There’s a common misconception that product drives the success of a company; in fact, it’s the people behind it all.
Worldwide enterprise leaders understand that hiring isn’t as simple as filling a vacant position. Onboarding a new staff member is committing to an investment, one that can return a hefty reward with the right protocol and analysis in place.
Through understanding your current HR department’s shortfalls with the help of intuitive technology, your company can begin to improve and measure recruitment in a bid to improve its value as an asset.
Holding yourself back
The current global hiring market has shifted over the last decade, and the same holds true in the UK. There remains a surplus of candidates for common jobs with few requirements, while highly skilled occupations that require a specific acumen are becoming more difficult to fill.
Due to this market scarcity, HR staffers must be agile and efficient in their search for top-tier talent. There are a few telltale signs of an ineffective recruitment strategy:
- High turnover.
- Prolonged unfilled positions.
- Lack of metrics to track HR performance.
The last point is perhaps the most concerning; because so many businesses still use manual methods of recruitment, they’re not only behind their competitors in terms of digital transformation but they also can’t track their hiring efficiency.
High turnover can be a key indicator of ineffective hiring practices.
Recruitment software has become a hallmark of effective HR departments for multiple reasons. Not only does it allow for more efficient processes with useful applications that ensure speed and consistency, but it can be leveraged to create a benchmark of hiring performance. That’s incredibly important when it comes measuring recruitment success and failure – and understanding the return on investment you’re getting from your HR staff.
What to watch for
After integrating digital tools to speed up the recruitment process you’ll be able to accomplish a few things: A more strategic approach to sourcing candidates, and multiple methods of assessing the effectiveness of the plan in place.
The former will come through intuitive applications that allow you to sync with various software and facilitate streamlined information gathering and transmission. This allows your staff to get job postings to the market quicker, communicate better with high quality candidates and reduce wasted time during the process.
With all of that in place, you can better understand what type of value your hiring strategy is bringing to the table by keeping an eye on a few different metrics:
- Time-per-hire: Period it takes between posting an open position and filling it.
- Cost-per-hire: Initial financial investment being made on each candidate based on a combination of aspects related to resourcing.
- Sourcing: Amount of interviewed and hired candidates found on each job board to weed out ineffective posting locations.
- Turnover rate: How long new hires are staying on average.
After being able to source these metrics through recruitment software, hiring managers can get creative with understanding them. For example: sourcing and turnover rate can be correlated to understanding which method of sourcing contributes to the most hires, as well as the longest period of stay. This can help weed out origins of low-quality candidates that recruiters can then stop wasting their time with.
While this quantifiable data can be valuable in assessing shortfalls and inefficiencies, don’t forget that intangible metrics are just as important. Recruiters should continually survey department managers to understand which hires stood out as great fits – both professionally and culturally – and what qualities of their work and personality they think contributed to the seamless transition to the team.
Contact a FastTrack representative today for more information.