6 Facts That Will Make You Rethink Your Recruiting Strategy
Remember the exhilarating feeling when you started your business. The sleepless nights, last-minute meetings with your investors and many sacrifices you have made to make your dreams a reality.
Wow. I bet those memories are making you smile today. What started as an idea is now a functioning business. You might have started with a 5-member team. Now you’ve got 30 employees working with you. Or probably even more. And everyday, you envision your company to grow bigger.
This means creating business strategies is not only going to be your primary focus.
So, what is the next step?
Finding the right people that will help you manage the day-to-day activities and be a part of your vision.
And, how can this be achieved?
Similar to your business strategies, your organization should have a recruiting strategy.
Well, shouldn’t recruiting be an easy job? Post job ads, publishing job vacancies on your company’s website and people begin to walk in for the interviews. And, you would have a team working for you in no time.
Well, if it was that easy, your recruiters would be having a party.
Sadly, that’s not the reality. A lot goes into planning your recruiting strategy.
Let us take a look at 6 facts that will make you rethink your recruiting strategy.
Fact #1: The average cost of one bad hire is nearly $15,000.
As a small business, it is indeed difficult for your HR to attract the right candidates from a limited pool of talent. With the urgency to fill the position, recruiters tend to hire candidates that seem the best hire at that time. But it doesn’t mean that the candidate would be the best fit for the job.
Fact #2: Most applicants prefer social media and professional job platforms
It is the age of the internet and social media. While you’re posting a job on the company’s website, your potential best hire might be scrolling on social media or professional platforms like LinkedIn looking for a job.
Fact #3: 60 % of job seekers report a negative candidate experience with the employers they engage in.
Recruiting candidates is a proactive process. It is a rollercoaster ride for both the recruiter, the hiring manager, and the candidate. Disengaged candidates are quick to move on if they do not hear from the company over a period of time. This will lead you to lose potential best hires.
Fact #4: 70% of companies take around 1 – 4 months to onboard a new hire.
This fact talks about the time-to-fill a position. It is one of the recruitment metrics. And, recruitment metrics provide you hard data that will help you optimize your recruitment progress. Companies that neglect recruitment metrics will not be able to make informed decisions.
Fact #5: 72% of applicants report negative candidate experience online.
In Fact #2, we saw that applicants browse online to find a job. Why? Not only are they looking for job vacancies, but they are also reading about the company and its work culture. Most candidates do not apply for the job even if the offer is lucrative because of negative reviews.
Fact #6: 61% of recruiters reported using email and spreadsheets to manage candidates during the application process.
Spreadsheets are easy to use. However, managing interview processes and candidate information is a hassle. As humans, we are prone to errors. And it is nearly impossible to track the status of the candidate in real-time if either the hiring managers or the recruiter forgets to update the sheet.
Your employees are the heart of your organization. They help an organization to thrive and move forward. As an HR or a business owner, it is important to structure a recruiting strategy to ensure you have a smooth hiring process that is beneficial for both the recruiter and the candidate.
Check out HuskyHR today.