U.S. organizations spend $130 billion annually on hiring new employees. With a price tag like that, businesses can’t afford to make mistakes! Yet 43 percent of employers say they’ve made bad decisions by hiring too quickly.
Paycor organizational development specialist Allison Flynn led a webinar in which she offered six tips for hiring right to reduce turnover and cut costs associated with recruitment, training and filling job gaps when employees walk out the door.
1. Manage all your hiring in one place
The best way to consolidate and manage your hiring data is to automate your applicant tracking. This allows you to store past and current data in one location and even keep track of candidates for future openings if they don’t meet your needs right away.
Automation also allows organizations to track candidates throughout the hiring process and manage their information consistently and securely, without fear of lost paperwork.
2. Analyze best places to find talent
Track the sources of all your candidates, such as job-search websites and social networking sites like LinkedIn. It’s important to understand what works for your organization and where you’re finding value in paying for listings or spending time searching and posting. Dig deeply enough to see which sources drive the most candidate volume and where you find your hires by position type and location. For example, LinkedIn might be a terrific source for a certain type of job in your company. For other roles, employee referrals might be more effective.
3. Build a robust careers webpage
Your website is an applicant's first impression of your business and your brand. Integrate your application process with your careers page, focusing on usability and reliability to ensure you don’t lose top candidates because of technical issues.
And remember that your careers page is a direct reflection of your company. Include information about open positions, as well as benefits, culture, potential career paths, company news and awards. Offer insight into what it's really like to work at your organization. Be consistent with your brand to set expectations for candidates and get them excited before they even walk through the door.
4. Make decisions electronically
Use technology in your hiring process to guard against ever losing a résumé—and maybe a great new hire!
Create a binary yes/no decision process for your interview team. That way, no candidate is stuck in the “maybe” category and potentially forgotten or overlooked.
5. Understand bottlenecks in your process
Analyze your hiring process: How long does it take? Which parts take longer than others? If the process bogs down, you risk losing top candidates to competitors with more efficient processes.
Track these five metrics for staffing success:
* Time to pursue: How long is the process from application to
résumé review to phone screen to interview?
* Where candidates are in the process: Does one stage seem to move more slowly than others? What, or who, might be causing that?
* Open requisitions: How many openings does your organization have? How many are newly created roles vs. replacement roles?
* Time to fill: Anticipate the length of the process and manage expectations of leadership by providing them with realistic timeframes. Remember, some position types will take longer to fill than others.
* Turnover: Tracking turnover is essential, especially within the first 90 days of employment. It’s important to do exit interviews to understand why low-tenure people are leaving the organization. Those interviews can reveal gaps in your recruitment process and illustrate what to fix in the future.
6. Monitor compliance
Understand and avoid Equal Employment Opportunity Commission and Office of Federal Contract Compliance Programs regulations—and the major fines that can come with violations. Use consistent, legal processes for hiring or rejecting candidates, and keep strong documentation to show why a candidate was or was not selected.
Watch a recording of Allison's webinar for more tips.
Want to be sure your recruitment processes are optimized to support organizational success? *Learn more about Paycor’s automated Applicant Tracking System and its ability to drive better hiring decisions. Get in touch with us to find out more.
Source: Hireology Blog 2013 Hiring Statistics
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