4 Vital Questions CHROs Must Answer For Talent Acquisition
Making the most of an application tracking system (ATS) and other HR tools can help companies save time and money while attracting ideal job candidates. Effective hiring strategies can maximise financial returns and productivity. Chief human resources officers (CHROs) must ask the right questions when developing effective, profitable hiring programs.
1. Can recruitment software identify candidates for internal hiring?
Internal hiring is one of the most time- and cost-effective strategies for filling vacancies. It significantly increases company-wide employee retention by offering opportunities for career advancement. Internal talent acquisition motivates workers to gain recognition and earn promotions. Economically, internal hiring is a smart choice for companies in all sectors. While recruitment software for external candidates is effective, it costs 1.7 times more to hire candidates from outside the company. Software systems can maximise this opportunity and make it easier for CHROs to identify the most valuable existing employees.
2. How much will a job vacancy cost the company?
Effective talent acquisition programs are essential. With a large number of baby boomers retiring, companies must create reliable methods for filling vacancies now. Managers need to hire quickly and select the right candidates. Vacancies decrease productivity and cost more than $7,000 per day according to The Burghard Group. The loss of a full-time engineer can cost up to $50,000 per day. When vacancies persist for several months, they can set a company back by hundreds of thousands of dollars. However, speed isn't everything. Poor hiring choices are even more expensive.
3. Does the application process attract top-quality candidates?
With the technology that's available today, companies need to create an interactive application and screening process. Postings should grab the jobseeker's attention by showcasing the company's brand, the corporate culture, the benefits and the perks. Companies that have a strong brand attract 3.5 times more job applications. Postings with branded videos are viewed more often and generate more submissions. Recruiter software can effectively manage these job applications. By choosing from a large pool of qualified candidates, human resources professionals can identify and recruit top employees.
4. Can recruiter software lead to better hiring decisions?
An effective application tracking system can streamline the hiring process. These tools help managers identify the best applicants and prioritise follow-up interviews. A proven system will increase hiring efficiency and accuracy while eliminating candidates that aren't a good fit. Shielding an organisation from potentially negative hires is just as important as getting the best candidates. It costs $57,000 on average to bring on a new employee, excluding training. One bad hire can cost a company three times its investment and expenditures. The losses add up quickly when the costs of compensation, severance, benefits, hiring, lost business and internal disruption are considered. It's always profitable to avoid bad hires.
Hiring Considerations for Talent Acquisition Software
CHROs need to look beyond education and work experience. The contents of a resume can't tell whether an employee will fit in or be able to collaborate with the team. Meltwater, a marketing company based in Australia, found a unique way to address this challenge by inviting candidates to the office for a meet-and-greet to see how they would interact with potential colleagues. With the technology and recruiting software that's available today, CHROs can incorporate the following strategies.
- Creating multimedia job posts to get more applications
- Using videos to highlight the corporate culture
- Developing accurate, attractive job postings
- Screening and prioritising applications
- Contacting top candidates for follow-ups
- Using meetings to assess the applicant's skills
- Use predictive hiring to assess what candidates are more likely to succeed within a role