How can a company spend less time and money chasing down the perfect job candidate?
When it comes to optimizing talent ROI, that’s where the rubber meets the road. Employers need to consider both internal and external recruiting expenses as they maintain high morale and productivity in the face of business-critical job vacancies, while at the same time keeping their HR budgets in line.
Here are four tips to get this thought process started:
1. Shorten average time to hire.
If a position isn’t filled on time, an employer could be missing out on top talent, in addition to having a key role remain open. This can cause teams to struggle with burnout, task overflow, and other negative fallout that hurts them, their job satisfaction levels, and a company’s brand.
- A general rule of thumb? Keep average times to hire as close as possible to 10 business days. Otherwise, the candidates being courted will likely have gone elsewhere.
2. Work with a niche recruiter.
It behooves companies to work with staffing agencies that specialize in their industry and best know how to meet their unique business needs: talent partners that truly understand them and who they are searching for, and can slip seamlessly into their plans, processes, and internal HR structure.
3. Remove inefficiencies and hiring methods that no longer work.
Every aspect of a hiring process should be scrutinized and improved as needed for greater efficiency and talent retention.
- The best candidates are bombarded daily by multiple recruiters. Employers who drag their feet as they deliberate and mull over their options will learn the hard way as they see their prospects being interviewed or hired elsewhere.
- Unnecessary interviews should be avoided. Indecisiveness + excessive red tape = epic fail. Sometimes, the assumption is that the more people involved in the hiring process, the better. But, not usually true. Quality trumps quantity.
4. Shift hiring strategies to attract better talent.
Keep up with new and emerging job data trends. Companies need to pivot continuously, adapt, and modify roles, catering to evolving demand. This is especially pertinent today, as businesses worldwide recover and reopen in the wake of Covid-19.
- It’s more critical than ever to identify transferable skills in candidates and employees. Then, they can be reskilled and upskilled accordingly.
Optimize Your ROI Starting Today
As you grow your career in talent management, be sure you stay current on the best methods and tactics to maximize recruitment ROI. If you need a coach or job hunt partner, Search Wizard has it covered. Talent acquisition is all we do: It’s been our sole focus since we launched in 2005. So, you can rely on our specialized experience, resources, and expertise as we custom design a winning strategy for you. Read our related posts or reach out to us today to learn more.