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This article was written by Siadhal Magos, co-founder of Metaview
The focus will be on hiring over the next year. The trend of the big quit, alongside the typical job search after the annual performance review, means candidates will flood the market. Companies will want to capitalize and hire the best candidates available. However, today’s hiring processes are often flawed, leading to poor hiring decisions. There’s never been a good time to do a bad hire, but in the midst of a global pandemic, it rings especially true.
We all know bad hires can be detrimental to business. they endanger the morale and productivity of existing teams and are also expensive to correct. Mid-Level Vacancies costs about $26,000 to be filled, while a bad hire can take up to $180,000 rectify.
As things stand, there’s no magic bullet that executives can turn to to solve their hiring woes. Decision makers need to understand the specific strengths and weaknesses of their recruiting process, choosing the technology solutions best suited to meet their organization’s needs: whether it’s talent search, development or crucial stage of the interview. The pandemic has imposed remote hiring practices, which in turn have exacerbated many pre-existing hiring issues, as well as created new headaches for businesses to manage. However, it’s not all bad news, as this leap to remote working has sparked innovative new technology that businesses can adopt to drive them forward.
When candidates become detectives
Even before companies talk to candidates, potential candidates are vigilantly looking for their potential future employers. Whether it’s reading Glassdoor reviews, investigating social media, or reading company blogs, individuals form their own first impressions of a company, which makes the ability of employer to effectively communicate its value proposition to employees online. Certain themes, like the availability of quality technology, are fantastic draws regardless of team function – 47% of professionals have applied for jobs because of it.
Employers can and should do more. Company video content can go beyond generic company presentations, instead of providing curious candidates with accurate impressions of team dynamics and activity. For those who want to be even bolder, like Gitlab, making employee documents and handbooks public is a strong move that will attract and engage more motivated potential employees, providing the opportunity to identify and engage with their company as soon as possible. departure. I expect investments in establishing a compelling Employer Value Proposition (EVP) to continue to grow.
Keep in touch
Like any good idea, timing is key for potential candidates. Highly skilled people regularly discover companies when the job postings just aren’t there for them. Companies that miss the opportunity to track and cultivate relationships with these people allow quality talent to slip off their radar, only to have to be replaced later at an additional cost. Today’s combined influences of the Great Resignation and remote work mean that professional talent has never been more likely to visit another employer’s career page, if only out of curiosity. Companies that seize the opportunity to bring together this potential wealth of talent in a central database, via CRM (Customer Relationship Management) recruitment platforms, save valuable time and money when it comes to finding a new recruit ; they may already have a shortlist prepared and ready to go on day one.
In addition to tracking these potential leads, employers can nurture relationships through an ongoing, automated, and targeted approach. Why not host webinars and events for potential candidates, just like you do for potential clients? Why not sign up curious visitors for email campaigns tailored to their skills? This way, quality individuals are kept engaged and close, instead of being passively watched, or even worse, just lost in the void.
The minefield of the interview
Interviews are inevitably at the heart of hiring, and the impact of top-notch interview practices on high-quality hiring cannot be underestimated. Companies without a standard interview process are five times more likely to make a bad hire (Laurano, 2015), and 49% of wanted candidates turned down offers due to a bad hiring experience.
The interview process is often too much of an art and not enough of a science, with few interviewers reflecting critically enough on their own performance. Common interviewer pain points include talking too much, inconsistent levels of engagement between candidates, and promoting inherent biases. Thoroughness issues are of particular concern, our own data shows that almost a quarter (23%) of hiring managers ask less than five questions of each candidate, underscoring the need for further investigation into the quality of interviewers. While remote working has forced many companies to review and adapt their business and operational approaches, many persist in continuing the same flawed practices they had before the pandemic.
Too many interviewers don’t know what best practices should look like, largely because the training was not accessible or applicable to their context until now. Automated tools that record and transcribe interviews can free up interviewers to properly engage with the candidate in front of them. Importantly, they also allow teams to identify and resolve issues that might otherwise remain unidentified. These tools can produce information that reveals damaging and often unresolved issues, such as racial and gender bias, that would otherwise impact the interview process.
Interviews can shed their reputation as information blackholes, thanks to AI-powered platforms. Now that remote maintenance practices have become mainstream, it’s easier than ever to use technology to track and analyze previously intangible data, to create fairer and more informed decisions. As simple as it sounds, by focusing on interviewer development with custom AI-powered learning solutions, companies can produce much better and more consistent interviews, ensuring teams acquire top talent. possible on a large scale.
Scale quality to attract, interview and convert talent
Remote work has introduced many new perspectives and priorities into the lives of employees. This, combined with a buoyant employment market, means that many companies are scrambling to define an effective strategy to attract and convert the best talent.
Fortunately, this new world of work has also introduced new technologies and innovations that employers can adopt to enhance their ability to transform their talent acquisition and focus on meaningful engagement, relationship building and business decision making. consistent, top-notch hiring at scale.
Siadhal Magos is co-founder of Metaview
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