In today’s world, recruiters and talent acquisition leaders are acting more and more like marketers. Why? Because the process of converting a candidate into a hire is a lot like the process of converting a prospect into a customer.
It’s all about the funnel. The recruitment funnel, much like the sales and marketing funnel, is the best way to understand how effective your messages are, and if you’re attracting the right people to your brand.
Here’s what the sales and marketing funnel looks like:
The Top of the Funnel: A Lead
This is the entry point, and the widest part of the funnel. Someone enters your funnel by expressing interest in something you do. You don’t know much about them at this point, other than they raised their hand by clicking on a social post, visiting your website, downloading an eBook, etc. To move them further down the funnel, you have to nurture their interest, or they’re likely to forget about you.
The 2nd Level: Discovery
A lead moves into this part of the funnel when they express a little more interest in finding out who you are, what you do, and how it might affect them. At this point, a sales rep will start a conversation to qualify the lead and understand things like budget, needs, and timeline.
The 3rd Level: Opportunity
This is the consideration stage. The lead is likely doing their research and vetting your company against others before making their final decision. A lead converts into an opportunity when the sales rep decides that this is a viable deal and there’s a real probability it will close.
The Bottom of the Funnel: A Win
This is the purchase stage, when the opportunity takes that final action to become a customer. The deal is closed, and the sales team celebrates.
Now here’s how that same funnel applies to recruiting:
In the recruiting funnel, candidates are your leads. They can come from anywhere. Maybe they saw an ad on Indeed, or maybe they visited your Careers page. At this point, they’re not qualified yet, and they may or may not take any action to begin the application process.
Next down, you have people who have expressed interest in a specific job. They’ve gone from being a passive candidate to an active candidate. After initial screening, if they’re qualified for the job, they’ll move to the third level—the interview process. You have to decide if this candidate is worth spending time with and why. The last stage is similar to the sale—you make an offer and if they accept, the job is filled and you have your new hire!
Is your recruitment funnel delivering?
The purpose of the funnel is to weed out the uninterested and unqualified candidates, leaving you with the ones who best fit your culture and have the right competencies for the job. Take a look at your funnel to see how it’s working. What are you conversation rates from one part of the funnel to next? Are you meeting your goals, or do you need to invest more in a certain area? For example, if you don’t have enough qualified candidates at the bottom of the funnel, you may need to expand your sourcing efforts in order to cast a wider net and increase the chances of getting qualified candidates to apply.
To learn more about cross-functional collaboration between talent acquisition and marketing, watch our webinar: How to Recruit Like a Marketer.