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1. Who is your vacancy reaching?
Almost all recruitment solutions are reactive, sourcing candidates when the need arises. This means that companies are entirely reliant on candidates already in the market: signed up with agencies, looking at ads, on job sites or on databases.
Studies have shown that this only represents around 20% of the qualified candidates in the marketplace. To access all of that 20% you have to use every agency, database and advertising medium. In fact, companies often access just 2-3% of the available talent pool to fill any given vacancy.
Having access to only people who really want or need a new job can have a major effect on the quality of hire. This situation can only be improved by having a company database of previous applicants. (Those who have specifically applied for a role with the company through choice whilst employed, or via a company employee recommendation scheme.) This offers a clear improvement in quality of hire and, as a result, a demonstrable increase in productivity per head of between 10-30%.
2. Are you keeping your new starters?
Up to half of new hires leave within the first 12 months, with an average of 20% leaving within this crucial period. The reasons are simple. A standard recruitment process involves six – eight weeks of contact time. This simply isn’t long enough to develop a cultural rapport between candidate and company.
In short, the ‘new hire’ can only finds out if they ‘fit’ after they’ve started in their new role. Plus – the pressure of the new job amplifies any concerns.
Longer engagement with candidates – allowing them to understand the culture and raise any concerns – can reduce the 12-month drop out rate by up to 90%.
3. Are you recruiting proactively?
Engaging with Talent Warehousing or recruiting employee recommendations are the only ways of tackling this.