Making Placements, Losing Money & Not Knowing Until It’s Too Late
Time – a recruiting professional’s most valuable asset, and often biggest obstacle. The saying is true, especially in the talent acquisition industry – time is money when sourcing, hiring, and onboarding the perfect placement for a position.
As talent pros, we often ask ourselves where we lost track of the time during the recruitment process. When not monitored closely these three aspects of the normal hiring cycle can be notorious for wasting valuable time and driving up your company’s cost per hire.
I . Skill Sourcing: In Today’s gig centered economy particular skills are becoming more in demand for companies. So naturally when we source we aim to deepen our talent pool and diversify our connections in hopes that we will find star candidates in that mix.
But are we sourcing this job economy the wrong way?
Casting this wide net of connections and searching through each one’s background takes a lot of time. Instead, we need to be smarter about how and where we source. By running analytics, we can find our best talent sources faster. You don’t have to choose between quality and quantity – instead let the data tell you where you can find both.
II . Unqualified Referrals: Employee and candidate referrals are a recruiter’s bread and butter. And why wouldn’t they be? Referred candidates can be the best source of hire – and if you play your cards right that pool of referrals never has to dry up.
But every recruiter has gone off hunting a less than qualified connection in their career. Could this be due to an employee referral incentive program gone wrong? Or maybe a connection felt pressure to give you a name on the spot during a sourcing call.
Either way, you are days away from missing your placement goal and you only have names of referred potential candidates who don’t exactly meet the qualifications for your open positions.
A great way to harness the trends coming from the positive referrals you receive is by tracking them. By running analytics, we can pinpoint where the best referrals came from. Following these leads back to their sources will allow you to open even more doors to the right candidates, saving you time during your next sourcing spree.
III . Lengthy Interview Processes: The hard work you put into your submittals has paid off and your hiring manager is ready to proceed with the interview stage. The only problem is that they want multiple meet ups with the front runners.
These hiring managers may see this long process as a chance to get the candidates in front of as many key team members as possible – giving them more time to weigh their options. They might not be considering how costly a lengthy interview stage can be. Not to mention how many quality candidates will close the door on the opportunity when stretched too thin – meaning that the whole cycle would have to start all over again.
By utilizing real-time analytics recruiters can show hiring managers just how much they are losing by leaving these positions vacant for an unnecessary amount of time.
Running the numbers and comparing the data can help balance these time-consuming hiring steps, and keep everyone focused on getting to the end goal – the placement.