the magic happens.
Closing out the circle
When it comes to retaining talent, companies need a champion in their corner and not brag, but we’re warriors on the quest for talent. Retaining great candidates plays a valuable piece to company success and maintaining a positive relationship can make all the difference in creating a strong employer brand. Introducing the Closed Circle originated from a need, but has now clearly become a necessity. Joonko is out to help companies on any and every avenue on the journey to talent sourcing. This feature is just one small splash creating major waves in a pool of quality, diverse talent.