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Hiring is an integral part of every business, and with digitization, the HR domain has undergone significant changes in recent years. The advent of digitization has not only affected the way hiring is done; it has also created a new set of job roles. With that, there is a new set of obstacles the HR department needs to overcome. Additionally, finding a candidate who has the expertise and fits your work culture is exceptionally challenging. The organization bears losses while the position remains vacant, adding to cost per hire with no recovery for the talent gap.
While hiring itself becomes a tedious process, retention is the second piece of the puzzle that needs the attention of an organization. It is crucial to make sure during the hiring processes itself that the talent stays with you for a longer period. According to a report by CareerBuilder in 2018, 40% of employees had decided to change jobs, which consequently would have led to a higher attrition rate.
Also, the biggest pain point of today’s recruitment is that its broken…there is no single platform or automation tool that provides an end to end experience; unlike SCIKEY.
Here are five strategies that can be used by organizations to refine their recruitment management system; not only to attract the right talent but also retain them:
Automate recruitment processes
With digitization and advancement of technology, automation is now a mainstream technique that reduces time-consuming chore for recruiters. It enhances the process of screening and maintains the recruitment standard. Companies can automate their recruitment management system with the help of various tools that automate the process of sourcing and screening. For example, with the help of machine learning, an organization can source candidates from multiple job portal platforms according to the requirements. They can add pre-decided questions while the candidate is applying for a job to check the right fit and ideology. Systems like SCIKEY’s MindMatch algorithm utilize the power of AI for in-depth psychological analysis to predict success at individual & team levels. A study informs that using a single AI-based software can result in an increase of 196% qualified candidates, which results in a 71% reduction in per hire cost.
Enhance candidate experience
The process of recruiting has two parties involved — the organization that is hiring and the candidate that is applying. The reputation of the organization is another essential factor in attracting talent. The more organization is talked about positively, the more impact it will have on the job seeker, and the candidate experience immensely adds value to that image. The organization should also put their focus on building processes for delivering a positive and consistent candidate experience during the hiring journey. For eg, every candidate who is interviewed by the company should be given a timely update of the outcome. Another would be building the touchpoints & send out personalized communication to the candidate from the time of offer till the onboarding.
Focus on Employer Branding:
According to a LinkedIn study, 72% of recruiting leaders worldwide agree that employer branding has a significant impact on hiring. Supporting that, another study says, 70% of candidates read reviews of companies before making the career decision. The most authentic way to get good reviews is treating your current employees right. Additionally, organizations can build their Employers Brand by embracing technology and clearly defining their vision and brand voice. The perception of an organization in the market can influence the candidate’s decision tremendously.
Look for Human Only Skills:
In the struggle for getting the best talent on board, most organizations focus largely on the availability of skills and miss out on other aspects of their personality at times.
It is imperative to understand the personality, behavioral skills, and the mindset of the talent along with the job skills right at the beginning. Despite realizing the need and importance of studying mindsets while hiring, most organizations miss out on doing it. Those that do it, do so towards the end of the hiring process. However, when done at the very beginning itself, it would undoubtedly prove to be more effective in terms of saving cost, time, and precious talent!
Build a talent pipeline:
Look for talent in-house before filing out job positions through external sources. Build a pool of talented candidates in-house that will solve the attrition problem. According to a report, 46% of millennials change jobs due to lack of growth in an organization. Talent pipeline saves both time and cost. With a talent pipeline, the organization ensures growth to current employees who already fit the work culture and also eliminates the entire hiring process.
Implementation of these strategies will ease the problems of the HR department and better the recruitment management system of any organization. It is imperative to be in sync with upcoming technologies to have a competitive edge in comparison to other companies. These technologies and strategies have enabled organizations to work on expanding the business and grow by reducing manual work.
SCIKEY Talent Commerce Platform is a Managed Talent Marketplace that enables employers globally, to build & manage productive teams. With its online platform powered by AI & platform-enabled services, Intelligent Automation and patented “SCIKEY MindMatch” algorithm; it simplifies how businesses contract or employ the best quality talent anywhere, while focusing on leveraging the talent mindset (psyche) as their prime competitive advantage.
SCIKEY’s mission is to provide the best cost, plenty of choices & unmatched convenience to the employers across the globe, in employing or contracting the best quality talent On Premise, Offshore as well as in a Remote engagement.
Karunjit is an established business leader with two decades of experience in the technology consulting space, helping fortune 500 clients from multiple industries & geographies. In his current role, he was invited in 2018 by the board of SRKay, that is the private equity arm of the multi-billion-dollar SRK Exports; as a Co-Founder to define the business strategy & lead the global business for one of their flagship ventures SCIKEY. He has travelled extensively within India, UK, Malaysia, SEA and Australia, that has helped him with immense learning & exposure about multiple new markets & different people and cultures. He has a panache for writing & has authored quite a few articles. When he is not chasing the business goals, you could find him reading about new-age start-ups and impact investments or spending time with his family. He is a Post-Graduate in Planning & Entrepreneurship Management.