“During the last decade of economic expansion, organizations have focused on finding the right talent to drive business growth.” Deloitte
Every company must develop a recruitment process that will support its growth strategy since having the right people onboard can very well determine whether a company succeeds and thrives, or will lose to its competitors. It must establish recruitment objectives, develop a hiring strategy, carry out recruitment activities, measure results and evaluate the effectiveness of it all.
“Employers who excelled in recruiting experienced 3.5 times more revenue growth and twice the profit margin of other employers.”
Finding professionals with the right skillset can be a challenging assignment. Managers must decide on what kind of candidates they want to attract, on what recruitment message to communicate and how to reach people. When done poorly, an organization’s talent acquisition efforts will result in job applicants who are unfit, need different traits or might be likely to quit within months of having been hired for a job. An ineffective recruitment process will miss highly qualified candidates altogether since these are professionals who excel at their current jobs and aren’t currently looking for a career change.
Recruiters have a critical job beyond assessing candidates. They have the responsibility to align their company’s vision and culture with the hiring process, and then making them clear to all candidates that they get in touch with.
Define what “best” looks like
When developing a recruitment strategy, recruiters should focus on identifying the best candidates for each opening. Therefore starting a search by clearly defining what “best” looks like for the organization is essential to the quality of the process: values, skills, experience, and potential. We recommend our clients to look at the best performing employees to date that have remained employed for at least 18 months. Observing what caused them to be successful can then be correlated back into the recruiting process, and have candidates vetted against those traits that are critical to success.
“The Average Cost-per-Hire for Companies Is $4,129, while the average time it takes to fill a given position is 42 days.” (SHRM)
While the process is important, measuring its success is even more significant. Starting from basic analytics such as time to fill a position, cost per hire or percentage of offers accepted, to complex subprocess indicators, there are numbers that can help you identify areas of improvement.
Reach out to us to learn more.