The role of technology in recruitment (RPO)

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For any business, having a finger on the pulse of technology can provide a real competitive advantage.Even if innovative new products aren’t a company’s lifeblood, developments in the sector should be paid close attention to – they often have ramifications for the wider business world, meaning early adopters stand to gain much from being on the cutting edge.

The cloud is a prime example of this. Being able to host data and applications off premises has allowed companies of all shapes and sizes to tap into the benefits of remote working and cut their technology budgets massively. In terms of process improvements, it’s comparable to the shift from paper-based to digital workflows.

Advantages such as these are available to the recruitment sector, too. Of course, it’s important to remember the talent acquisition process is a highly specialised one, so the recruiters who really benefit from new technology will be those who find ways it can be tailored to their precise needs.

Improving campaigns with big data

One of the most significant IT trends of the last few years is the emergence of big data. Put simply, this means analysing information to make business decisions, which is something we’ve been doing for years – only in the big data age, the volume of information at our fingertips is thousands of times what we’re used to.

Cheap, scalable cloud storage, as well as an increasing number of business processes going digital, have led to organisations harvesting unprecedentedly large yields of data than can then be turned into insights no human mind could ever provide.

It’s easy to see how this could feed into a recruitment campaign. Say you record information on employee performance down to a microscopic scale and then examine how it measures up against characteristics that could be quantified at the hiring stage. You might find workers with a particular qualification are more productive, or more likely to be promoted or stay with the organisation, than their peers, which could in turn inform later recruitment programmes.

Replacing non-value administrative work with technology

For any business, one of the greatest values of technology is the way it can replace non-value administrative work. In recruitment, online jobs boards and applicant tracking systems mean we no longer need to advertise vacancies and process applications manually – technology has relieved us of the greater part of these burdens.

In the future, the scope of these innovations will only increase as computers become more intelligent. Your applicant tracking system will be able to dismiss unsuitable candidates with a fair degree of accuracy, while by the same token software will be able to automate the outreach progress.

Finding new ways to meet hiring objectives

For years, recruitment has centred around the CV or resume. This has arguably never really served its purpose very well, because it rarely answers the questions employers actually want answers to.

Now, we have recourse to social media as well, which has proved hugely disruptive. In many ways, a LinkedIn profile is a better-curated alternative to a CV – a dynamic entity that tells recruiters exactly where a person is in terms of their career, as well as where they’ve been and where they want to go.

More broadly, we no longer need to translate hiring objectives into a person specification for a job advertisement, which may or may not attract the right people. Instead, technology can answer our questions more directly.

Keeping technology viable for today’s demands

Finally, even companies that have introduced cutting-edge technologies to their talent acquisition process need to keep an ear to the ground when it comes to the latest developments, or else their solution could rapidly become out of date.

Back when online jobs boards rose to prominence, no-one could have predicted people would eventually do much of their browsing on mobile devices. As a result, many businesses now fail to provide careers pages that accept applications made through smartphones.

Like the demands of customers and clients, the wants and needs of jobeekers change with time. It’s critical that an organisation’s use of recruitment technology does the same.

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The Hidden Cost of a Bad Hiring Decision

As in any Profession, hurrying through a process with little planning ahead can cost Organizations dearly. Nothing can be truer than this in talent recruitment. The first casualty is the quality of hire.

As in any profession, hurrying through a process with little planning ahead can cost organizations dearly. Nothing can be truer than this in talent recruitment. When an organization hurries through the recruitment process, throwing caution to the winds, mistakes are more likely to happen. The first casualty is the quality of hire.

Here are some undeniable facts and figures:

1. Businesses that don’t have a standard interviewing practice are the most likely to hire a wrong individual – believe, the chances are 500% or even higher
2. Business that lay much emphasis on candidate experience stand 70% or higher chance of deciding on a top quality hire
3. Business that have built a strong employer branding is likely to attract high quality Hires and retain them over a longer period – odds are three times higher as against a non-existent brand image

Businesses are unanimously aware of the costs involved in hiring. Expenses include: Advertisement costs, Recruitment process Outsourcing cost (RPO),Recruitment staff fee, Interviewing cost and technology related expenses.

The cost of recruitment goes up as the importance of a position moves higher. Typically, Executives are the most expensive to hire (hovers around $4,000) and progressively comes down in this order – Mid- level Managers, emerging/promising individuals, undefined contributors and finally entry-level workers who cost the least to recruit at $750.

Though Employers know that hiring has become an expensive affair, at least a third is unable to determine the real cost arising out of a bad decision after on boarding the hire. This is because most metrics for evaluating this are abstract, like: poor performance, cultural impact and morale.

The consequences of a Bad Hiring Decision include:

1. Unrealized productivity objectives – results in project delays and cost overruns.
2. Higher attrition rates – a bad hire is one who is likely to leave the Organization necessitating another round of recruitment and hiring.
3. Insurmountable delays in the entire Business cycle – this because bad hires tend to be poor team players
4. Negative impact on culture – is more likely to spread discontent, demoralize others, cause a brand image to take a beating

Collectively bad hiring decisions can bring down production, make productive employees leave their positions, bring in more bad hires and finally cause employer’s brand image to plummet. The best way to contain bad hiring decisions is in redefining the entire hiring process. Bad hiring decisions are the result of poorly structured hierarchy. To reverse this, Managements should consider revamping the internal working of recruiters or better still leave the task to RPOs. Remember, a good hire is a product of an experienced recruiter and your own decision making process.

Content Source : http://blog.atkku.com/the-hidden-cost-of-a-bad-hiring-decision/