The current labour market is extremely competitive Unemployment Rate was 7.9 per cent for November 2018 the lowest level since 2008 in EU.
Talent Acquisition professionals and hiring managers for organizations should look at their recruiting strategy the same as the traditional business does for consumers, supply and demand and price equilibrium.
Below we put together eight key indicators for the optimal talent acquisition function within the organization.
Talent Aquisition and Hiring Managers have positive views.
The organization should have a positive outlook on the talent acquisition team feeling confident in their ability to acquire top candidates. Team has to be motivated with clear organizational goals in mind.
Successful talent acquisition isn’t complete without a branded mobile presence. Many possible candidates are using their smart telephones for researching career options and completing job applications. Most competitor employees have also used their cellular devices to receive their current job. One study found that over half of all candidates are searching for jobs exclusively in their mobile devices. Unsurprisingly, a business without a complex mobile recruiting platform is unlikely to entice well-qualified candidates. Most firms need to have the ability to develop a noteworthy online presence quite easily since the cost for implementing this ability acquisition strategy has fallen in the past few decades.
Make Easier Job ApplicationsIf an application cannot be completed on a mobile device like a smartphone or iPad, the procedure to apply for a job isn’t simple enough. Most potential new hires avoid software that is long and dull. In fact, a recent study reported that roughly 60 per cent of all applicants did not complete the online job application. The completion rate could be considerably increased by reducing the total application process to only five minutes or less. There’s not any doubt that creating an easy, quick, and mobile-friendly program is the best approach to attract qualified candidates.
Recruiters and hiring managers are colleagues.
Remembering that all positions are a partnership with each other. If this is a dysfunctional relationship and there is no trust, the hiring process is broken. This type of situation leads to the low-performance organization.
Manager interview-to-hire ratio is low.
The talent acquisition team should be confident in the candidates they present to hiring managers to interview. With this, managers will only have a few candidates to interview and the right fit is one of them. That’s why it is advisable to use the help of skilled recruitment agency in order to provide qualified for the role 3-5 candidates.
Offers extended and accepted.
Offers should be evaluated and believed to be strong so the candidate does not reject it because the salary was too low. If this happens the recruiting costs rise because the process of finding the right candidate starts over.
The recruiters and hiring managers should stay on top of these ratings. Candidates in this tight labor market are reviewing the organization’s ratings prior to accepting an offer, even before an interview. If the organization has poor ratings it could cost them a competitive edge for top talent.
In order to create the most efficient talent acquisition team the organization needs to invest in them, providing the right tools and technology or training. For smaller organizations the budget to provide these is not available sometimes. A Recruitment Process Outsourcing, RPO, organization can be a great option. These organizations keep up to date with the trends and technology and can provide value.
Hiring managers and organization executives should be realistic in there time-to-fill. Don’t put a deadline so short that the recruiters are not able to source top talent. Talent acquisition professionals and hiring managers should look at the labor market data to establish this timeline.
Throughput information is accurate and utilized.
How many candidates were reached out to? What is the benchmark data for this position? Having real numbers data will open the conversations with executives giving talent acquisition professionals the proverbial ‘seat at the table’.
Because hiring the right people for the right role is so important, quality of hire stands out as a metric that organizations care deeply about. The average cost of a poor hiring decision can equal 30% of the individual’s first-year potential earnings not just from the turnover, but also lower productivity, damaged employer brand, employee engagement and valuable time of hiring managers spent on mitigating underperformance.
Fast Forward Solutions will help connect you with the talent you need in a highly competitive environment. Let us help you find the right talent.