Hiring & Vacancy Management Process

Transcription

1 A Metrics Driven THE DASHBOARD INTELLIGENCE SERIES Hiring & Vacancy Management Process For HR

2 WHAT Hands up if you agree that hiring the right people for the job is a time-consuming and costly exercise? Just think about the amount of time and money spent in search for that perfect candidate, not to mention the untold losses in revenue incurred from unfilled headcount the figures from Finance don t lie. Despite all this, Human Capital is the #1 investment for most organizations with many studies on hiring bolstering the argument that it remains well worth the efforts and costs. A recent study across 102 countries by the Boston Consulting Group found that recruiting had the highest revenue growth and profit margin impact of any HR function. Still, every organisation needs to know exactly the ROI of their hiring strategies- can you safely say that you know yours? 1. Do you have access to important metrics like Cost per Hire, Time to Hire & Quality of candidates? 2. Do you know which candidate source is giving your organisations the best candidates? 3. Which positions do you have open right now? Which departments do you need to fill? 4. What does your recruitment funnel look like? Definition Hiring & Vacancy Management: The overall process of identifying talent gaps, attracting, selecting and appointing suitable candidates for jobs. 2

3 WHY The way you hire has significant implications for your workforce. Hiring managers often fail to take into account the various costs that factor into computing the real cost of losing an employee. Losing an employee and hiring a new one means an organization has to spend money on hiring and retraining, and be prepared for costs incurred due to productivity loss, disengagement and low morale due to employee turnover. From a 2012 global survey by Harris Interactive, over a quarter of U.S. employers reported that one bad hire can cost them USD$50,000. Similarly, close to half of employers surveyed in China reported costs surpassing USD$48,734. The cost of turnover is also staggering. According to a recent study conducted by the Centre for American Progress, it costs an average of 20% of an employee s annual salary to replace him. For highly paid employees at the executive and managerial level, the turnover costs as a percentage of salary can even scale a whopping 213%. When it comes to recruitment and hiring practices, the goal is simple: find the right person for the job. But unfortunately, organisations spend a whole lot of money on recruiting initiatives job postings can be time-consuming, advertising is costly and staffing agencies sometimes just can t give you the person you need, which makes you wonder: how do I get the best returns on my investment? With the pressure on Finance to maximise profits, organisations are keeping tabs on expenditures and streamlining departmental budgets based on returns.are you still hiring blindly? It s time to get strategic about what s working and what isn t so that you can make smarter decisions about where to put your limited time and resources. 3

4 HOW Inform your hiring strategy. Increase your recruitment ROI. Your recruiting/hr team naturally generates useful data during each and every job requisition and candidate hiring process, so why not put that data to good use? If bringing the best talent on board to grow your business is your top priority, you ll need to take steps to ensure that your hiring efforts are giving you the best ROI. EmployeeBoss harnesses data to give you actual statistics you can use to assess your performance so you can drill into your recruiting program and implement the right strategies. 4

5 Get a quick overview of overall Headcount and Vacancy by department and job type. Toggle to view Headcount or vacancy only. EmployeeBoss gives you an instant snapshot of hiring stats like Time To Hire, Cost Per Hire & Quality of Candidate. Hover over to get other detailed information like number of hires and compare against your set targets. 5

6 Filter to view by stage from resumes received through to hires made. Identify bottlenecks and problems before they become critical workforce issues. 6

7 The Recruiting Funnel shows you candidates by stages. Analyse your top 10 candidate sources and drill down by stages from resumes recieved to hires made. Determine which channel(s) gives you the maximum ROI. 7

8 Ready to see these dashboards in action? Data fields Field Type Source Systems * Position ID Text HRIS * Department Code Text HRIS * Department Name Text HRIS * Job Type Text HRIS Location Code Text HRIS Location Name Text HRIS Here s what you need to do: EmployeeBoss comes with pre-built hiring & vacancy dashboards ready to use from day 1 so all you need to do is import all the required data. What is required: How many data fields? 23 How many mandatory data fields? 16 How many systems? 2-3 Position Effective Date Date HRIS Position Close Date Date HRIS * Employee ID Text HRIS Employee Start Date Date HRIS Employee End Date Date HRIS * Job Requisition Date Date ATS * Cost of Hire Number ATS ATS What is an ATS? An ATS simply refers to an Applicant Tracking System or hiring software application that manages the corporate recruitment process. HiringBoss is Asia s leading Applicant Tracking Software. It has all the recruitment metrics you need so you know what s working and what s not. * Target Cost of Hire Number A number determined by your organisation or ATS This number refers to the budgeted cost allocated for hiring. * Target Time to Hire Number A number determined by your organisation or ATS This number refers to the timeframe allocated to making a successful hire. * Currency Code Text ATS Currency of used to give Cost of Hire * Fill Date Date ATS * Candidate ID Text ATS * Stage Order Number ATS * Stage Name Text ATS Quality of Candidate Number ATS * Candidate Source Text ATS A distinction has to be made between Quality of Hire and Quality of Candidate. Quality of Hire is a post-hire metric based on the new hire s performance. Quality of Candidate refers to the assessment rating of candidates by looking at their skills and fit. * Application Date Date ATS Data marked with * are required data. 8

9 With EmployeeBoss, you can stay one step ahead so you can keep your top talent in your organisation. Used and loved by leading organizations around the world. Treating retention as an on-going priority enables you to focus on proactive measures to sustain long term employee commitment, rather than on scramble to work out reactive attempts to salvage surprise resignations. The workforce planning capabilities inside EmployeeBoss help us keep ahead of the competition. It s a secret weapon that sets us apart from the competition. Christina H. Yasui, Head of Global HR, Adways Inc. Don t just take our word for it. Best Big Data Solution Stevie Awards 2015 ASIA-PACIFIC International Tech company of The Year IBAs2014 GLOBAL Best Innovation 2015 Best HR Service Providers Greater China 9

10 About EmployeeBoss Take me to a video EmployeeBoss is the first big data analytics solution dedicated to solving problems related to the workforce. Taking business leaders from mess to success in just 5 easy steps: Import, Associate, Visualise, Plan and Execute, EmployeeBoss delivers workforce insights to help business leaders make informed workforce decisions without any hassles or high-cost. Features of EmployeeBoss include: Dynamic Org Charts Geospatial Maps Reports & Dashboards Workforce Planning Recruitment & Vacancy Management To learn more about the full spectrum of business problems EmployeeBoss help organizations around the world solve, info@hrboss.com to schedule a live demo. SINGAPORE Sales.Singapore@hrboss.com 17A Boon Tat Street Singapore CHINA Sales.Singapore@hrboss.com Sales.China@hrboss.com Room 806, 8/F Shanghai Oriental Center, 699 West Nanjing Road, Jingan, Shanghai, China JAPAN +81 [0] [0] [0] Sales.Japan@hrboss.com Clover Kamiyacho 10F, Toranomon, Minato-ku, Tokyo Japan U.S.A Sales@hrboss.com Irvine Towers, Von Karman Avenue, Suite 850, Irvine, CA USA HONG KONG Sales.HongKong@hrboss.com Level 19, Two International Finance Centre 8 Finance Street, Central Hong Kong, China VIETNAM Sales.VietNam@hrboss.com 9F, President Place, 93 Nguyen Du Street, District 1, Ho Chi Minh City, Vietnam Connect with us 10