Recruiting Strategies to Hire the Best Candidate
Recruiting in today’s fast paced, global economy is not the same as it was even five years ago. With constant competition, identifying the right candidate is far more difficult than writing up an ad based on a job description and hiring someone that has most of those skills. And research has shown the high costs of filling a position as well as leaving it open. Developing a clear, deliberate strategy to hire the best candidate instead of “a candidate” has become increasingly important.
In this course, we’ll review best practices in acquiring talent without wasting resources. We’ll focus on what it means to hire for cultural fit and discuss the interview process. Building a strategy to maximize a return on recruiting investments is imperative. Educate and guide your management team by learning how to hire the best and save your organization a great deal of time and money.
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Title: Skills Based Hiring
Module: The Stats: Strategic Hiring
Let’s look at the costs associated with hiring employees for skills only! Naturally, we need to have employees with certain skill sets to be able to do a job, and that is what your research through applications and resumes is for. Then you go after candidates with the skills needed to do the job. That is just the beginning!
Based on the statistics we looked at in a previous lesson, the longer the position remains open, the more expense you incur. Then it will take about 4-6 months to get a new employee up to the proper level to begin to be productive. It can actually take up to a year before many are at full capacity. Although that 2,000 US dollars per month is not accruing at the same rate, an employee not at full capacity will yield a diminishing amount of cost, but a cost just the same.
In a study by “Bersin by Deloitte, in 2015”, the actual cost per hire (all levels averaged) in certain industries is as follows:
Number 1 the cost per hire in Banking or finance was $4,323
Number 2 in Business Services it was about the same at $4,300
Number 3 in Healthcare the cost was a bit less at $3,033
Number 4 Manufacturing was the highest at $5,611
And number 5 the cost per hire in Technology was $4,325
Remember that this was a survey done in 2015 so costs will continue to rise.
Also remember, the numbers are for hiring alone, that does not factor in the onboarding, and getting the employee up to speed to be productive.
So now you have your employee with all of the skills you were looking for, and they are beginning to learn the “lay of the land” in your organization, and coming up to speed to be a productive employee. All of a sudden you find out that this person with all of their skills does not share the same values as the organization. Well, perhaps they will learn to do things “our way” and follow our values. Can this work out, perhaps, but quite doubtful. If this person is motivated by other values, they will not be as productive as you wished.
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Lois has held senior HR leadership positions with both domestic and global responsibility, with emphasis in workforce planning (including succession planning); organizational development; employee relations; regulatory compliance (including Affirmative Action); compensation and rewards; benefits (including development of wellness programs); performance management; recruitment; and mergers & acquisitions.
With over 25 years of experience, Lois has served a...