Talent Acquisition : Improving Your Hiring Process
Bad hiring decisions cost money, but then you don’t need us to tell you that.
Depending on which source you read, a poor decision can cost from one third of an employee’s annual salary to up to five times that number. Which one is right? In truth, they probably both are. In an attempt to quantify this number, recent research from Oxford Economics suggests that the average cost of replacing a departing employee is a quite staggering £30,614.
As ominous as this figures sounds, with a clearly defined hiring strategy, the risk of a so-called ‘bad hire’ can be minimised. The following points offer a good place to start:-
Start with your job description: Before creating a detailed profile, you must first of all identify the skills and attributes required to meet the expectations (and more) in a specific role. Don’t automatically use your existing job description. It’s possible the market has changed since you last filled this position. What kind of talent are you looking for? As a starting point, what key characteristics do the top performers in your company have in common? Your job description and performance objectives should incorporate these traits.
Create a detailed hiring plan: Determine how long your hiring process will take and which members of your team will be involved. Your hiring plan must be consistent in order to evaluate each candidate on similar criteria with appropriate competency based interview questions that will be asked of every interviewee. Take detailed notes of all of their responses in order to assess each candidate fairly.
Use effective recruitment software: Without the right tools, the hiring process may lead to an overwhelmed HR department and the top candidates leaving the talent pipeline. The best recruiting software is designed to make your hiring process more efficient by enabling you to leverage features such as employee referrals and applicant tracking systems. It will also reduce your overall recruitment costs and allow you to both identify and engage with potential quality hires throughout the hiring process.
Don’t waste time: All too frequently, the high achievers quietly remove themselves from the hiring process. Common reasons for these decisions include poor communication on the part of the employer, lengthy delays between interviews or an alternative job offer from a competitor. In this case it doesn’t mean the job offer they accepted was necessarily better than yours, simply that another employer was willing and able to move faster. If you identify an outstanding candidate, don’t hesitate to fast-track them through the process. Choose recruiting software that will offer your company the latest and fastest functionality for candidate screening and evaluation to give you a competitive edge.
Prepare for your interview thoroughly: Countless articles reinforce the importance of candidates preparing thoroughly for their interview but the same applies to employers too! Your hiring manager doesn’t automatically have all the answers to what it takes to be successful, especially when it comes to specialist or technical roles. If in doubt, ask for advice on the most effective questions, even if it means consulting an outside expert. That extra perspective is worth it when it comes to talent acquisition. First impressions count; what impression does your company give to a potential new hire?
Promote a consistent message: Your brand message should reflect your company’s core values and be communicated across all of your marketing and social media channels to attract the talent you seek. Your recruitment campaign begins long before you identify a specific need and the most successful organisations not only recognise this principal but integrate it within their overall talent acquisition strategy.