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hr statistics Archives - SourceMatch

Design recruiting with people in mind, not just numbers.

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Dear Hiring Managers,

We recruit with people in mind, but we do it by means of numbers. Recruiting project managers at SourceMatch have one main objective, and it is to provide valuable results to hiring managers they collaborate with. Their business is to understand statistics in such a manner that make the interaction profitable, thus creating a win-win-win situation. Why a triple win you may ask? Because recruiting needs to be a partnership between the hiring manager, the recruitment project manager and the candidate who is to be hired.

Think about how you would develop a general recruitment plan. You would have to review job descriptions. But before that, you would have to consider people finding strategies and use alternative labor pools. You would also have to have an image of how your company is perceived as a workplace from the outside. And as you would go about the process you would hit some roadblocks and you would have to adjust your goals. But these roadblocks you did not plan for could be a setback. This is where a recruitment company could come in handy as it would act as a buffer against the unexpected. Recruitment project managers would be helpful in determining your overall recruitment needs by having well-established business goals.

Or imagine you are on the lookout for a specific talent or that you are looking to hire a large number of skilled workers. How long will it take you, the hiring manager, to hire? How long does the recruitment process take for professional recruiters? Most companies out there would certainly know right off the bat that it takes on average less time to recruit when working with a partner specializing in recruitment. Time is only one of the factors you have to consider, the others include the variety of sources, recruiting research, and thorough process of vetting candidate’s before they even get to you. All of them matter when it comes to making a decision that affects an organization’s operations and growth plans. If you would have to estimate the true cost of hiring, we recommend looking at some statistics to put a value on the process.

You may come across reports saying that hundreds of talented people are going after the same job. And at the same time, you may come across conflicting recruitment statistics that highlight the difficulties of the skills gap and missing talent. Now let’s talk in concrete terms. If you take into consideration stats like “90% of job seekers say that it’s important to work for a company that embraces transparency” (Glassdoor) or stats like “79% of job seekers say they are likely to use social media in their job search” (Glassdoor) you may look at those big numbers and jump to the conclusion that finding someone is easy. In reality, it’s not.

Yes, you have to recruit with numbers in mind, but truth to be told you have to have the right numbers and get your facts straight. According to Glassdoor, “on average, each corporate job offer attracts 250 resumes. Of those candidates, 4 to 6 will get called for an interview, and only one will get the job”. In other words, you will pay the cost in time and resources to go through 250 candidates/resumes plus the cost of expertise and tools, not to mention the opportunity costs. If you would outsource the recruiting process to a recruiting partner, they would use their resources in an optimal way. Recruiting agencies live and thrive by means of performance metrics. Recruiting project managers oversee the recruiting process by keeping track of recruiting funnel metrics such as time to source, time to interview, time to hire, etc. They are well aware that coming with better, faster, and more reliable results than their clients could internally is the only measurement of success, and eventually the reason why clients do business with them!

Are you missing anything? You might think that your organization’s internal resources and information are enough. Along with your recruiters, you provide candidates with details on compensation packages and benefits, details on what makes the company an attractive place to work, its mission, vision, and values. It’s easy to miss the fact that attracting talent isn’t the hardest part. Attracting, or rather finding the best talent within the desired timeframe is the most difficult part of the recruiting process. For instance, recruiting project managers at SourceMatch leverage research, intelligent algorithms, multiple compensation market data, and especially proactive measures to identify candidates that wouldn’t otherwise be visible.

Our main priority is to work with clients to enable them to reach candidates that are performing above peer professionals in the market.
> Assisting the hiring manager and the client’s human resources team to build on their experience about what makes an employee successful over the long term;
> Extend the reach of the client’s recruiters whether to identify hard to find talent or large numbers of candidates needed in a short timeframe;
> By managing the whole recruiting process, and allowing the client’s human resources team to focus on talent onboarding, development, and overall experience.
> We create 360-degree candidate presentation packages that include all the data needed for our client’s hiring managers, recruiters and human resources, to make informed hiring decisions.

At SourceMatch, we’ve developed and are constantly improving our own approach to recruitment: we design recruiting with people in mind, not just numbers. We pay attention to our clients’ needs by enabling them to pursue expansion into new countries, to grow in current markets, or to identify hard to find professionals. What qualifies us according to our clients is the speed of execution while tackling complex recruiting engagements, identifying strong professionals while dealing with their limited availability, or putting in place recruiting systems that serve as immediate help in expanding teams. Discover and explore our range of case studies to see how our teams of experts deliver recruiting solutions for a variety of needs.

Future of jobs Infographic – Series Industry – Profile Financial Services & Investors

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This data provides a better understanding of the potential of new technologies. Adopting them will not only create disruption in the jobs market but will have the role to improve the quality of the existing work of human employees. By 2022, the enhancement of existing jobs through technology may free up workers from the majority of data processing and information gathering tasks.

At the same time, technology adoption might also affect more complex tasks such as reasoning and decision-making as augmentation becomes common over the years as a way to supplement and complement human labor.
New technology, more importantly, can enable increased productivity across multiple industries. The way companies compete will be affected too, with more weight given to those able to leverage technologies as tools to complement and enhance human work, rather than competitive advantages focused on operations or the ability to attract talent.

There are three aspects you should focus on. These following infographics will show you how new technology adoption influences Financial Services and Investors Industry. Even more, these will show you the existing barriers created by new technology, and also portray the expected impact on the workforce.

Let’s start with a look at how technology adoption affects Financial Services & Investors. A huge share of analysis of the respondents from the industry indicated that, by 2022, their company was “likely” or “very likely” (on a 5-point scale) to have adopted new technology as part of its growth strategy.

Secondly, when we check out the barriers to adoption of new technologies, the five biggest perceived barriers to the implementation of new technologies across the industry become very clear, as ranked by the share of survey respondents.

Thirdly, here’s the expected impact of new technology adoption on the workforce. In this last chart, you can see the percentages representing the opinion of survey respondents from the industry who expect their company to have adopted the stated measure(s) over the 2018–2022 period as part of their current growth strategy.

Technological progress presents a real challenge to existing business models and practices. Despite their disruptive potential, these dynamic changes will act as a pivot towards growth for those organizations that will dedicate resources to overcome them.

Source: Report

Future of jobs Infographic – Series Industry – Consumer

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The following data helps us understand that many companies are adopting these new technologies to increase their businesses. It also supposes to improve the productivity and quality of the existing work of human employees. The expectation regarding this growth is to create new tasks from app development, to piloting remote monitoring of patients health and to certified care workers. All of which creates new opportunities for an entirely new range of livelihoods for workers.

However, by 2022 no less than 54% of all employees will require significant re- and upskilling.
Another important requirement is additional training, 9% will require reskilling lasting six to 12 months, while 10% will require additional skills training of more than a year. A considerable improvement will be seen by 2022 which will include analytical thinking and innovation as well as active learning and learning strategies. A noticeable increase will have the technology design and programming highlights the growing demand for diverse forms of tech competency identified by employers.

This infographic indicates, to date, many employers’ upskilling efforts continue to concentrate on a limited set of existing highly-skilled and highly-valued employees. However, in order to formulate a successful workforce strategy for the Fourth Industrial Revolution, businesses will need to recognize human capital investment as an asset rather than a liability. In the end, these statistics help business owners and not only, to make decisions when it comes to adopting technologies.

First, let’s take a glimpse of the following infographic and see how technology adoption can affect the Consumer Industry. A huge share of survey respondents from the industry indicated that, by 2022, their company was “likely” or “very likely” (on a 5-point scale) to have adopted new technology as part of its growth strategy.

Secondly, if we look at the barriers to adoption of new technologies, we can see the five biggest perceived barriers to the implementation of new technologies across the industry, as ranked by the share of survey respondents. The following graphic will show you which were the obstacles that were selected by the surveyed people that were perceived as impediments to successful new technology adoption faced by their company.

Thirdly we have the expected impact of new technology adoption on the workforce. In the following graphic, you can see the percentages representing the share of survey respondents from the industry who expect their company to have adopted the stated measure(s) over the 2018–2022 period as part of their current growth strategy.

Technological advancements are very likely to present real challenges to existing business models and practices. But hopefully, in the next years, these dynamic changes, whether they are disruptive or constructive will be the exact reason why new opportunities for growth develop.

Source: Report

Diversity inclusion Infographic

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Creating a diverse workplace definitely pays off. These recruitment statistics show that the top reasons companies focus on creating a diverse workplace are statistically connected to the benefits that come with it. Firstly, diversity improves company culture as reported by 78% of respondents. Secondly, it improves company performance at least according to 62% of the surveyed lot. And thirdly, a percentage of 49 of respondents said they incorporate diversity in their business so they can be more relatable to their clients.

Business leaders might want to better relate to customers because of the benefits it brings. McKinsey’s research on the link between company financial performance and ethnic, cultural, and gender diversity finds that companies in the top quartile for gender or racial and ethnic diversity are more likely to have financial returns above their national industry medians. In this case, some might want to look into ways of integrating into their organization people with different cultural backgrounds that would match the cultural dimensions of the business clientele. With regards to improving company performance, the same study pointed out that diversity is a competitive differentiator that is shifting market share toward more diverse companies. The analysis of the data revealed a positive relationship between financial performance and greater diversity in leadership. The reason for this might be because the more diverse a company is the better it is to improve employee satisfaction and thus decision making.

In conclusion, although improving organizational culture through variety might be difficult, it is well worth it. It might be hard to achieve a cohesive one direction oriented group with people from different cultural and ethnic backgrounds because of unconscious bias, but companies that manage to do it are also able to achieve a global mindset and cultural fluency which in turn translates into higher profit.

Source: https://www.talentnow.com/recruitment-statistics-2018-trends-insights-hiring-talented-candidates/