The cost of hiring the wrong candidate is staggering. According to Recruiter.com, the cost of an employee whose employment is terminated after two-and-a-half years comes out at a staggering USD$830,000, based on annual earnings of USD$70,000.
Instead of rushing to fill talent needs in an unrealistic period of time, is your hiring team taking a step back and taking the time to build an effective recruitment strategy?
RolePoint has compiled an infographic on dos and don'ts for helping your recruitment team to find A+ candidates that will not only stay, but make the impact you're looking for.
1. Write awesome job descriptions
You are likely to get three times the number of highly-rated candidates if your job descriptions focus on the needs of the candidate, as opposed to just listing the skills and attributes the job needs.
Allegis Group’s Talent Advisory Industry Benchmark study, which surveyed more than 1,400 employers and 13,000 job seekers globally, pointed out that while 72% of hiring managers thought they provided clear job descriptions, only 36% of candidates agreed.
2. Cater to the mobile generation
More than two in five (44%) of people admit they check their mobile device for work more than 20 times a day, according to RolePoint. However, when PageUp examined the career sites of 50 of the largest companies across Singapore, Malaysia, the Philippines and Thailand, it found 90% do not have a mobile-optimised career site.
3. Start employee referral programmes
Earlier this year, we spoke to InMobi, where instead of hiring external experts to lead its branding strategies, the firm hired two college interns to help it craft an authentic employer brand. The firm didn’t incur any additional people costs, but the help of its interns empowered the entire team, along with 900 InMobians, to be the brand ambassadors for InMobi.
In addition, the company encouraged InMobians to decide on the best people to join the firm. It rewarded "experiences" for referrals, as opposed to cash amounts – such as international vacations, iPhones, Rockrider bicycles and the Royal Enfield Terminator.
The result? Referral numbers rose by over 100%, while InMobi’s recruitment costs reduced by 95%.
4. Encourage talent mobility
Recognising that its talent values new experiences, DBS Bank has an internal mobility programme that facilitates transfers to other departments or to DBS’ six key markets. This programme was so powerful that about 26% of jobs were filled by internal transfers in 2015.
Lead photo / 123RF | All other images / RolePoint