The current job market is very competitive The unemployment rate in Poland for May 2019 was 5.9%, the lowest since 2008. In the EU as in Poland, talent acquisition professionals and recruiters in organisations should look at their recruitment strategy in the same way as a traditional business does for consumers, supply and demand and price balance.
Below we will collate 8 key indicators of an organisation's optimal talent acquisition function.
1. positive feedback about your recruitment team
Hiring managers and leaders have a positive view of their recruitment team. An organization should have a positive attitude toward a talent acquisition team that feels confident in its ability to attract the best candidates.
Partnership between recruiters and hiring managers
Recruiters and hiring managers are colleagues and at the same time business partners. If it is a dysfunctional relationship and there is no trust, the hiring process is broken.
3. low interview to employment ratio
The ratio of interviews to hires should be low. The Talent Acquisition team should be confident in the candidates they present to managers for interviews. This will ensure that managers only have a few candidates to interview, and the right fit is one of them.
4. the ratio of submitted offers to accepted offers
Offers extended and accepted. Offers should be evaluated and considered strong so that the candidate does not reject them because thesalary was too low. If this happens, recruitment costs increase as the process of finding the right candidate starts all over again.
5. Positive reviews and ratings of interviews on social media
Positive interview ratings on Glassdoor and Gotowork. Recruiters and hiring managers should stay on top of these ratings. Candidates in this tight job market review an organization's ratings before accepting an offer, even before an interview. If an organisation has poor ratings, it could cost it a competitive advantage in top talent.
6. have an adequate budget for recruitment
The right cost of recruitment. In order to create the most effective talent acquisition team, an organization must invest in it by providing the right tools and technology or training. For smaller organizations, the budget to provide them is sometimes unavailable. Outsourcing of recruitment processes ( RPO) for an organization can be a great solution.
7. Realistic planning during recruitment
The right time to hire. Managers in the organisation should be realistic in this area. Don't set the deadline so short that recruiters are unable to attract the best talent. Talent Acquisition Specialists and Hiring Managers should check labour market data to set this timeline.
8. work on the recruitment funnel
Information about the recruitment funnel is accurate and used appropriately. How many candidates have been reached? What is the comparative data for this position? Having real numbers data will open up conversations with executives that give talent acquisition professionals a proverbial "seat at the table."
Because hiring the right people for the right role is so important, recruitment quality stands out as a metric that organisations are very concerned about. The average cost of a poor hiring decision can be 30% of potential earnings in an individual's first year, not only from turnover but also lower productivity, a damaged employer brand, employee engagement and valuable manager time spent anticipating poor performance.
Fast Forward Solutions will help connect you with the talent you need in a highly competitive environment. Let us help you find the right talent.