- What is talent rediscovery and how does it work?
- How talent rediscovery can benefit organisations
- Combining talent analytics with talent rediscovery
You have probably heard of ‘The Great Resignation’ – a term for the increase in resignations, layoffs, and furloughs over the last couple of years. This resulted in many organisations losing significant percentages of their talent, affecting operations and the bottom line. In response, a boom in hiring that many call ‘The Great Rehire’ is taking place. However, recruiters are facing challenges in this endeavour, as many workers took the chance to retire for good, to enrol in education, become self-employed, or follow various other pursuits. This means that there is still a shortage of talent out there, and organisations are facing fierce competition for it. To overcome these challenges, many recruiters are focusing their efforts on talent rediscovery.
What is talent rediscovery and how does it work?
Talent rediscovery is the practice of matching candidates for past roles to current vacancies. This is often carried out using applicant tracking system (ATS) databases, which can collect information on past applicants, such as their CVs, scores on skills assessments, and so on. This information can be immensely useful, but most organisations never end up using it. This is not just the fault of recruiters – most ATS databases are simply not optimised for data to be accessed in this way. However, talent rediscovery software is becoming increasingly popular as a way of enabling such access.
Talent rediscovery software typically involves AI algorithms that automatically scan ATS databases to find past candidates who may match current vacancies. These software platforms usually integrate into existing ATSs as an additional layer, and match terms used in current job advertisements with qualifications and skills mentioned in historical data submitted by past applicants.
How talent rediscovery can benefit organisations
Talent rediscovery can streamline recruitment processes and increase efficiency, especially when carried out using automated systems. This can enable organisations to hire more quickly, avoid losing out on talent to competitors, and save on recruitment costs. One of the clearest advantages of talent rediscovery is that it can widen the talent pool by including passive candidates – those who are not currently actively applying for jobs, but are likely to have appropriate skills and may be interested in opportunities if they arise. The average corporate job advertisement in the US receives 250 applications, meaning that there are many previous candidates who could be approached.
In many cases, multiple candidates suited specific past vacancies, but not all could be hired. Talent rediscovery platforms like SeekOut allow the filtering of applicants by reason for rejection, which can help recruiters find skilled ‘silver medalist’ candidates quickly. Talent rediscovery platforms can also increase diversity, equity, and inclusion in hiring practices. The software can be programmed to omit data such as names, photographs, previous salaries, and other information that may trigger unconscious biases in recruiters.
Combining talent analytics with talent rediscovery
Talent analytics – or people analytics – can be a particularly effective tool when used alongside talent rediscovery methods and systems. Analysing the performance metrics and other information on successful employees can help recruiters to determine exactly what skills they are looking for in new employees, and to screen past candidates for matching experience. Some talent acquisition software can automatically find past candidates who closely match existing talent, and recruiters can also create fictional, idealised employee ‘personas’ and then screen past candidates for similar skill sets.
Closing thoughts
When compared to traditional recruitment processes that involve starting from scratch for each role, talent rediscovery makes a lot of sense – especially at a time when demand for skilled employees is exceeding supply. A data-driven approach can be particularly effective, making recruitment fairer, faster, and less expensive for recruiters and candidates.
