For recruitment and finding the perfect match and long-term success within the job market, employers should ask them selves these key questions:
1. Who is your vacancy reaching?
Almost all recruitment solutions are reactive, sourcing candidates when the need arises. This means that companies are entirely reliant on candidates already in the market: signed up with agencies, looking at ads, on job sites or on databases.
Studies have shown that this only represents around 20% of the qualified candidates in the marketplace. To access all of that 20% you have to use every agency, database and advertising medium. In fact, companies often access just 2-3% of the available talent pool to fill any given vacancy.
Having access to only people who really want or need a new job can have a major effect on the quality of hire. This situation can only be improved by having a company database of previous applicants. (Those who have specifically applied for a role with the company through choice whilst employed, or via a company employee recommendation scheme.) This offers a clear improvement in quality of hire and, as a result, a demonstrable increase in productivity per head of between 10-30%.
2. Are you keeping your new starters?
Up to half of new hires leave within the first 12 months, with an average of 20% leaving within this crucial period. The reasons are simple. A standard recruitment process involves six – eight weeks of contact time. This simply isn’t long enough to develop a cultural rapport between candidate and company.
In short, the ‘new hire’ can only finds out if they ‘fit’ after they’ve started in their new role. Plus – the pressure of the new job amplifies any concerns.
Longer engagement with candidates – allowing them to understand the culture and raise any concerns – can reduce the 12-month drop out rate by up to 90%.
3. Are you recruiting proactively?
Engaging with Talent Warehousing or recruiting employee recommendations are the only ways of tackling this.
What does your recruitment process involve? Could it be cheaper, quicker or more effective? Have an informal chat with Consensus HR and see how you can find the perfect match for your next vacancy.