Internal Recruiting Solves Hiring Challenges
Every hiring manager is familiar with the long and sometimes arduous process of recruiting the right talent. An external search can take weeks or months and is often followed by an equally long stretch of training or onboarding to acclimate the new hire to the culture and procedures of the business.
Time wasted on external hiring hinders business production, lowers profitability and upsets the continuity of the working environment. As an alternative, many New Zealand and Australian companies are turning to internal hiring to find just the right candidates for open positions. Companies like Cornerstone are stepping up to provide software to streamline the process.
The Challenges of Talent Acquisition
In a 2014 survey conducted by Recruiting Trends reported businesses were filling “nearly half of all positions” with “internal candidates, employee referrals or social networking.” Employee referrals were cited by 54 percent of businesses as “one of their top sources of candidates.” In the same survey, about 17 percent of recruiters cited “low volumes of qualified candidates” in their areas as a challenge in the external hiring process.
Additional statistics show just how difficult hiring can be, especially for companies without recruitment software in place to assist with internal recruiting. Here are the issues that companies without recruitment software are seeing:
- 45% or recruiters say they have trouble finding candidates with specific skills
- 34% say that the hiring process takes too long
- 26% struggle to cut down on “time spent sifting through resumes”
Hiring from within, on the other hand, provides an existing pool of likely candidates with known talents, familiarity with company procedures and documented performance records. These factors can eliminate many of the deficiencies often associated with external hiring.
Discovering Internal Talent
In the Recruiting Trends survey, 73.6 percent of respondents said they get “the best quality candidates” from employee referrals. This shows employees are adept at identifying what traits the company needs to fill a given position. Recruiting software such as Cornerstone Recruiting allows companies to tap into this knowledge by building customised career sites displaying open positions to both internal and external candidates. Unfortunately, only about 29% of companies are using this type of “total recruiting platform” to match candidates to jobs.
The Benefits of Hiring Internally
Setting up hiring software to identify candidates from within the company ensures that recruiters can find:
- People familiar with existing positions and the skills needed to excel within there
- A good fit for the company culture
- Individuals with established internal networks
- Loyal employees who are more likely to stay in their new jobs
Internal hiring also cuts down on the cost of training, reduces time spent seeking talent and opens up promotion possibilities for other employees.
Recruiting Software: Assessing the Talent You Have
According to Recruiting Trends “finding top quality job candidates” and a long hiring process are recruiters’ “primary challenge”. Luckily now there are talent acquisition tools that provide an applicant tracking system, which helps organize recruiting efforts and increase communication between recruiters, providing a more efficient hiring process. Social recruiting and employee referral platform tools are also available to help increase the amount of candidates recruiters are exposed to, which increases the chances of finding the perfect new hire. Predictive hiring software can also be provided to companies so they can understand what characteristics candidates need to successful at their job. These predictive hiring tools help recruiters hire applicants based on facts and previous insights, instead of intuition.
Cornerstone Recruiting bundles these features into one package to give employers and recruiters a way to assess internal talent based on the performance level, skills and competencies required for any given position. Collaboration tools keep everyone involved in the hiring process connected and informed so that no qualified candidates are overlooked.
It may come as a surprise to some business owners that the right person to fill a recently vacated position is already working within the company. Hiring software from Cornerstone makes it possible to identify, track and assess internal candidates, weighing their talents against job requirements to find the perfect fit. As a result, businesses can enjoy greater continuity and increased efficiency, leading to higher profits and an edge over the competition.