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talent acquisition Archives - Page 2 of 2 - SourceMatch

Dec 11
0
recruitment statistics

Recruitment Statistics 2018

By | Blog, Recruiting | No Comments

Why are recruitment statistics important? Besides the fact that they keep us informed and help us guide our recruiting efforts, they can be powerful tools to improve.

In this statistics representation, we showed in numbers how easy/ hard it is to fill a position in the year 2018. Do you know what passive job seekers are? The following data will be of much help if you do a little research on how to direct your efforts when searching for talent. And the last item in our figures is related to the number of companies that promotes talent within the organization.

U.S. employers encounter difficulties when they want to fill new job openings. The statistics tell us that 50% of U.S. employers reported that it is taking them longer to fill jobs today compared to any other period of time. This trend in human resource speaks about who has the upper hand when it comes to recruiting.

Job seekers hold the strongest influence on the job market. Some decide to pursue jobs based on long-term personal objectives and others will hop from one job to another based on salary alone.
In their search of the best talent, recruiters also need to consider candidates who are not actively searching for a job. According to the statistics, 73% of candidates are passive job seekers.

This turns out to be difficult for recruiters because passive candidates are not looking for new job opportunities since there’s typically a good reason: they are competent workers and they are happy with their current role. Convincing them to hop jobs might be difficult.
But there are also more optimistic statistics. For example, 79% of organizations are focusing their efforts towards building and promoting their own talent from within, meanwhile only half are recruiting from the external labor pools. Hiring from within their own organizations comes with numerous benefits for employers because it saves up on time and not to mention money. This is an ideal way for organizations to retain talent and to grow organically.

 

Nov 05
3

What is the Greatest Challenge in Talent Acquisition?

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Starting with the recruiter, the hiring manager, and any other decision makers in an organization, the greatest challenge in Talent Acquisition is related to people. Specifically, maintaining a clear understanding of why you are hiring and a human approach to the whole organizational brand, market presence efforts, and recruiting process.

Not doing that, will lead both organizations and candidates to a mere transactional interaction that a) attracts the wrong candidates and b) gives the organization the wrong idea about the recruiting process’ quality.

So how do companies lose grip on what really matters in searching and hiring for talent?

1. Focus on speed and KPIs only – it’s easy to look at numbers and say – we are doing good, but that’s just one side of performance in talent acquisition. A healthy process includes assessing behavioral traits and the candidate’s behavior in certain situations, assessment of skills in terms of real-life examples and situations (and correlated outcomes) when these were acquired or exhibited, and an evaluation of the basic values that are required to have a good cultural fit.  Ultimately, the validation of all of these after 3, 6 or 12 months is what improves talent acquisition. You want to check in on how well you have been selecting candidates, and whether your expectations, observations, and predictions have materialized. Things such as dedication, initiative, and cultural adjustment take time to prove. Pay extra attention to how new hires (last 9 months) react to pressure, high risk or failure.

2.  Superficial screening based on skills only – while skills are an important part in figuring out whether a candidate is a good fit for the organization, it’s insufficient. A candidate’s personality, resulting behavior, potential, expectations, ambitions and motivators, the capability to add value through different perspectives, etc., are all important. In essence, evaluating a candidate is more than mere math. Of course, it’s very useful to quantify all of the above through various assessments scores and different interviewers, but not at the expense of a complete understanding of who the candidate is and what they can bring to your organization.

“We are all born ignorant, but one must work hard to remain stupid.”
– Benjamin Franklin

Some new hires might not have a lot to show for in terms of previous quantifiable results and performance. They bring all of their positive attitudes, determination, curiosity, and resilience to the table. When all interview conclusions and assessment scores indicate a high-potential candidate, despite the lack of experience, be straightforward with candidates about your concern. Let them know that you recognize their value, but that results are an essential part of long term success and fit in the organization.

3. The influx of data, easiness of access to dozens of resumes databases, and growth, by any means, are some other causes of poorly structured talent acquisition. Talent acquisition, beyond recruitment, is meant to create a clear representation in the market of who the organization is, and who it’s trying to attract. In other words, the organization’s brand and what a successful candidate looks like. Failing to paint the right picture in both these areas can significantly affect retention and performance.

If that’s the case you might think all companies might be prone to bad hiring decisions. You would be right! Organizations who intentionally pursue excellence in the recruiting process will attract the best talent in the labor market. It’s the only way to stand out in the crowd of poor talent acquisition practices.

It all needs to start with planning the recruitment process end to end.

  • When an opening is created – understand how it will fit the overall organization, departments or team it’s part of; how it contributes to a company’s or project’s goals; is it meant to be a long term position, and if so what career advancement will it offer; based on past experience with similar positions, there are factors that lead to success or the opposite way – know these before you look for people, etc.
  • How does the job description describe the requirements, complexity, and opportunity of the position? Do you have a clear description of the organizational environment with advantages as well as limitations (i.e. startup vs corporate)? Include factors you know will help new hires succeed. Some may not find themselves in the Job description, and if you’ve done your homework putting well it together, that’s exactly what you want.
  • Do you provide candidates reaching the interview stage an even deeper understanding of the company’s vision, mission and goals? Candidates (future employees for some) like to have clarity as to what they’re getting themselves in. Anything else and you are pursuing a transactional approach to recruiting. When you have clarity about the growth objectives of the company and can portray it clearly, candidates won’t have to wonder what’s their role in the “greater scheme of things”

“To be natural is such a very difficult pose to keep up.”
– Oscar Wilde

  • Be human about it all – treat people with dignity and respect. Every single time. The more you do it, the more natural it will be. That implies the golden rule doing to others as you would expect others to do toward you. If you expect some kind of feedback after an interview, so do your candidates. Do you care to improve how well you control your emotions and anxiety when interviewing? So do they. Include genuine advice to help them for their next interview. If you are hiring someone while making a concession regarding the requirements, you have to be transparent about it so they know what is it that led to your decision.

 

Don’t take shortcuts. Shortcuts become huge further in the recruiting process. Anytime your talent acquisition team takes shortcuts, the organization ends up with a mismatch between people, jobs, and growth potential. That can cost your organization up to 2.5 times annual salaries for each poorly made new hire.

 

Oct 30
1

Recruitment Infographic 2018

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Are your recruiting efforts ineffective and inefficient? Have you gone through bad hires, money and time-consuming talent acquisition processes? Adapt your current hiring strategy based on the latest trends.

If you want to hire the right people, make sure their experience with your brand is a positive one.
Statistics show that job seekers consider the reputation of a company when applying to job offers. This means that offering good wages/packages won’t be enough to bring them to the table and especially if you want to attract the best people on the market.

Attract people that are talented and qualified by taking care of the employer branding.

 

 

 

Nov 09
0
outsourcing can be a good thing

Outsourcing and its Alter ego (hint: Frugal Innovation)

By | Blog, Future of work, Recruiting | No Comments

Perhaps one of the leading misconceptions about outsourcing is that a company that outsources needs to cut the jobs of current employees. For sure, there are instances where we see that happening. But that is a result of a flawed mindset deriving from an early stage of outsourcing history where increasing the margins (for the sake of profit) was the only purpose. It works, but it’s short-sighted.

Outsourcing done right has a lot to do with frugal innovation. Navi Radjou coined the term and defined it as a mindset exhibited by individuals and organizations that strive to do more and better, with less. Most managers will translate this: “Ah, I need to cut costs while keeping the same revenues level.” Contrary to this understanding, frugal innovation rather translates to “How can I maintain my current level of expenditure while increasing the efficiency of output and revenues?” In other words, how can I increase value to my customers, while at the same time not spending more towards that purpose?

Outsourcing is undergoing a shift in mindset

This switches the angle from which managers look at outsourcing: it becomes a strategic decision (i.e. from cost-cutting to cost saving). The outsourcing partner comes in to complement an existing organization, and act as an extension of its teams in order to tackle larger projects or peaks in demand. Besides bringing in raw capacity, the outsourcing partner will contribute (if selected well) with a strong focus on end results, since their business with that organization depends on it.

stark-lightbulb

But let’s take a step back and think through the model of frugal innovation. Without any doubt, it’s quite easy to find a solution by spending a lot of capital (especially if it’s available and this seems like a good cause, right?!). However easy that may be, it actually drives down innovation and creativity (since most likely an existing solution will be chosen, one that can be bought off the shelf). While taking the decision to outsource is a step forward, it’s hardly the only one you need to take. The other critical step in reaching higher levels of value is the innovation process through which old practices and processes are entirely re-thought or upgraded. That puts the outsourcing partner (and whether they like it or not, the organization as well) in a tight spot that doesn’t allow for any status quo such as using piles of cash as a safety net. As Renault-Nissan Group CEO Carlos Ghosn once said “In the West, when we face huge problems and we lack resources, we tend to give up (too) easily. Frugal Innovation is about never giving up!”

The lesson from emerging markets

Although frugal innovation has been associated more than often with emerging markets (and for good reasons), more and more organizations in developed economies are considering this mindset because of the rising consciousness that resources are limited (i.e. see the Skills Gap for human resources or fossil fuels). The last economic crisis that swept many western markets off their feet has contributed towards that same consciousness.

stark-grinder

Outsourcing based on that mindset is probably one of the soundest decisions that an organization can make (where applicable, see the organization’s core or niche specialty capabilities that represent its trade secret), especially because of its sometimes harsh but healthy side effect: it enables that same organization to innovate faster, better, and cheaper (without giving up on any of the three). All of which are quintessential to success in the New Economy where capital takes the back seat, while talent drives.

Here’s a challenge that takes you out of the comfort zone, out of a profit-only or damage control mindset. What will you do?

Oct 05
0

Do you Consider Intellectual Capital an Asset for your Company?

By | Blog, Leadership, Recruiting | No Comments

What does intellectual capital actually represent?

Intellectual capital can be defined as all the knowledge in the company owned by employees. In other words, intellectual capital is the collective knowledge that can give your business a competitive advantage.

So why should you invest in your people?

You always have to remember that people represent the most important asset in your company emphasizing the fact that if your company is a services company people represent the most powerful tool that your company has. You have to be aware that trainings and continuous investment in your people grows your overall company knowledge. People are the ones who create the intellectual capital of your company. Intellectual capital is knowledge, and knowledge will produce innovation, improvements and eventually profit.

It`s the people who can drive your business towards profit or loss, they have the power to gain new customers, create new products and improve your business. Intellectual capital is the combined value of one company’s people.

Why should you protect your work?

Intellectual capital is becoming a critical part in many companies today in order to obtain an economic growth and innovation, as the different types of intangible assets of a business are often more important and valuable than its tangible assets.

One of the main things regarding intellectual capital is to decide whether you want to protect it or make it “open source” so anyone can have access to it. There are several ways to protect your company’s work depending on the type of protection your company needs.

Which are some reasons you should do this?

** You can protect the way in which a particular idea is expressed
** You can prevent illegal transmission of your work
** You are able to decide how your protected work can be used
** When you protect your work you are making a public claim or record that you have the sole authority over a particular work
** If you protect a work you can sell it
** You will have the power to sell or transfer your creative work and make it available to people who wish to reproduce it for some purpose

Another aspect to be taken into consideration is Intellectual Property (IP) as intellectual capital is a superset of IP, meaning that a company may be able to obtain competitive advantage without IP, but it cannot obtain competitive advantage without intellectual capital.

What are the reasons in your business to use Intellectual Property rights?

** Offers protection over your IP against a competitor that could copy your products or use your innovations;
** Helps to differentiate your brands through highlighting the peculiarity of each of them – creating a strong brand identity;
** The commercial value of your company is increased;
** Through IP transactions, like licensing and franchising, a company can gain revenues and ensures that entrepreneurs get all the financial benefit from their ideas;
** New markets become available as IP rights provide a basis for business partnerships, like outsourcing, open innovation, marketing, research etc.;
** IP assets that have legal protection can be valued and leveraged to obtain financing or venture capital, enabling more money to be raised for development;
** Geographical markets are divided as in some countries IP owners can restrict goods from being transferred into another country in which they were also given IP right protection;
** Provides consumers the confidence that products are authentic and have the high-quality that they would expect;
** Encourage innovation and reward entrepreneurs for taking risks in developing new innovations.

Statistically speaking, in countries with a high-income level, intangible investments exceed tangible investments meaning that IP is important to enable a company drive economic growth and competitiveness. Innovation is one of the key driving forces, followed by economic competencies and computerized information.

stark-wipo-report

Source: WIPO – World Intellectual Property Report, 2013

Economical growth of a society is determined by the sum of values that compose it, including the human resources, through their most important asset, original creation – original output.

Intellectual capital can be compared with the roots of a tree, it is a hidden value that cannot be easily visible, although it is of vital importance. According to recent financial statistics, approximately 80% of the value of a company is made up of intangible assets and only 20% being made up of tangible assets.

How important is intellectual capital for your organization? How do you deal with it? Share your thoughts and comments!