by Raghu Nandhan | Mar 5, 2020 | Blog, Talent Acquisition
The recruitment budget is an extensive gauge of costs that will be brought about while driving hiring activities consistently and is basic to take care of the considerable number of expenses related to making an enlistment technique, engaging and recruiting talent, and retaining them once they are employed.
Building a budget includes a few stages, many of which can get skipped when individuals are entrusted with attempting to make a budget too rapidly or have little research to control them.
Without a well-planned recruitment budget, you always run the risk of overspending and ruining your entire hiring plan for the year. Likewise, it very well may be hard to follow all the costs that were brought about in hiring a candidate.
Here are the 6 steps to effectively manage your recruitment budget.
Track your time and expenses
It is conceivable to have a recruitment process that is quality-oriented, fast, and cost-effective. But achieving this for your business requires equalization, and it requires an evaluation of your present circumstance. Your budget will work better for you on the off chance that you realize to what extent it regularly take for your organization to hire someone. Also, this incorporates observing key recruitment metrics in your hiring.
Cost-per-hire is one of the most important and most commonly used hiring and recruiting metrics. This metrics measures how much it costs your company to hire new employees and also it catches the aggregate sum of amount in finding and hiring your ideal job candidate.
Here is the formula of cost per hire
Get Leadership Onboard
On the off chance that you would prefer not to be stuck right now, you must be aware of how you approach the administration with your budget proposal and how you approach putting forth the business defense if your subsidizing needs have expanded.
With the economy gradually rebounding, it’s hopeful that more CEOs and business leaders will be available to expand their recruiting spend for attempting new technologies and strategies that improve recruiting effectiveness and draw in the top ability to their positions. To improve your chances of accessing more resources to ease your burden, endeavor to show leadership the estimation of a vigorous enrolling recruiting budget.
Evaluate Your Past Results
Take a look at what number of new-contracts you got and which channels were generally helpful for drawing in them just as which positions you filled the greater part of such as executive, entry-level, management, or administrative. Ideally, execution surveys for your recruiting team were directed, so you’ll additionally need to benchmark which ones were best in their job and why.
See who was average, the best, and the worst, and whose presentation improved by the most significant margin and why. This will assist you with uncovering what has been working and what hasn’t on your recruiting team and figure out who should be promoted, who may require extra improvement in their job, and who should perhaps be let go or moved into another role.
Hire great candidates the first time
Thousands of dollars per year can be drained from your budget with low staff retention rates. On the off chance that you hire great employees on the get-go, you can spare a ton of time in finding a substitution later on and just focus around how you can hold them. With the cost of each lost employee scheduled running as high as 150% of annual salary, expanding on maintenance can help with containing recruitment costs.
Estimate your recruiting technology costs
The traditional recruitment process hasn’t become unimportant, however, it has earned some inventive and dynamic rivalry from tech-driven, mobile-first solutions. Tech tools must always support and enhance humans to positively impact the candidate experience, or else they risk damaging the employer brand you’ve worked so hard to create.
Investing in decent recruiting tools that help you sift through unsuitable applications which are very expensive, so don’t pass up the best hires by discarding this expense from your spending limit. Make a list of the considerable number of tools you’re utilizing. When figuring in their costs, take into consideration the pricing models.
Decide your annual recruitment plan for new hires
Quality of hire is essentially the value a new hire contributes to the company’s overall success. A recruitment plan outlines your strategy for finding, screening and hiring new employees and makes the hiring procedure smoother and act as a qualifying guideline for candidates. This causes businesses to guarantee that they are hiring individuals with the qualifications and skills needed to do the job.
Here are a few important Components for Recruitment Plans
- Identifying job openings
- Deciding how the job(s) will be filled.
- Choosing the type of candidates that should be targeted.
- Joining with the target group.
- Meeting with the applicants
by Raghu Nandhan | Oct 25, 2019 | Blog, Industry Trends, Talent Acquisition
In 2018, virtually 75% of employers struggled to fill positions with the proper candidates.Unfortunately, this talent shortage is simply worsening. Research by Korn Ferry predicts by 2020, the technology, media, and telecommunications industries alone may be short over one million complete staff globally.
Talent acquisition is growing globally at an astonishing pace. Considering global professionals, 70% of people in professional services work remotely at least one day in a week. These numbers might be a bit shocking for people who still work in a traditional work space. As we intensify our understanding of the massive increase in global hiring, we must also endow ourselves to compete effectively.
Below pointers suggest a global talent acquisition strategy.
Focus on better employer branding.
Employer branding is one of the most important feature for successful talent acquisition. Talented candidates compare companies before they apply for any position; they tend to choose the organizations which have simplest values, culture, and which promote work-life balance. By cultivating a powerful leader, you may attract higher talent and notice a lot of long-run success. Always keep your current employees in mind while developing your employer brand as they can help strengthen your value proposition.
An impactful onboarding process can be the key to a long-term success of remote employees. It can also help establish a collaborative environment that reaches to different time zones, geographies, and cultures.Both employees and employers are in the nub of a workplace alteration. Team members can join meetings and contribute via cloud-based tools and video conferencing, no matter which place they are at.
Need of global talent acquisition
Before we act, let’s understand clearly the need, supported by a review of global talent acquisition growth trends.Businesses of all sizes let it be giants, well established or just the beginners are entering or expanding their reach in the global marketplace. The number of Fortune 500 companies based in global emerging markets is expected to exceed 45 percent by 2025, according to a research by McKinsey & Company, a management consulting firm.
According to 2018 survey by freelance website Upwork, less than 40% US hiring managers expect employees to do the majority of their work remotely in the next ten years, according to a 2018 survey by freelance website Upwork. All of these points in the same direction: With the increase in global workforce, we have to renew our commitment to cross-cultural and diverse communication. This applies to the full life span of talent acquisition, but it begins with your candidate engagement strategy.
A good talent acquisition strategy is always in transition
Designing a talent acquisition strategy is imperative to the success of your business and to ensure that recruitment as a process is conducted not merely on the need basis but as part of the strategy.
However, as you could probably discern from the points above, there is no one-size-fits-all when it comes to a strategy for talent acquisition. Instead, a good strategy is one that is designed to tailor to your business and is flexible enough to evolve as the business and market change.
To succeed long-term, you must attract and retain talented employees regardless of vacant roles. Talent acquisition will assist you to do that while solving for long-term organizational needs.
by Raghu Nandhan | Oct 1, 2019 | Blog, Talent Acquisition
The pressure of getting a seat filled is always on. The hiring manager is calling you daily, the coworkers taking up the slack are at breaking point, and you just want to get it done. But finding the incorrect candidate is worse than finding none, it means having to start over again in a few months. Mistakes will prove pricey for any company, and particularly for any company’s HR department. Not only can bad hire damage your reputation, but your business will end up taking a serious financial hit, so here are top key practices to help you do just that.
Technology and Automation
Modern world is built on Technology. No matter what the job is technology and automation are anyway a part of it. Any candidate who has difficulty with the hiring process that includes advance methods like video interview, email conversations etc. will definitely have performance issues if hired.
Pre-hiring assessments can be a little scary for few recruiters, who may worry that an extreme screening process will turn away candidates early on in the whole interviewing process. Just remember that all candidates take great measures to present themselves as positively as possible, so exercising measurable assessments is a highly efficient and effective way to determine how much of that image is just illusory.
In 2014, the Aberdeen Group released a survey report which summarized the impact of pre-hire assessments, stating that 55% of companies who used pre-hiring assessment tests linked candidate’s performance level to these assessment results. These can range from skills tests, which are a great way to check a candidate’s aptitude or even there personality. Regardless of their specific focus, these add an extra layer of review to filtrate unsuitable candidates.
Making decisions without sufficient data
There are two ways in which knowledge is hidden throughout the recruitment process. The first comes from the avalanche of candidate most organizations typically receive. Traditionally, and still these days, many HR and hiring professionals find candidates from enormous stack of resumes. There is enormous amount of data to review and few might not even be eligible to consider. Pre-screening tools can help to quickly filter the pool of available candidates by eliminating those who do not meet minimum skills and job requirements.
How many hiring managers create the job description, post it, then expect for the talent to return to them? Do you think you’re getting the best talent when you do this? Just imagine If you’re dating do you present yourself on the walkaway and expect for the love of your life to appear? Then why do we think the job description is going to attract the “best” person for the job? The “best” talent is already happily employed and most likely isn’t even looking for a job or may be busy enough not to see you employment advertisement.
Skipping the Phone Interview
Pre-interviews, like a 10-minute phone call, are a key to optimize your time. The resume appears to be nice, but can’t always tell you critical information. It may indicate that the candidate has “excellent communication skills” for a Customer Support position, but only a telephonic interview can assure if it’s true. The need for a bilingual candidate can solely be verified by phone. Some candidates won’t embrace crucial data, like salary history, unless they get a phone call; others might no longer be available or interested. While the telephonic interview could also be a step candidates don’t like, it’s immensely useful for recruiters attempting to optimize the particular face to face interview time spent on each hire.
Hazy Job Descriptions
One of the most costly hiring mistakes is not being clear of whom you want to hire or the qualities or skill set you are looking in a candidate. Always ask these questions before drafting the detailed job description.
What key responsibilities does one expect this person to require on?
What deliverable’s will this person need to produce?
What skill sets must he or she have?
What expertise set should they need to achieve success during this role?
Minimum education qualification? (If needed)
What character and personality traits or temperament can they have to powerful, long run fit?
When you begin this way, then and solely then are you able to begin to craft the correct accomplishment strategy, prepare interview queries, and then begin to speak with candidates about the position.
Using few or all of the above strategies allows you to spot a bad hire miles away. These unorthodox interview methods ensure risk free and efficient hiring process. It helps filter Candidates who cannot follow directions during the interview process.
Lastly, these methods allow candidates to present themselves in a more creative and spontaneous way. You get all the information about the candidate like communication skills, personality and also the technical prowess even before letting him or her enter into your office, which will definitely save a lot of time and reduce chances of making a bad hire!
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by Raghu Nandhan | Sep 11, 2019 | Blog, Employee Engagement, Talent Acquisition
There are always certain vacancies in every organization for which employers are not sure whether to hire a permanent employee or not. This dilemma can be resolved by Temp-to-hire services.
The growing trend for employers in recent years has been to use staffing services to fill their open position through a temp-to-permanent or temp-to-hire strategy. The benefit to the employer is the opportunity to test-drive the relationship between the candidate and his job role before making the full-time commitment to him.
Temp-to-hire position is something where the job candidate is typically paid on an hourly rate for specified contract duration. Following that contract duration, the employer of the company or the end client that has hired the candidate has the option to convert him/her as a permanent employee.
In most of the cases, there are 3, 6, 9 or maybe 12 months temp-to-hires, 3-6 months being the most common contract duration.
With the help of Temp to hire services, it’s easier for the clients to test and judge the capability of the candidate. By doing this, the clients can get the right match to the position, by observing and testing the needful skills and qualities of the candidate.
Here are few advantages of temp-to-hire services in the perception of the job-seeker:
Whether you are between successes or embarking on different ventures such as looking at starting a Business, having a contract can sometimes generate immediate income for you in a short term.
Try Before Buy
Buy taking on temp to hire opportunity, you can work for an organization and see if you enjoy the work culture, the team, the work before you actually look at potentially working for this employer on a full-time basis.
Foot in the Door
This role may end up going permanent. So it’s a great way to get your foot in the door with an organization.
You keep your experience relevant and current by taking on a contract opportunity.
You can increase your experience and knowledge base in a particular area. This will be especially true to new comers in a country or to people who are looking to make a complete carrier change.
May Pay more
Typically with contracting, the employers pay a bit more. The reason for this is because they are compensating for lack of extra benefits that contract employees are eligible for.
This is the opportunity to network and meet new people. You never know who you might end up meeting who could be the lead to your dream job.
Easier to Find Job
It’s usually easier to find a job when you are already working. For many recruiters, the Holy Grail is the passive job seeker. So if you are working on a contract, most likely you are going to be targeted more by the recruiters.
Because contracting tends to be a less desirable option than working permanent full- time role, there is less competition in the market place for people who are looking for contract opportunities and with less competition, better your odds are for getting the interview and even getting the job.
There is no way that an employer can truly vet a job seeker effectively in any interview scenario, but temp- to-hire strategy gives you days and weeks to watch someone in action and truly see their skills and most importantly their work ethic.
Firms that adopt a temp-to-hire approach benefit from observing job candidates firsthand — and by hiring people who have gained a familiarity with your firm and its corporate culture. This approach to staffing provides a hands-on, realistic way of choosing a new employee with a lower risk of a hiring mistake.
Hence this is an effective way to get back potential candidates to work and save themselves from making expensive mistakes.
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by Raghu Nandhan | Jul 31, 2019 | Blog, Talent Acquisition
As High talent doesn’t keep obtainable for long, drawn-out resume screening method will mean missing on the simplest candidate?
As a hiring manager, you know the drill – post a job ad, receive a flood of resumes, and then dedicate hours to sift through them all.
Thus, being able to properly review resumes, while still giving every applicant fair consideration enhances the efficiency of your recruitment process.
These 6 tips will help you stay focused and identify star candidates in a haystack of resumes:
1. Is the format of the resume strong and is everything spelled correctly – You’ve heard it before, but a well-organized, well-formatted resume is always a positive. Conversely, a resume that’s too hard to read or has typos in it is a transparent sign of lack of preparation and professionalism.
2. First impressions counts – When resumes start to arrive, look for resumes that show attention to detail, accurate spelling and grammar and high-quality presentation. This can indicate a professional who takes pride in their work. Conversely, resumes that seem hastily put together, or which lack polished presentation, suggest a candidate who delivers poor quality work.
3. Conduct productive interviews – Before you hand the candidate over to the hiring manager, you have got to urge them through a preliminary interview. To make the foremost of that meeting, keep the following pointers in mind:
- Steer clear of prosaic questions: The “where do you see yourself” questions are not going to cut the mustard and seldom yield helpful results. Instead, rise the candidate what they’re trying to find in an employer. This will tell you their desires and whether or not they align thereupon of your company.
- Skill-set questioning: Ask a prospective employee about their relevant skills for the position. This will allow you to assess their strengths and level of readiness for the role at hand. Or, you’ll notice they need further skills that will build them rather more fascinating.
- Give them space to ask questions: Candidates looking to settle down with the company will be inquisitive! This is an excellent issue as the result implies that they’re serious concerning the role and wish to format important impact on the corporate. Offering transparency offers new staff a positive outlook on their organization from the beginning, thus altering the probabilities of turnover.
4. Is there a cultural fit? – The resume screening process can also be used to determine cultural fit. Consider how well a candidate’s achievements reflect the goals of your company. Have they demonstrated team spirit through engagement in corporate social responsibility activities? A candidate’s referees can even highlight the quality of their personal network, and provide an understanding of how well they will fit with your company culture.
5. Real achievements in their work experience – There’s a difference between someone who outlines their former job descriptions in their resume and someone who lists real achievements they accomplished in their role. While that’s an enormous positive on its own, two different queries raised however spectacular are those achievements. More the achievements matches the goals of the new position, higher are the chance that the candidate will excel in the job.
6. How often the candidate changes jobs – Whenever you hire someone, there’s a substantial investment in onboarding and training, and they often don’t get-up-to-speed until about three to six months into the role. So you would expect to hire someone who has a stable history of spending ample time at a company and hopefully will grow at yours, not somebody who consistently switches jobs within a year.
So in this blog we learned about the best tips for implementing constructive resume screening practices. You can confidently screen resumes by using a designed and tailored approach. You can give each resume appropriate attention, without wasting your valuable time and speed up the hiring process.
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by Raghu Nandhan | Jul 22, 2019 | Blog, Recruitment Technology, Talent Acquisition
In today’s competitive Human resource market, recruiting the best candidates to your business is the key to success. With tighter budget and increased urgency, organizations are looking for more cost-effective and efficient ways to fill the job vacancies.
Being an HR manager in a company, they receive many CV’s for various positions from number of channels like company website, recruitment agencies and online job portals. Sorting through all the CV’s and deciding who to call first for the interview is a lengthy and exhausting process. Their valuable time is wasted on scheduling, coordinating interview timings with the Hiring managers and sitting through the entire interview even when, in first couple of minutes it is clear that the candidate is not suitable.
Hence, the HR managers clearly need a more time- efficient solution.
This can be achieved by implementing Video interviewing process for the first screening of candidates.
Video interviewing is an online process that allows the interviewers/recruiters to invite candidates to record an online video interview. The interviews can be automated, spontaneous, customizable and recorded. This is the easy, efficient and effective way of interviewing.
Now, the HR manager can focus on the other responsibilities while the candidates record their video interviews at anytime and anywhere they like.
This process is lot more flexible for those working in a fast-paced environment which is constantly changing. This helps them in getting the information needed by candidate as fast as they can.
The HR can review the videos at any time and place. And also, share them with their Hiring Managers for the feedback.
By this, the HR can be assured that the candidates they decide to invite for the face to face interview will be well worth their time.
Below are the 6 exclusive benefits adding of Video Interviews to your Recruiting Process;
- Multimedia enriched experience – Engage with the candidates just like real life
- Let the brand do the talking – Showcase your company as tech savvy
- Top talents dig flexibility – Interview on basis of candidate’s schedules
- A moment in the spotlight – Let them shine
- 360 degree review – Makes it easy for your team to weigh in
- Reduce discrimination – Reduce bias and improve diversity.
Thus, video interviewing can help the HR or the recruiting team to deliver a time-significant and cost-saving as well as increase the speed and the quality of the Hire.
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