Yes, quite an inflammatory statement. Some may even see it as clickbait, but the fact of the matter is that the traditional way of ‘doing’ recruitment – both in-house and on the agency side – is becoming redundant.
We speak about the True Cost of Hiring a lot at Talent Point as we have collated a huge amount of data that points to wastage when it comes to established businesses and their recruitment processes.
Companies cannot simply look at their hiring needs from a single perspective. There is a myriad of aspects that ensure that you can attract and retain talent in your business. It’s about a holistic approach to talent, not quick recruitment fixes.
If your recruitment approach includes any of the three things below then you are probably wasting time and money.
Focusing on just getting jobs filled.
If you have an empty desk, you need to fill it. And you’re under pressure to fill it quickly. Maybe at a lowest cost or the same several years later. Ahem, inflation.🤔
What’s the best way of doing that? Engaging with multiple recruitment agencies would get you hundreds of CVs and there’s bound to be a few you can interview isn’t there?
Or maybe your internal team would be better placed to advertise the job as they understand the internal culture and can control the process better?
Actually, no. The hours you invest (waste) with these approaches does not drive the results you need if you’re just focused on ‘filling positions’. There must be a holistic approach to looking at forecasting, role definition, interview training, employer branding and more.
It can’t just be about getting “bums on seats” regardless of the pressures. We’ve worked with businesses of all sizes, educating them around new approaches to talent acquisition and retention. When you break the numbers down the cost savings of a “long-term” approach compared with a “here-and-now” approach is staggering.
Driving fees down to ‘save’ money.
We completely understand that cost-savings need to be made.
The problem is, if you look at the hiring process in isolation of filling roles then the overall investment is going to be much higher than you expected. With people staying in jobs for shorter and shorter periods of time the cumulative cost of those percentage fees can quickly stack up.
Established companies for many years have looked at recruitment fees for individual roles. What they should be doing is looking at wider recruitment solutions that incorporate all of the factors at play in a role such as attraction, interviewing, onboarding and retention.
When you do the maths (and we do it often with our customers) the True Cost of Hiring is a lot higher than what people expect. An effective partnership and true consultative approach, reduces the number of hours invested in recruitment substantially. Combine this with a higher quality end hire and increased retention, you suddenly waste much less and scale much faster.
If you are interested in exploring this, we can show you how the numbers stack up, just get in touch.
Only doing what has worked for you in the past.
You’ve grown your business incredibly well over the years. There have been certain processes, people and partners that have helped you get to where you are, but you shouldn’t rest on your laurels. Especially when it comes to recruitment.
The industry has changed dramatically. As have jobseekers and the new workforce. Established businesses that have failed to adapt have started to lose market share to start-ups and scale-ups who have embraced new processes and approaches.
This includes the approach you take to your recruitment and people processes.
Your decisions when it comes to hiring and retention need to be based on the data available. This will start to inform your business on what ‘great’ looks like when it comes to finding top talent, interviewing them, onboarding them and retaining them.
What’s always worked in the past will definitely not work forever more. Your product strategy will not be effective without constant innovation and iteration, and the same is true of your recruitment strategy.
A long-term view may not see the short-term cost and time savings but over time you’ll be surprised at the savings and benefits of the ‘new-age’ approach.
Let Talent Point show you why. Get in touch with us below.