Hiring a new employee, from start to finish, will cost your company more than just their salary and benefits package. The recruitment process will also cost you more than your job advertising budget, hosting job fairs, or the technology platform you invested in to streamline your recruitment efforts.
When it comes to the hiring process, time is money. The total cost of hiring an employee also includes the time your talent acquisition team devoted to sourcing, attracting, and interviewing that employee. Not to mention, there’s also a considerable amount of lost productivity while the position sits open. This is especially important to note in a tightening job market where candidates are in the driver’s seat and the competition for talent is fiercer than ever.
Here are three key strategies your talent acquisition team can implement to accelerate and streamline the hiring process.
Implement job description best practices
Based on your market insights, such as what titles people are searching for, what jobs are in higher demand in specific markets, and how to effectively sell against companies hiring similar roles, your team should practice continued accountability for every job posting. This means consistently updating content on all of your job postings.
When updating job descriptions, implementing Search Engine Optimization (SEO) best practices is essential in getting your job postings in front of the candidates you’re trying to attract. This will ensure your job posting ranks high among candidate search results.
Vet candidates to interview in person
A candidate is more than just their resume or cover letter. This is an important truth because the cost of hiring can increase when you spend time interviewing candidates who are robust on paper but fail to impress in-person.
Incorporate brief phone screenings or video chats into the beginning of your recruitment process. This will provide valuable insight into a candidate’s communication skills and personality, allowing you to determine whether they’re a good fit for an in-person interview. For pre-interview screenings, try asking open-ended questions that will encourage candid answers, such as, “What kind of work environment do you feel you thrive in?”
Partner with a staffing expert
Another strategy your company can deploy to accelerate and simplify the hiring process is partnering with an expert staffing firm. By outsourcing part or all of the recruitment process to an expert, your company will have access to their pipeline of qualified, vetted candidates. A staffing firm can also help mitigate your risk of making a bad hire - another cost that can occur after the recruitment process is complete.
If your organization is struggling to keep pace with the ever-evolving recruitment landscape, contact us today.
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November’s Employment Situation Summary was released by the Bureau of Labor Statistics on Friday, December 6, 2019
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