by Raghu Nandhan | Mar 5, 2020 | Blog, Talent Acquisition
The recruitment budget is an extensive gauge of costs that will be brought about while driving hiring activities consistently and is basic to take care of the considerable number of expenses related to making an enlistment technique, engaging and recruiting talent, and retaining them once they are employed.
Building a budget includes a few stages, many of which can get skipped when individuals are entrusted with attempting to make a budget too rapidly or have little research to control them.
Without a well-planned recruitment budget, you always run the risk of overspending and ruining your entire hiring plan for the year. Likewise, it very well may be hard to follow all the costs that were brought about in hiring a candidate.
Here are the 6 steps to effectively manage your recruitment budget.
Track your time and expenses
It is conceivable to have a recruitment process that is quality-oriented, fast, and cost-effective. But achieving this for your business requires equalization, and it requires an evaluation of your present circumstance. Your budget will work better for you on the off chance that you realize to what extent it regularly takes for your organization to hire someone. Also, this incorporates observing key recruitment metrics in your hiring.
Cost-per-hire is one of the most important and most commonly used hiring and recruiting metrics. This metrics measures how much it costs your company to hire new employees and also it catches the aggregate sum of amount in finding and hiring your ideal job candidate.
Here is the formula of cost per hire
Get Leadership Onboard
On the off chance that you would prefer not to be stuck right now, you must be aware of how you approach the administration with your budget proposal and how you approach putting forth the business defense if your subsidizing needs have expanded.
With the economy gradually rebounding, it’s hopeful that more CEOs and business leaders will be available to expand their recruiting spend for attempting new technologies and strategies that improve recruiting effectiveness and draw in the top ability to their positions. To improve your chances of accessing more resources to ease your burden, endeavor to show leadership the estimation of a vigorous enrolling recruiting budget.
Evaluate Your Past Results
Take a look at what number of new-contracts you got and which channels were generally helpful for drawing in them just as which positions you filled the greater part of such as executive, entry-level, management, or administrative. Ideally, execution surveys for your recruiting team were directed, so you’ll additionally need to benchmark which ones were best in their job and why.
See who was average, the best, and the worst, and whose presentation improved by the most significant margin and why. This will assist you with uncovering what has been working and what hasn’t on your recruiting team and figure out who should be promoted, who may require extra improvement in their job, and who should perhaps be let go or moved into another role.
Hire great candidates the first time
Thousands of dollars per year can be drained from your budget with low staff retention rates. On the off chance that you hire great employees on the get-go, you can spare a ton of time in finding a substitution later on and just focus around how you can hold them. With the cost of each lost employee scheduled running as high as 150% of annual salary, expanding on maintenance can help with containing recruitment costs.
Estimate your recruiting technology costs
The traditional recruitment process hasn’t become unimportant, however, it has earned some inventive and dynamic rivalry from tech-driven, mobile-first solutions. Tech tools must always support and enhance humans to positively impact the candidate experience, or else they risk damaging the employer brand you’ve worked so hard to create.
Investing in decent recruiting tools that help you sift through unsuitable applications, which are very expensive, so don’t pass up the best hires by discarding this expense from your spending limit. Make a list of the considerable number of tools you’re utilizing. When figuring in their costs, take into consideration the pricing models.
Decide your annual recruitment budget plan for new hires
Quality of hire is essentially the value a new hire contributes to the company’s overall success. A recruitment plan outlines your strategy for finding, screening and hiring new employees and makes the hiring procedure smoother and act as a qualifying guideline for candidates. This causes businesses to guarantee that they are hiring individuals with the qualifications and skills needed to do the job.
Here are a few important Components for Recruitment Budget Plans
- Identifying job openings
- Deciding how the job(s) will be filled.
- Choosing the type of candidates that should be targeted.
- Joining with the target group.
- Meeting with the applicants
For more about Recruitment updates follow our Insights for more info Contact Pragna Solutions for your all RPO Recruiting and Offshore Recruiting Solutions.
by Raghu Nandhan | Mar 2, 2020 | Blog, Recruitment Technology
Have you ever heard about slack? If yes, do you use it? Great if you do. It is a cloud-based application used for instant messaging developed by Slack Technologies. It’s a great way of communication within an organization. But did you ever realize that it can be used for recruiting as well Slack for Recruiting. Many organizations use Slack to cut down emails and allow more flexibility in conversations. But not many organizations have realized that Slack for Recruiting is also a great platform to connect with people having general interests. For example, you can engage in real time conversations by getting into your Slack community.
Overview of common terms used in Slack:
Slack communities are nothing but groups of users who share a common field of interest. One community consists of multiple channels.
Slack Channels allows conversations between members. Community members can join freely any channel of their choice. Options to create private channels are also available where sensitive or confidential topics can be discussed.
Direct messages and group messages are used for private conversations between two people or more people (group).
Now, let’s know more about Slack and how it can be used effectively by recruiters for talent acquisition.
Using Slack for Recruiting is as Simple as Typing
Slack is just like any other social media platform, having an array of options. However, Slack’s options are designed for more personal communication. Slack’s interface is as simple as texting or instant messaging. You can also use emoji’s or attach GIF’s to connect with candidates that just isn’t possible via email.
Slack for Recruiting Favors Organized Conversations
Slack Channels can be segregated by projects, teams, or even by clients. Unlike emails, Slack avoids you the headache of a single overflowing or overstuffed inbox, and any member can leave or join conversation at any point of time.
Slack Allows Real Time Communication
Using Slack for Recruiting, people can communicate via a lot of options like Channels (Maybe public or private), direct or group messages, Video or voice calls. People can also share documents or photos. It’s also a lot easier to find any chat on Slack, as it provides with many effective search features. You as a recruiter can talk to candidates and also to the hiring manager on the same platform, thus allowing better coordination within the team. Update on hiring methods or feedback about candidates is all available for all in seconds. You can also seek for employee referrals from your connection, also job postings can be linked to candidates social media platforms.
Slack Save Cost and Time
Talent acquisition process is time-sensitive, so communicating with candidates in real-time is critical. Slack helps save a lot of time consumed by back-and-forth of emails sent to candidates to engage them or arouse interest in the open position. Slack for Recruiting is also a free messaging app which doesn’t limit you to a certain number for sending messages. It also offers paid plans, which doesn’t cost a bomb compared to the ROI generated by making tailored hires.
Analyzing Becomes Easier With Slack
Slack holds abundance of talent pool and showcasing their domain related work or documents to be observed by you. This makes the whole process of finding the right fit for a position a lot easier for a recruiter, cutting down a lot of steps involved just before approaching the candidate. The methods of Slack for recruiting will vary from position to position or domain to domain. But making new connections always help as you never know which connection might turn to be hire.
Conclusion:
Slack can be used for both internal and external communication. Internally it can build the team collaboration allowing real time conversations. Externally, it can prove to be an external recruitment mate. It can be used as a tool to engage with talent and also for employer branding. Conversations in Slack are way more organized by default and it opens up sourcing possibilities which you might not come across otherwise. Thus, utilize this social recruiting platform to its fullest potential and never regret later.
For more about Recruitment updates follow our Insights for more info Contact Pragna Solutions for your all RPO Recruiting and Offshore Recruiting Solutions.
by Raghu Nandhan | Feb 19, 2020 | Blog, Recruitment Technology
In the dynamic landscape of talent acquisition, fostering diversity has become paramount for organizations striving for innovation and inclusivity. As hiring practices evolve, leveraging cutting-edge tools and platforms tailored to diversity recruitment is essential. Explore the following curated selection of 10 diversity hiring tools designed to empower recruiters in their quest for diverse talent.
Expanding Your Reach: Global Job Boards
Indeed: The Powerhouse of Talent Acquisition
Indeed reigns supreme as the premier external source of hires, attracting millions of users from over 60 countries monthly. Offering unparalleled access to top talent across diverse domains, Indeed provides both free and paid job postings, ensuring maximum visibility for recruiters worldwide.
Monster: A Global Hub for Talent Discovery
With a presence in 40 countries, Monster offers a comprehensive online solution for job seekers and employers. Leveraging Monster Premium Job Ads, recruiters can amplify their job postings across 500+ partner sites, targeting active and passive candidates with precision.
Glassdoor: Insights-Driven Recruitment
Combining employer reviews with job listings, Glassdoor empowers jobseekers to make informed decisions by providing invaluable insights into company culture and compensation. Recruiters benefit from broad job distribution and a free trial period, enhancing their ability to attract top talent.
CareerBuilder: Streamlined Talent Acquisition
As a universal online employment website, CareerBuilder facilitates seamless recruitment across multiple geographies. With access to a robust resume database and competitive pricing, recruiters can efficiently identify and engage with diverse candidates.
Specialized Platforms: Niche Recruitment Solutions
Dice: Tech and Engineering Excellence
Catering specifically to tech and engineering professionals, Dice offers recruiters access to a highly skilled talent pool in North America and Europe. With targeted promotion options and extensive partner networks, Dice ensures maximum exposure for tech-centric job postings.
Gigajob: Global Access, Zero Cost
Operating in over 100 countries and supporting multiple languages, Gigajob provides recruiters with a cost-effective solution for global recruitment. Offering free basic ads with extended visibility, Gigajob enables recruiters to reach a diverse audience of jobseekers.
Careerjet: Global Job Search Simplified
With a presence in over 90 countries and translated interfaces in 28 languages, Careerjet streamlines global job search with its intuitive platform. For a nominal fee, recruiters can feature their job ads prominently in search results, attracting quality candidates directly to their inbox.
Harnessing Professional Networks: Social Recruiting Platforms
LinkedIn Recruiter: Networking Redefined
As the leading professional networking platform, LinkedIn Recruiter offers recruiters unparalleled access to high-caliber talent globally. With advanced search capabilities and customizable recruitment packages, LinkedIn Recruiter facilitates targeted outreach and engagement.
ZipRecruiter: Simplifying Recruitment Efforts
ZipRecruiter streamlines the recruitment process by allowing employers to post jobs across multiple partner job boards with ease. With a user-friendly interface and integration with top applicant tracking systems (ATS), ZipRecruiter ensures efficient candidate sourcing for diverse hiring needs.
Innovative Solutions: Redefining Recruitment Practices
Job.com: Revolutionizing Talent Acquisition
Job.com leverages blockchain technology and incentivized feedback to revolutionize traditional recruitment models. Recruiters can post jobs at no upfront cost, paying only upon successful hire, thereby optimizing cost-efficiency and candidate quality.
Navigating Recruitment Strategies: Key Considerations
Innovative tools and platforms offer immense potential for diversifying recruitment efforts. However, it’s essential for recruiters to approach their strategy with careful consideration:
Diversify Your Approach: Explore a diverse range of platforms to tap into niche talent pools and foster diversity within your organization.
Evaluate Cost vs. Features: Assess the features and pricing structures of different tools to identify the most cost-effective solutions tailored to your recruitment needs.
Embrace Innovation: Stay abreast of emerging trends and technologies in recruitment, leveraging innovative platforms to gain a competitive edge in talent acquisition.
By embracing diversity hiring tools and adopting a strategic approach to recruitment, organizations can cultivate a more inclusive workforce, driving innovation and success in the modern workplace landscape.
For more about Recruitment updates follow our Insights for more info Contact Pragna Solutions for your all RPO Recruiting and Offshore Recruiting Solutions.
by Raghu Nandhan | Jan 29, 2020 | Blog, Industry Trends, Recruitment Technology
Offices today are totally different from past few decades. All the information you need is available at fingertips. Generations today are digital natives, and traditional work systems do not match their expectations. Everyone is connected by technology online.
Technology has both its positives and negatives, and so does the technology hyper connected workforce. With help of technology, many people are able to work from home and able to balance both their personal and professional life.
It has also cut down the need of business travels, saving a lot of time and money. On the contrary, tech connected employees also has its downside. So, let’s discuss a few tips on managing today’s hyper connected workforce.
1. Realizing the Importance of Real Communication
In the shuffle of Skype, emails, chats, and video conferencing, people are forgetting the importance of face to face communication. People have misunderstood the whole concept of communication. Words are not the only thing required for it.
It is a compendium of small gestures, expressions, and emotions that humans tend to interpret unconsciously and these can never be replaced by virtual expressions called emojis. You can learn a lot of many things about a person from personal interaction rather by digital communication.
So if you wish to turn back disasters before it happens, try to find time and get your employees in the same room as often as possible. Weekly meeting or one on ones can also be effective.
2. Digital Detoxification
We all are aware of the fact that a detoxification show positive result on human bodies and same does the digital detox. For people who do not understand the term digital detoxification, it is a time period during which a person abstains from using electronic devices.
This is to reduce stress and focus on improving social interaction in the physical world. Motivate your employees to take a digital vacations sometimes. A team outing can turn out to be really fruitful.
Encouraging a digital detoxification is one of the best things you can do for your employees and your business because the wealth of a company depends on the health of workers.
3. Encouraging Employees to Pull the Plug
It is a motivating problem that usually businesses expect their staff to be accessible throughout working hours. On the contrary, the requirement to be reachable at all times could cause employees to be less productive.
A recent study showed that employees spend most of their time in cooperative activities with their managers, leaving them very little to no time to actually complete their work.
Permitting and encouraging your staff to turn off their phones or place them on “do not disturb” mode will result in more productive hyper connected workforce.
4. Setting and Enforcing Boundaries
These days, it is a lot easier to reach out to people wherever they are. But once it involves business, this same accessibility might create a riddle. Seeing the boss’s emails in the evening might be tough for several employees to ignore till the following day.
This can be wherever setting boundaries can be extremely necessary. Simply because you can send emails or direct reports to your employees at 10:00 pm doesn’t imply you must. If it’s not an emergency situation, or you seek an immediate response, it’s always better to send it the next day.
5. Using Preferred Mode of Communication
It’s likely that you would prefer a certain mode of communication, and there are chances of you unknowingly force everyone else in your company to use it. Different people are comfortable using a different means of communication. For example, Gen X will prefer email communication; Millennia’s and Gen Z are more likely to want to video conferencing, IM or text.
Older people will definitely like a face to face convo or connecting over a phone call. Using their preferred mode of communication with your employees will help you connect with them better in terms of understanding and establishing a rapo. Doing so will certainly take you much further with your workforce.
Conclusion
Irrespective of your business type, your employees being on site or offsite technology and digital communication plays an important role to connect. But these two if not managed carefully can lead to devastation.
Managing your hyper connected workforce will help you in the long run, helping you and your employees to achieve and maintain good work-life balance.
For more about Recruitment updates follow our Insights for more info Contact Pragna Solutions for your all RPO Recruiting and Offshore Recruiting Solutions.
by Raghu Nandhan | Oct 25, 2019 | Blog, Industry Trends, Talent Acquisition
In 2018, virtually 75% of employers struggled to fill positions with the proper candidates. Unfortunately, this talent shortage is simply worsening. Research by Korn Ferry predicts by 2020, the technology, media, and telecommunications industries alone may be short over one million complete staff globally.
Talent acquisition is growing globally at an astonishing pace. Considering global professionals, 70% of people in professional services work remotely at least one day in a week. These numbers might be a bit shocking for people who still work in a traditional work space. As we intensify our understanding of the massive increase in global hiring, we must also endow ourselves to compete effectively.
Below, pointers suggest a global talent acquisition strategy.
Focus on better employer branding.
Employer branding is one of the most important feature for successful talent acquisition. Talented candidates compare companies before they apply for any position; they tend to choose the organizations which have the simplest values, culture, and which promote work-life balance. By cultivating a powerful leader, you may attract higher talent and notice a lot of long-run success. Always keep your current employees in mind while developing your employer brand, as they can help strengthen your value proposition.
Workplace adjustments
An impactful onboarding process can be the key to a long-term success of remote employees. It can also help establish a collaborative environment that reaches to different time zones, geographies, and cultures. Both employees and employers are in the nub of a workplace alteration. Team members can join meetings and contribute via cloud-based tools and video conferencing, no matter which place they are at.
Need of global talent acquisition
Before we act, let’s understand clearly the need, supported by a review of global talent acquisition growth trends. Businesses of all sizes, let it be giants, well established or just the beginners are entering or expanding their reach in the global marketplace. The number of Fortune 500 companies based in global emerging markets is expected to exceed 45 percent by 2025, according to research by McKinsey & Company, a management consulting firm.
According to 2018 survey by freelance website Upwork, less than 40% of US hiring managers expect employees to do the majority of their work remotely in the next ten years, according to a 2018 survey by freelance website Upwork. All of these points in the same direction: With the increase in global workforce, we have to renew our commitment to cross-cultural and diverse communication. This applies to the full life span of talent acquisition, but it begins with your candidate engagement strategy.
A good talent acquisition strategy is always in transition
Designing a talent acquisition strategy is imperative to the success of your business and to ensure that recruitment as a process is conducted not merely on the need basis but as part of the strategy.
However, as you could probably discern from the points above, there is no one-size-fits-all when it comes to a strategy for talent acquisition. Instead, a good strategy is one that is designed to tailor to your business and is flexible enough to evolve as the business and market change.
To succeed long-term, you must attract and retain talented employees regardless of vacant roles. Talent acquisition will assist you to do that while solving for long-term organizational needs.
For more about Recruitment updates follow our Insights for more info Contact Pragna Solutions for your all RPO Recruiting and Offshore Recruiting Solutions.
by Raghu Nandhan | Oct 1, 2019 | Blog, Talent Acquisition
Costly Recruiting Mistakes
The pressure of getting a seat filled is always on. The hiring manager is calling you daily, the coworkers taking up the slack are at breaking point, and you just want to get it done. But finding the incorrect candidate is worse than finding none, it means having to start over again in a few months. Costly Recruiting Mistakes will prove pricey for any company, and particularly for any company’s HR department. Not only can a bad hire damage your reputation, but your business will end up taking a serious financial hit, so here are top key practices to help you do just that.
Technology and Automation
Modern world is built on Technology. No matter what the job is, technology and automation are anyway a part of it. Any candidate who has difficulty with the hiring process that includes advance methods like video interview, email conversations etc. will definitely have performance issues if hired.
Pre-Hire Assessments
Pre-hiring assessments can be a little scary for a few recruiters, who may worry that an extreme screening process will turn away candidates early on in the whole interviewing process. Just remember that all candidates take great measures to present themselves as positively as possible, so exercising measurable assessments is a highly efficient and effective way to determine how much of that image is just illusory.
In 2014, the Aberdeen Group released a survey report which summarized the impact of pre-hire assessments, stating that 55% of companies who used pre-hiring assessment tests linked a candidate’s performance level to these assessment results. These can range from skills tests, which are a great way to check a candidate’s aptitude or even their personality. Regardless of their specific focus, these add an extra layer of review to filtrate unsuitable candidates.
Making decisions without sufficient data
There are two ways in which knowledge is hidden throughout the recruitment process. The first comes from the avalanche of candidate most organizations typically receive. Traditionally, and still these days, many HR and hiring professionals find candidates from an enormous stack of resumes. There is an enormous amount of data to review, and few might not even be eligible to consider. Pre-screening tools can help to quickly filter the pool of available candidates by eliminating those who do not meet minimum skills and job requirements.
Lazy Sourcing
How many hiring managers create the job description, post it, then expect for the talent to return to them? Do you think you’re getting the best talent when you do this? Just imagine, If you’re dating, do you present yourself on the walkaway and expect for the love of your life to appear? Then why do we think the job description is going to attract the “best” person for the job? The “best” talent is already happily employed and most likely isn’t even looking for a job, or may be busy enough not to see your employment advertisement.
Skipping the Phone Interview
Pre-interviews, like a 10-minute phone call, are a key to optimize your time. The resume appears to be nice, but can’t always tell you critical information. It may indicate that the candidate has “excellent communication skills” for a Customer Support position, but only a telephonic interview can assure if it’s true. The need for a bilingual candidate can solely be verified by phone. Some candidates won’t embrace crucial data, like salary history, unless they get a phone call; others might no longer be available or interested. While the telephonic interview could also be a step candidates don’t like, it’s immensely useful for recruiters attempting to optimize the particular face to face interview time spent on each hire.
Hazy Job Descriptions
One of the most Costly Recruiting Mistakes is not being clear of whom you want to hire or the qualities or skill set you are looking in a candidate. Always ask these questions before drafting the detailed job description.
What key responsibilities does one expect this person to require on?
What deliverable’s will this person need to produce?
What skill sets must he or she had?
What expertise set should they need to achieve success during this role?
Minimum education qualification? (If needed)
What character and personality traits or temperament can they have to powerful, long run fit?
When you begin this way, then and solely then are you able to begin to craft the correct accomplishment strategy, prepare interview queries, and then begin to speak with candidates about the position.
Using a few or all of the above strategies allows you to spot a bad hire miles away. These unorthodox interview methods ensure risk-free and efficient hiring process. It helps filter Candidates who cannot follow directions during the interview process.
Lastly, these methods allow candidates to present themselves in a more creative and spontaneous way. You get all the information about the candidate like communication skills, personality and also the technical prowess even before letting him or her enter into your office, which will definitely save a lot of time and reduce chances of making a bad hire!
For more about Recruitment updates follow our Insights for more info Contact Pragna Solutions for your all RPO Recruiting and Offshore Recruiting Solutions.
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