The cost of hiring could give anyone a shock. Agencies charge up to 20% of the candidate’s annual salary, which can be a hard pill for anyone to swallow. Thankfully, technology has caught up with us, paving the way to manage recruiter fees more effectively. Here, we describe the power of HR software in mitigating additional costs, especially recruitment agency fees.
Building Your Recruitment Pipeline with Smart HR Software
A strategic and cost-effective approach to recruitment starts with a formidable hiring pipeline. Instead of focusing on individual job vacancies, think of your recruitment process as a continuous effort. HR software assists in creating this robust talent pipeline by automating processes and using advanced analytics techniques.
ATS tools like ours at Neuroworx, collects data concerning potential and current employees, ranging from resumes, job applications, performance reviews, and engagement surveys, providing HR professionals an analytical view of the workforce. Using AI-driven data insights, these systems can reduce time spent on administrative recruitment tasks, thereby saving your organization a significant amount of money.
But caution is necessary while making use of AI capabilities. A machine is only as unbiased and representative as the data it is trained upon. Therefore, to maintain diversity in recruitment, it is crucial to ensure that the technology used is free from bias and backed by valid and reliable data.
Implementing Evidence-based Assessments
The choice of assessments used in recruitment should birth from the needs of the role you're scouting talent for. Therefore, conducting a job analysis before deciding on your assessments is of utmost importance. This involves understanding the knowledge, skills, and abilities required in a role to better determine the types and combinations of assessments to administer.
While cognitive ability tests provide insight into an individual's problem-solving capabilities, assessments focusing on personality traits, soft and hard skills can offer a more holistic view of the candidate's potential. In the long run, this strategy could result in businesses hiring candidates more closely aligned to their roles and organizational culture, reducing the likelihood of turnover and re-hiring costs.
At Neuroworx, our ATS uses a range of scientifically validated assessments, providing us with a comprehensive view of our candidates' profiles. This gives us confidence that we are not just relying on a single data point, but are instead creating a multi-dimensional view of our candidates.
Understanding Your Employees
Maintaining an engaged workforce is not just about hiring the right people, but also about understanding them. Deliver employee surveys focusing on various areas such as engagement, burnout, inclusion, and well-being, and make use of the data gathered to construct personalized employee improvement strategies. Pairing this data with information extracted from performance reviews and 360-degree feedback could help you understand your employees better, making your organization a desirable place to work for potential hires.
Understanding The Value
Reducing recruiter fees is not the only benefit of HR software. It's about understanding your hiring needs and your employees, continuously refining your talent pipeline, and adopting an evidence-based approach to recruitment and workforce management. The right HR software can transform your organization's approach to recruitment and talent management, turning what was once a cost into a strategic asset.
August 20, 2023
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