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Recruiting and recruiting process implementation and design services
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Some of the financial Impact of the recruiting process
Hello all,
I find it surprising that in speaking to business leaders that I admire, there is little thought given to the costs of recruiting. Some of the costs are hidden to leaders and are determined by lower-level managers that are solving their own hiring problems. The results of these decisions are seldomly looked at across the enterprise.
Are you partnering with recruiting to track the application/review, review/interview and interview/offer ratios? Are you comparing them across teams so that leaders at all levels are aware of the comparative details of the various processes? In my experience, there are some teams that require 7-8 interviews for top candidates while others can make good decisions by interviewing 3-4. When you begin to add in the logistics costs of scheduling, rescheduling and of coordinating the interviews, the impact of the increase in those costs become measurable. When you begin to increase the volume of hiring, the cost differences become significant.
Ensuring that leaders at all levels are aware of these statistics, they can either decide to make changes, decide that some positions should be vetted more thoroughly than others, or a combination of both. They can also engage in helping the process to improve business results in an appropriate amount of time.
An additional metric that leaders at all levels should be aware of is time-in-process at each stage of the process. Tracking this, in addition to the interview metrics above will begin to show the impact of the longer process has on operating costs. Additionally, having a firm knowledge of the “time to fill by stage” provides a better understanding of where the time of the process is being spent. It allows for a common basis for discussion between business and recruiting leaders to direct their work on improving efficiencies while meeting the needs of the business. It also provides a way to quickly reduce the time of the process when there are hiring surges.
Discussing this information in a consistent way helps to gain and keep the focus of the interview teams on the metrics that are most relevant to business success. It also helps to present the information as a business process that can impact the financial performance of the company.
If you have questions about this or know of an organization that is looking to improve in these areas, feel free to respond to this article, or reach out and we can discuss it privately.
Kevin Stakelum
Owner/Principal
Stakelum Recruiting Consultants
Kevin@stakelum.com or contact us using our webpage, https://Stakelum.com .
Welcome
Many organizations see recruiting as an administrative process that is necessary to grow the business. At Stakelum Recruiting Consultants, we see recruiting as a business process with administrative components.
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