Research says that a staggering 95% of large-scale recruitment strategies and campaigns waste valuable company resources. Poor candidate pooling and inefficient campaign management are just two of the contributing factors to the resource waste. Companies can often end up spending thousands of dollars on recruitment campaigns, but still not attract enough qualified talent.
Recruiters constantly experience the waste of resources and lack of talent in their day to day work; so much so, that the results no longer alarm them. Keep in mind that the lifeblood of a company relies upon recruiting new hires. New positions are indications of growth and success. That is why it’s important to have a solid knowledge about the industry, as well as, the strategies that actually bring skilled professionals in.
Today, we will talk about how to avoid wasting your company resources when recruiting new people. But first, let us discuss some processes or schemes that could be costing you a fortune without generating results.
Signs you’re wasting time and money on recruitment
Needless to say, an ineffective recruitment strategy is detrimental to your business. Here’s how to tell if you’re wasting valuable resources when hiring new people:
- You did not create a comprehensive description for the open position: Have you ever seen a vague description that sounds like everybody can do the job? Yes, that’s exactly what we mean. In recruitment, do not misuse precious online space and waste a candidate’s time just because you failed to ask for the right qualifications.
- You’re not raising your bar for quality high enough: What does the open position require? Write it down. Does the open position sound too complex? That’s okay, just be accurate with your expected qualifications. As a headhunter, do you feel like it will take time to hire the right person for this position? Taking your time is ok if it means finding the right candidate.
- You did not conduct thorough background checking: No matter how impressive or qualified a candidate might sound, if his or her background doesn’t align with the job description, then don’t risk it. You can refer him or her to another suitable position, but don’t try to compromise if the fit isn’t quite right. A good HR system should be put in place to verify a candidate’s information is accurate.
- You are placing too much faith in waiting for the perfect candidate: Contrary to those who reject overqualified individuals or hire under-qualified ones, some tend to wait too long for the right candidate. Keep in mind that you are hiring a human being and they might not be perfect. Hiring for will, not only skill, has been proven to provide companies with great employees. Expand your resume search and don’t be afraid to invite people in for interviews.
The key to a productive and efficient recruitment system
If you find yourself nodding along to some of the above points, then you know how to streamline your search for the next batch of talent. To further optimise your talent pool, here are some ideas:
- Use modern technology and embrace the times: Many brilliant talents are using apps and smartphones to find employment. That’s why a number of recruitment companies have decided to take their recruitment to the next level and utilise mobile applications. This offers both recruiters and prospective employees a convenient platform to connect with one another and communicate easily.
- Make your life easier by using automated systems: If you haven’t heard of e-recruitment and ATS tracking,now’s the perfect time to get acquainted with these systems. Using automated systems during documentation and other administrative processes lets you focus on the more important parts of the recruitment – the human parts of it, where you really connect with candidates through things like phone interviews.
- Understand the benefits of talent management software: Today, talent management systems focus on the basic pillars of the industry such as recruitment, performance, learning and development, and compensation. Using this software won’t just save you time and money–it will also make you a more effective recruiter.
- Look for fresh recruitment trends regularly: Similar to how fashion evolves and Google’s algorithms change; recruitment trends are also prone to change. Before you know it, more HRM software will be developed in a decade’s time. In order to stay competitive in the industry, you need to step up your game and keep your eyes open for new innovations.
When assessing or streamlining your campaigns, ask yourself these questions: what is the difference between last year’s recruitment statistics versus today’s? From last year’s recruit, how many people actually stayed? Are we bringing in talented individuals using this campaign?
Recruitment agencies and talent hubs know more than to just employ the one-off, big-time approaches. These will help you move forward with your strategy and only use methods that bring results to the table.
From the hiring phase to the on-board process, you can make the most of your company resources with the help of technology. Don’t be afraid to explore trends in the recruitment industry. After all, they are there to make our lives more productive and efficient.
Daniella Iljon is an ICT Business Analyst at LiveHire, the platform that is helping Australia's biggest brands connect to engaged talent through the curation of Live Talent Communities. Daniella specialises in analysing, understanding, and developing implementation solution within the HR industry.