The recruiting period increased from 28 to 68 days from 2010 to 20161.
- There is a miscommunication between recruiters and hiring managers.
- Many organizations are still using the same recruiting techniques since 1934.
- Resumes are sitting for weeks in the hiring manager’s inbox.
- There is a gap between the hiring profile and who needs to be hired.
- Looking for the ideal candidate instead of the real one.
In my previous articles, I have described how important is to conduct data analysis in risk, safety and management systems. The recruiting process is not excepted.
Many companies have taken knowledge so seriously. Therefore, they started conducting data analysis has transformed their operations drastically.
In the recruiting industry, data is becoming paramount to hire and retain talent. Assessing information allows predicting talent’s behaviors, job searching patterns and preferences.
Job seekers are looking deeply into the company’s profile before sending their resume.
People are the golden asset for the industry 4.0. Therefore, it will be expensive to replace an employee in 2020.
To replace a low entry-level employee will cost between 30 to 50 percent above his/her annual salary.
A mid-level person will cost 100 to 150 percent above his/her annual salary.
A high-level performer will cost more than 400 percent above annual salary.
According to McKenzie and Company2, 82 percent of the Fortune 500 companies do not believe they recruit high-value talent.
For companies that do, only 7 percent believe they can keep it. More alarmingly, only 23 percent of the managers and senior executives active on talent-related topics believe their retention strategies and current acquisitions will work.
Here is how you can solve this problem.
- Choose where to recruit.
Some organizations have already started assessing data in five categories:
- Company Information.
- Professional history.
It will allow you to identify commonalities to identify high and low performers. Also, it will help you to create realistic and accurate job descriptions.
The benefit of it is assumption will be eliminated.
- Recruit High Performers.
5 percent of the high performers can do 95 percent of the job required, influence people, strong team players, strong emotional intelligence and highly productive.
- Eliminating noise and bias,
Organizations receive around 250,000 resumes per year. Therefore, they use technology to have an effective screening.
HR or independent recruiters need to link the goals of the company with the profile of the position and human talent to benefit from it.
4. Create brand ambassadors.
Your employees can be your brand ambassadors.
Few companies have started integrating it in the recruiting process. It starts building up credibility and trust.
Few organizations have started having great results.
- Use unexpected channels3:
- Create podcasts. According to Netflix and LinkedIn, millennials get 38 percent of the information from podcasts. Creating a podcast where you interview your employees to talk about the company’s culture, talent, project, projection or other topics.
- Create snaps. Snap chat is a popular application not only for millennials, believe or not is used a lot by the generation X as well.
- Use Instagram and Twitter.
- Use selling and marketing strategies.
- Organize lunch and learn sessions.
- Use mail chimp to launch a learning program.
- Look for talent, not ego.
In conclusion, organizations which have used these new tools have increased their effectiveness on hire the right talent. See the following graphics3: