According to the U.S. Department of Labor, the biggest cost to a company is hiring the wrong candidate for the job, wasting an average of 30% of the candidates expected first year's salary. When taking into account the amount of time spent advertising positions, interviewing candidates, and training and on-boarding new employees, among other tasks, it is easy to see how the numbers add up to cost you thousands. Let's not even get into lost revenue, wage theft, and other ways the wrong hire could sink your operation.
The following effective hiring process follows a step-by-step method for finding, selecting, and recruiting the best new employees. A good hiring process will help you attract and retain high-quality employees who match your brand. Every company will have unique elements to its process, but generally, recruitment steps will be the same across similar industries.
HR planning is a vital first step in determining how many and which employees a company needs to hire. Interestingly, though its the first step, many companies skip this part of the hiring process altogether!
A most effective HR plan begins with looking at what resources dare currently available to you. This means taking inventory of what staff you have, and what their talents are. You can glean a lot of information by looking through performance reviews, having team members fill out a quick questionnaire, or just by knowing who is on our team in a meaningful way. By knowing what you have, you will have a better understanding of what you need. Maybe you need two new hires, or ten, or perhaps you can skip hiring someone altogether by reorganizing teams, training current staff, or offering a promotion.
Once you know what you have, and what you need, you can start developing and searching for talent. The information regarding what qualifications and skillsets you require will assist in the recruitment phase.
This second phase involves seeking talent through internal recommendations and referrals, job boards, social media, a talent pipeline, advertisements, and recruitment fairs to reach out to available candidates. Candidates who respond are then screened for suitability, interviewed, and assessed.
The first step in this phase often involves writing and advertising an effective job description to entice qualified applicants to apply for open positions within your company. One of the best ways to do this is by having a well-established corporate identity, complete with memorable logos, and clear mission statements. iBCScorp™ provides a Corporate Identity Package with this explicit purpose in mind.
For a detailed understanding of how to best attract suitable candidates, view our article on how to write an effective job post.
The selection phase, of course, is where we decide who to hire. This is where mistakes are often made.
With the assistance of artificial intelligence, hiring and outsourcing agencies help clients quickly screen and evaluate applicants, quickly and accurately matching you with ideal candidates to reduce your time to hire without sacrificing quality and fit. At iBCScorp™, we have a talent pool of thousands of candidates all over the globe. We utilize talent intelligence, a form of AI, personal interviews, and reference and background checks to ensure a perfect fit for your company, for each and every hire.