As our Kiwi Olympians return from Paris 2024 with their record haul of ten gold medals and the accolades of a proud, sports-mad nation, it got us thinking about the importance of the silver-medalists too.
In the world of work and talent acquisition, “silver medalist” candidates are the ones who made it all the way to the end of the hiring process and were just pipped at the post by the preferred candidate. In the current recruitment environment, with rising unemployment and more applicants per vacancy, what used to be a tight, talent-short market, has switched to one where hiring teams are often lucky to be able to select from a shortlist of rockstar candidates all able to do the job.
This will not last for long and before you know it, talent shortages will return to NZ once more. However, all too often, these highly qualified individuals are forgotten, despite their potential to be a valuable asset in the future. Maintaining a relationship with these candidates is not just a good practice; it’s a strategic move that can significantly benefit your organization.
1. A Pipeline of Pre-Vetted Talent
Silver medalists have already gone through your recruitment process. They have been interviewed, assessed, and deemed qualified for the role, just not the best fit at that particular time. Keeping in touch with these candidates creates a ready-made pipeline of pre-vetted talent. When a similar role opens up, you can reach out to these individuals who are already familiar with your company and its culture, saving time and resources in the hiring process.
2. Fostering a Positive Candidate Experience
The recruitment process is a two-way street. While you’re assessing candidates, they’re also evaluating your organization. By staying in touch with silver medalists, you show that you value their time and effort, even if they weren’t selected. This can enhance your employer brand, as candidates are more likely to speak positively about your company if they feel respected and valued, even in rejection.
3. Mitigating Hiring Risk
Hiring a new employee always carries some risk, as there’s no guarantee they’ll be the right fit in practice, regardless of how they performed during the interview process. Silver medalists, however, are a safer bet. They’ve already demonstrated their skills and suitability, and you have had the opportunity to understand their potential areas of growth. Bringing them on board in the future reduces the risk associated with hiring a completely unknown candidate.
4. Capitalizing on Changing Circumstances
Timing is often the only thing that stands between a silver medalist and a job offer. A candidate who wasn’t the best fit at one time may become the ideal choice as your company evolves. Perhaps your needs change, or maybe the candidate has gained new experience or skills. By keeping in touch, you ensure that you don’t miss out on a candidate who could now be the perfect match for your organization.
5. Building Long-Term Relationships
Recruitment is about more than filling immediate vacancies; it’s about building relationships for the future. Silver medalists are often highly skilled individuals who can contribute to your network, provide referrals, or collaborate on projects, even if they aren’t hired immediately. Nurturing these relationships can lead to future opportunities that benefit both the candidate and your organisation.
6. Strengthening Your Talent Strategy
A robust talent strategy isn’t just about who you hire today; it’s about who you can hire tomorrow. Silver medalists are a crucial component of this strategy. They represent a pool of talent that you’ve already invested in, making them an efficient and effective resource for future hiring needs. By maintaining these connections, you create a sustainable and proactive approach to talent acquisition.
Let JOYN Take the Strain
In the competitive landscape of recruitment, every candidate interaction matters, but we realise that time does not always allow for it. Remember, your JOYN Consultant is an extension of your company’s talent acquisition setup and can be tasked with managing your company’s talent pool of silver medalist candidates.
Armed with JOYN’s bespoke recruitment technology platform, any JOYN Consultant that is working on one or more live assignments for you can access, manage, curate and control your precious talent pool of silver medalists. The next time you’re faced with a hiring decision, don’t just think about who to hire today—consider who might be the perfect fit tomorrow.
Contact JOYN to learn more.
