As we approach the last quarter of 2022, companies of all sizes continue to feel impacted by ‘the Great Resignation’. The pressure to reduce costs in the current economic conditions, unfortunately, yields higher employee turnover rates and overall reductions in staff. This – combined with a surplus demand for labor-at scale, has turned the Human Capital market into something of the wild west.
To stay relevant and successfully compete in today’s market, businesses will need to quickly leverage modern ways of acquiring and nurturing talent in a cost-effective manner. But first, it is critical for an organization to build a foundational awareness of its existing internal and external processes in order to identify and diagnose existing pain points and their impact. Where does one start? Well, before looking at external variables, it’s good practice to start by looking internally.
Here’s a list of 10 thought-provoking questions to help you get started:
1. What is your actual spend (or projected spend) on job boards over the past 2 years?
If you’re constantly plugging holes with backfills, you may be spending a fortune just to keep your pipeline barely above water. Do you know which job boards actually deliver for you and at what cost?
2. What is your return on investment for hiring?
Think about how much money goes into acquiring talent beyond job board spend-including the time and effort spent by recruiters and hiring managers to actually hire the right candidate.
3. How much time is spent engaging, coordinating, and scheduling each applicant?
The jobseekers you recruit are looking for a job as fast as possible, but are they being set up to succeed? If you can’t engage and get interviews scheduled quickly, you risk losing high-quality candidates.
4. Which job boards are you using today to source applicants?
There are tons of job boards out there. Many are taking different shapes and forms as communication and marketplace apps evolve. Quality talent won’t be found on Indeed, LinkedIn or Monster forever – make sure you are active where your desired high-quality talent is active!
5. How many employees in your organization are focused on hiring?
How many individuals are searching job boards, entering data, or emailing candidates to schedule interviews? Chances are, there may be more employees working on tasks than you think.
6. What is your cost per year on maintaining your corporate brand?
If people don’t know who you are – why are they going to want to work with you? What makes your brand stand out from your competitors with respect to acquiring talent? How much of the marketing budget is now allocated towards marketing campaigns to acquire talent?
7. What software are you currently using to manage talent acquisition?
Is your tech stack comprised of 5 or 6 individual tools that are ‘stuck’ together? Do they cost a lot to update or re-configure? Are those tools scalable and flexible enough to evolve alongside the rapidly changing labor market?
8. Who manages or oversees the hiring process at your company?
Are 4 rounds of interviews actually required these days? Do hiring managers need to be involved in the initial applicant screening process? An accurate understanding of where bottlenecks and pain points within your current hiring processes are and how they can be streamlined is key to accelerating time-to-hire. Big improvements in company culture also occur by making the process less painful and more efficient for everyone.
9. What percentage of your top-line revenue is budgeted toward talent acquisition?
As you strategically grow your business, are your talent acquisition costs increasing at the same rate? Wouldn’t it be powerful to grow revenue without a continual increase in costs to obtain that revenue?
10. Do you regularly talk to your talent acquisition team?
Having internal conversations with recruiting and staffing teams can bring to light many insights and additional pain points. Instead of dealing with pain points that continually cause frustration, fatigue, and burn-out for your team, talk to us about how Leadline can help you alleviate and solve them while propelling you forward… fast.
If you use Leadline, you won’t have to answer ‘I don’t know’ to any of the above. We are designing our products to empower recruiters and talent acquisition stakeholders to acquire talent with a powerful, modern approach. While Leadline can’t predict the ebbs and flows of the labor market, it can make you proactively prepared to successfully handle the shockwaves as they occur.
Want to give it a test drive? Try Leadline free for 30 days when you sign up here.
Headed to Las Vegas for ASA’s Staffing World 2022? Come see us at Booth 650 or schedule some time to meet up!
Want to give it a test drive?
Try Leadline free for 30 days when you sign up.Sign Up Today