1 P a g e Precision in Recruitment

Transcription

1 Precision in Recruitment 1 P a g e Precision in Recruitment

2 Abstract The changing industry demands, dynamic market trends and ever-changing technology have resulted in the need for an agile and flexible workforce. Since there are abundant opportunities, candidates have multiple options in terms of work profile and employer. Therefore, a gap develops between the capabilities available and the requirements of the market as candidates seek pastures that are appealing to them. To bridge this gap, organizations need to focus on identifying and hiring the right fit, rather than making do with the best fit available in the pool. This is where precision is crucial right from defining a role to actual onboarding of talent. Precision can be achieved by employing multiple tools to enhance the entire hiring experience for candidates and employers. 2 P a g e Precision in Recruitment

3 Precision in Recruitment What & Why The growing competition across the globe with technology distruptions everywhere have resulted in an increasingly stifled employment market. The dynamic industry interactions and workforce demographics lay greater emphasis on the widening gap between the skill demand and supply now. This bottleneck narrows further, with the need for suitable skills to match up with the demand side. Precision in recruitment simply means accuracy in all stages of selection right from role definition to actual hiring. To ensure precision, it is essential that hiring managers rely on critical-to-quality (CTQ) parameters, in addition to other basic aspects while defining a role and creating a JD. Incorporating such tools in hiring provides key measurable characteristics to determine the skill, behavioral and cultural fit of the candidate. Alternatively, the lack of precision in recruitment can result in: Higher Costs A loosely defined role and JD leads to wrong hiring; this increases the training cost, and subsequently, if the employee and organization part ways owing to the mismatch, the organization will incur further cost to initiate the process all over again. Cultural Imbalance Inadequate selection processes not only affect the measurable aspects such as output of an organization, but also softer aspects like work culture and ethos. In case a new hire does not fit the organizational culture, it can disturb the entire fabric of the organization especially for smaller organizations. Attrition can also affect the morale of existing employees significantly. Poor Employer Branding The parameters and processes involved in recruitment and selection determine how prospective candidates perceive an organization. An unorganized hiring process creates an impression of disorder and chaos, and does not reflect well for an organization as a potential employer. On the contrary, a streamlined process speaks volumes about the organization and brand, and by itself generates word-of-mouth publicity. Untimely Attrition A skill, behavioral, or cultural misfit creates unwarranted tension for employers and new recruits alike. Inability to meet the expected performance standards, blend with the culture and align oneself towards the organizational goals these are some of the factors that can create unrest in new employees and lead them to seek other roles or organizations. Increased Time and Effort In case a new hire quits an organization soon after joining, the entire recruitment cycle will have to be initiated again. In addition to increased cost, this also increases the time and effort required to hire and train a new resource. 3 P a g e Precision in Recruitment

4 Precision in Recruitment How If organizations were asked to list the most common business challenges they face, majority of the lists would include talent acquisition and retention as a primary challenge. According to a 2015 EY-NHRDN survey on talent trends, 75% of all junior and middle level vacancies are filled within 2 months. However, about 75% senior vacancies remain open for more than 2 months, while 14% remain open for more than 6 months. 40% organizations present employee retention as one of the main organizational challenges. From a development perspective, it has been revealed India will need 500 million skilled laborers and 250 million graduates to sustain the double-digit growth by 2022 (The Minister for Human Resource and Development, India Education Review, 2011). These numbers indicate the significance of hiring and retention management. While skill shortage and talent retention undoubtedly impact the recruitment industry severely, the real need of the hour is a paradigm shift for the existing approach. To create processes and practices that result in a superior candidate experience, it is important to understand candidate perceptions and their expectations first. The millennials today seek quick, less cumbersome, and efficient selection processes that incorporate technology to deliver accurate results. For effective recruitment, it is equally important for recruiters to understand the employers perspectives and expectations. Primarily, employers focus on being able to integrate their work and the available workforce seamlessly and that too with minimal effort. This requirement necessitates several changes in the existing hiring cycle right from role definition to the actual selection of a candidate. By adopting the following approaches, organizations can achieve precision in recruitment: 1.Define JDs According to the SMART Rule SMART JDs are specific, measurable, attainable, realistic and timely. By creating JDs that fulfill these parameters, employers and employees have more clarity on the output expected from a particular role. These become aligned with the CTQ parameters and the sourcing time can be reduced to half. Further, it proportionately increases the rate of conversion of high-quality candidates. 2. Benchmark Compensation as per the Market Organizations and HR personnel cannot ignore the fact that compensation is a major reason for employees seeking other options. New hires often leave an organization soon after joining due to want for higher pay packages. Such occurrences are as high as 10-15% in IT/ITES sector and up to 30% in manufacturing. By identifying and setting a benchmark amount for the various levels and roles offered against the market standard, organizations can reduce attrition by almost half. 3. Identify the Right Sourcing Channels Today, there are multiple channels available for candidate sourcing. Rather than employing random channels for recruitment, identifying which sources work best for your organization and the particular role level, and integrating these sources work more effectively. Leveraging Technolog y for Matchmak ing SMART JDs Factors for Precision Sourcing Channels Benchmar ked Compens ation technology for sourcing in the form of job boards, mobile-optimized career pages on the website, social 4 P a g e Precision in Recruitment

5 media platforms, etc. can help organizations reach out to active and passive candidates, who constitute a large chunk of potential candidates. 4.Employ Technology for Initial Matchmaking Organizations and candidates alike prefer a quick, hassle-free selection process. Organizations must extend a smooth experience to candidates through increased responsiveness, well-defined assessment measures, and objective tools for selection. Video CVs, virtual interviews, algorithms for CV matching, etc. can save time and effort for all the stakeholders involved in the process. Impact of Precision in Recruitment With technology being deeply integrated in recruitment strategies and practices, candidates behavior and interests on social media will significantly influence the final hiring decision of recruiters. Building networks, seeking referrals and exchanging talent information between organizations will become the biggest recruitment sources in future. Various steps will be automated for a seamless and robust hiring system. This will result in enhanced precision and turnaround time while reducing the mismatches in quality. Organizations will witness a decrease in the attrition level of employees within the first year. There will be a confluence of the right workforce to the right work, matching individual capabilities and organizational requirements. Time and costs involved in hiring will fall, as the desired results will be achieved faster. Candidates will be able to apply for jobs with more ease and receive fast responses. Overall, precision results in greater levels of satisfaction among employers and candidates. 5 P a g e Precision in Recruitment

6 Author Bio Shailesh Singh Vice President and Head - Recruitment Business Shailesh Singh is the Vice President and Head of the Recruitment business at PeopleStrong. He is responsible for driving the overall business growth and bottom line and defining the strategic direction of the recruitment business. In this role, Shailesh has been at the forefront of various recruitment and HR transformation projects for leading multinational organizations and conglomerates. Passionate about enabling HR to drive business productivity and move away from playing transactional and administrative roles, he has been part of the company for over five years now and has held key positions the most prominent one being that of the Recruitment Scientist.He played a pivotal role in making PeopleStrong one of the largest recruitment process outsourcing (RPO) companies in India. Shailesh has been an integral part of the transformation journey of clients across sectors, especially in automotive, manufacturing, IT & ITES. Shailesh can be reached at shailesh.singh@peoplestrong.com About PeopleStrong PeopleStrong is a leading platform based mphro (Multi-process HR Outsourcing) and Technology company, headquartered out of Gurgaon in India. We enable Business Leaders and CEO's in transforming their people agenda. Our proposition value is further enhanced by the fact that customers see us as trustees of HR Transformation, partnering in their prime objective of creating Happy Organizations. We have implemented some of the largest HR Service Centers in Asia Pacific. We deliver employee services across regions and time zones for more than 300,000 employees and have hired more than 40,000 employees through a unique technology interface coupled with high end decision making Tools for people data. We are the first company in the space to be successfully assessed on SSAE16.For details more details, visit Corporate Office PeopleStrong HR Services Pvt. Ltd. A-10, Infocity, Sector 34, Gurgaon , Haryana, India. Ph no: contact@peoplestrong.com 6 P a g e Precision in Recruitment