Category: Workplace Technology

Tracking Candidate Source Data and Measuring Cost Per Applicant and Cost Per Hire to Determine ROI

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image_30Measuring the cost per applicant and cost per hire helps human resources departments determine the cost-effectiveness of their candidate recruitment strategies. This candidate data can be gleaned through a variety of methods. Once the statistics have been compiled, managers and human resources staff can then evaluate whether they’re getting their money’s worth, what strategies proved too costly and which efforts can be expanded upon.

Collection of Candidate Source Data

Begin by automating the candidate source data. This can be done within the human resources information technology (IT) department. An applicant tracking system can be implemented by the IT department and used to track basic data for each applicant, such as the source of his or her application or the website where the recruitment ad was placed. This data can then be analyzed by the human resources staff to determine the frequency of applicants from each source.

Data Analysis

Once reliable candidate source data has been gathered, managers can then begin calculating cost per applicant and per hire to determine the ROI. Use the automated program to run reports for “applicants by source” and “hires by source.” Other reports to run include raw applicant and hire volume. Compare these against the costs and fees charged by each source. Factors such as the hours spent by each human resources staff member or hiring manager may be difficult to calculate; however, these also add to the cost per applicant and per hire. Now, you know which of your recruitment ads and methods have produced the greatest ROI.

Making Adjustments

Knowing your ROI for each applicant and hire source allows you to make adjustments as needed. Because recruitment budgets may change on a quarterly or annual basis, you may need to adjust your recruitment media and marketing on a similar schedule. Once you have identified which source or sources are giving your organization the best ROI, you can focus your budget and contracts there. You’ll also have the data to show different recruitment websites and venues so that you can get better ad placement or more services for your employee recruitment budget.

 

Why You Should Not Neglect Applicant Tracking Systems

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image_016While some estimates are higher, a conservative estimate of the percentage of companies using Applicant Tracking Systems (ATS) is 75 percent of large organizations and 60 percent of mid-sized companies [1]. Unfortunately, you could be missing out on some qualified candidates if your system appears to be out-of-date. Statistics show that 40 percent of mobile candidates will forgo the application process if the ATS is not mobile-friendly [2].

Job Order Tracking is an Important Part of Applicant Tracking

A job order tracking feature acts as a central repository for recruiters, allowing them to quickly identify and share open jobs on social media or job boards. Most applicant tracking systems can produce job order reports of successful placements, source of hire, time to fill, and diversity. Weekly monitoring can provide valuable metrics to help identify recruiting efficiencies as well as weaknesses.

Managing All Those Applicants

With the average number of applicants per job opening at 250, your recruiters can’t afford to review and contact all that would come up in a search. With an ATS, you can thin the qualified candidate pool by as much as 75 percent, allowing your recruiters to focus their time on those with genuine potential [3].

Successful recruiters understand the value of networking with a core group of professionals who were qualified applicants that for one reason or another didn’t get the job. Checking in with that group can sometimes produce an equally qualified referral. Most ATS’s allow recruiters to create personalized groups to easily access these valuable but often overlooked contacts.

Time is Money

Taking full advantage of an ATS streamlines the process around applicant comparisons, makes it easy to match candidates to open positions, and keeps your candidate pipeline flowing. The time-savings that come from a robustly used ATS can be proven through the many reporting tools available and can even justify ROI if your Human Resources department is thinking of upgrading.

Bottom Line

An ATS can positively affect your bottom line by reducing your hiring time, improving the quality of new hires and easing the recruiter’s workload. With the reporting tools available with your ATS, your can measure the results for yourself.

 

[1] http://recruitingdaily.com/applicant-tracking-system-selection/

[2] http://www.slideshare.net/cbforemployers/upward-mobility-careerbuilder

[3] http://recruiterbox.com/blog/18-things-you-dont-know-about-applicant-tracking-systems/

 

Using Technology to Streamline Your Interview Procedures

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image_018The interview is one of the most vital elements of the hiring process, and no new applicant should be signed without a face-to-face meeting. However, the traditional route of several office interviews is not the most time-effective or cost-effective option for a business. The following are key ways that technology can help to streamline your interview procedures.

Invest in Recruitment Software

According to Josh Gerbin, a writer for Forbes, corporate recruiting software is now a $1.5 billion industry [1]. That is because recruitment software can be an effective way to handle hundreds or even thousands of resumes without getting overwhelmed. Resumes and applications from sites like LinkedIn, Indeed.com and other similar job-hunt websites are automatically organized through the software, which highlights top candidates you should focus on. It also eliminates applicants who do not meet the minimum hiring requirements. Recruitment software is a departure from the idea of networking, but it is an exceptional way to pinpoint candidates who qualify for a video or in-person interview for the job.

One-Sided Video Interviews

Video interviews conducted over platforms like Skype are certainly not new in the recruitment industry. However, taking it one step further is the idea of a one-sided video interview [2]. Interviewers can send out an email with video questions of their choice. Then, the applicants who receive the email can respond with their recorded answers. This lets both parties conduct their interview when it best fits into their schedule and eliminates the problem of a poor or inconsistent Internet connection on either side.

Applicant Tracking Systems Ensure OFCCP Compliance

For companies large and small, a major concern is meeting hiring guidelines set by the Office of Federal Contract Compliance, a subset of the Department of Labor [3]. In order to guarantee equal opportunity employment, interviewers need to stick with the same questions from applicant to applicant. Rather than maintaining piles of paperwork and checklists for each person that steps into the office, an applicant tracking system helps you see which information has been gathered, which questions were asked and whether you are following federal regulations throughout the interview process.

 

[1] http://www.forbes.com/sites/joshbersin/2014/05/06/workday-recruiting-will-it-disrupt-the-talent-acquisition-software-market/

[2] http://money.usnews.com/money/blogs/outside-voices-careers/2012/10/04/how-to-master-a-one-way-interview

[3] http://www.dol.gov/ofccp/

Recruiting Industry Trends That Should Have Your Attention

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image_17Are you looking to sharpen your talent-hunting skills? To stay competitive in today’s market, keep up with how technology affects candidate job hunts and widen your search umbrella to as many corners as you can. Take your cues from big brand HR and diversify your hiring techniques with the biggest industry trends.

Going Mobile

A 2014 survey by LinkedIn found that 72 percent of working professionals visited a company’s career page using a mobile device [1]. Whether you utilize apps or a mobile-optimized website, mobile has become essential for keeping tabs on the talent pool.

Adding Analytics to Your Toolkit

Choosing from a pool of candidates can be a challenge, but big data analytics can help alleviate some of the burden. By scrutinizing trends, successes and failures, analytics provides guiding insights into your team-building decisions. One Accenture survey found that business reliance on analytics has tripled since 2009 [2].

Aggressive Sourcing and Branding

Experts agree that aggressive sourcing is becoming a driving force in recruiting. Reaching out to “passive” talent is as important as seeking active candidates. In turn, strong branding and company culture is essential for luring talent away from its source. As Susan Strayer LaMotte, founder of branding consulting firm Exaqueo, told Monster, “You have to focus on what’s yours — what makes your company great that’s different from everyone else [3].”

The Power of the Blog

Facebook, LinkedIn and Twitter are merely the basics of social media recruiting. Young talent appreciates the authenticity of an employee-run blog, the creativity of a well-composed YouTube video and the wit of Tumblr posts. Create your own content to promote via social media and harvest talent from intrigued followers.

Anticipatory Hires

Widespread technology is forcing companies to evolve faster than ever. Hiring for today’s goals alone will leave you with an outdated team tomorrow. Corporations are taking stock of what lies ahead and grabbing up specialized talent before smaller businesses know they need it.

Big corporations recognize the success of startups and small businesses in today’s market. While they rush to stay ahead, take your cues from their techniques and you will come out on top.

 

[1] http://talent.linkedin.com/blog/index.php/2014/02/mobile-recruiting-statistics-infographic

[2] http://www.accenture.com/us-en/landing-pages/analytics-in-action/Pages/home.aspx#Infographic

[3] http://www.monster.com/blog/b/small-business-attract-talent-1-brand-0709

5 Abilities Your CRM Software Must Provide

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image_16Your human capital investment effort will benefit from a comprehensive CRM solution to acquire and track talent and manage employees from recruitment to retirement. Ensure your CRM software is up to the task by determining if it offers these six key features:

Equally Capable Web and Desktop Interfaces

HR staff should see the same CRM functionality and interface regardless of whether they are telecommuting or sitting at their desk. Interface differences require additional training and increase the risk of miscommunication. Be sure the software addresses the additional security risks of online access.

Social Network Integration

Social job websites such as LinkedIn and Monster provide an indispensable reservoir of applicants. Your CRM software must integrate with such services to assist recruiters searching for talent and applicants seeking new positions. It must interface with Twitter, Facebook, Pinterest and other prominent social networking sites to increase visibility for job openings.

Open Resume Acquisition and Management

Recruiting efforts are tarnished if your CRM solution cannot absorb applicant resumes in a variety of document formats, including Word, PDF, Rich Text or mark-up languages. The resumes must be converted to a consistent format internally and indexed for keyword access.

Communication and Collaboration Tools

Your CRM package must account for the fact that talent management is a team effort. Clients, agencies and managers need visibility throughout the hiring process and the employment lifecycle. This communication is enhanced if your CRM software provides relevant and customizable templates.

Useful Analytics and Reporting

Insight into your talent management efforts will be murky at best if CRM reports are limited or are unable to be customized to present data in a meaningful fashion. The software must provide analytical tools and guidance to extract the most value from HR’s database.

Weigh Flexibility vs. Complexity

Find CRM software that is complete but expandable as business needs grow. Beware of CRM packages with basic functionality that requires additional, expensive components to be useful. If a vendor stresses that any missing features are possible with customization, remember that the other side of flexibility is complexity.

Generational Issues in Technology

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image_11Generational differences in the workplace are real, especially in regards to technology. Baby boomers are less comfortable with technology due to the frequent changes and overload of options. While some of these differences can cause miscommunication and strife, they also present opportunities for businesses to take the initiative for employees to work together and build stronger teamwork skills.

Training and Experience

Older generations of workers may lack up-to-date skills for using technology. They may also lack the confidence and initiative to learn new technological skills on their own. Employers that offer on-the-job training such as self-directed learning modules and in-person training sessions may be able to boost the confidence and skills of these workers. The baby boomer generation generally has less confidence and use for technology in the workplace, typically preferring in-person interactions. Employers that would like to boost technology and innovation may need to encourage baby boomers to consider ways that technology can help them communicate with their younger coworkers such as by pairing an older worker with less technological training with a younger worker who has plenty of experience using different technologies.

Comfort

Baby boomers are less likely to make use of the newest innovations in workplace technology. This even includes older technology such as email, with baby boomers 27 percent less likely to use email than members of Generation X, reports the LexisNexis Technology Gap Survey [1]. The baby boomer generation is also less comfortable than younger workers in using laptop computers, smartphones, text messaging, tablets and apps. The lack of comfort of baby boomers means that these workers may be more difficult to reach after hours, are less likely to network with coworkers and may engage in less frequent communication with supervisors and other staff.

Philosophy

The baby boomer generation generally has a lower regard for the use and importance of technology in the workplace. They tend to be more interested in in-person meetings, face-to-face conversations and telephone calls. Human resources staff and supervisors may need to emphasize the benefits of technology in the workplace such as increased productivity, enhanced creativity and easier problem-solving.

 

[1] http://www.lexisnexis.com/en-us/about-us/media/press-release.page?id=1256847004307201

 

Using Technology in Workplace Mentoring Programs

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image_22Companies that develop successful mentoring programs link these programs to specific business goals:

  • Integrating new talent quickly into the organizational and company culture
  • Ensuring high performers adapt quickly to increasingly responsible roles
  • Developing company leaders by honing skills to inspire others
  • Creating a diverse workforce at all levels through the development of interpersonal and networking skills

Each of these areas can increase their effectiveness via technology. Whether a particular mentoring program’s interaction model is one-on-one, self-directed or a combination of these, technology has a role to play.

Role of Technology in Mentoring Programs

There are three areas in which mentoring programs are aided by technology. First, mentoring management software assists in finding matches between mentors and mentorees based on job or organizational knowledge, experience and past performance.

Second, social networking software provides high-touch interaction regardless of location and time, which imparts real-time relevance to questions and answers.

Finally, E-Mentoring programs are effective at building a base of knowledge among a large group of new employees or within specific departments. These tools are used to teach best mentoring practices and clarify the roles and responsibilities of participants.

Technology in Reciprocal Mentoring

Technology has a special role to play for cross-generational mentoring situations where the conversation is a two-way street. Younger employees have a natural affinity for social networking and software tools, which they pass on to older employees. The mature employee benefits in return from acquiring new technology skills. He or she then utilizes these skills when providing the younger employee with organizational knowledge and career guidance.

Balancing Technology and the Personal Touch

The use of technology to create potent mentoring programs must not overshadow the underlying purpose: to build meaningful relationships between experienced and less experienced employees. Always ask if a particular technology or the way in which it is deployed expands or hinders that relationship to be sure it is appropriate.

Unified Communications Approach to Recruit and Retain Staff

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As leaders in the recruiting industry, we have seen firsthand how technology has forever changed the recruiting field. In a world where texting and social media rule, many businesses have struggled to redesign their recruiting and retention strategies to reach an increasingly tech-savvy audience. This is why the unified communications approach to recruit and retain staff has emerged.

What is the “unified communications” approach?

To put it simply, the unified communications approach involves re-conceptualizing the way businesses interact with their employees. This method seeks to break down communication barriers between businesses and their employees using non-traditional means of correspondence.

Incorporating the unified communications approach into your business may make it more attractive to current and potential employees. In fact, a recent report by Forbes magazine revealed that continuous communication is one of the top non-monetary ways to increase employee satisfaction[1].

Here are some creative ways to implement a unified communications approach to recruit and retain employees:

Recruiting

It is no secret that the onboarding process can be stressful and costly for everyone involved. Here are some unified communications methods that may help:

  • Video interviews: From Skype chats to WebEx conferences, video interviews are now easier than ever. Not only is this a cost-effective pre-screening technique, but it can also be much more convenient for applicants and HR staff.
  • Social networking: Sites like LinkedIn can also be great tools for recruiters. In addition to being able to communicate directly with applicants through a company profile, recruiters are also able to gain some insight into an applicant’s background through a personal profile and endorsements.

Retention

Once employees are hired on, keeping them satisfied with their jobs is key to maintaining high retention rates. Here are some unified communications tools that can assist with this:

  • Unified messaging systems: Unified messaging systems allow businesses to streamline messaging programs like voicemail, email, SMS messaging and even faxes. Bringing these tools into your business can improve company-wide communication and job satisfaction.
  • Collaborative technology: Programs like Dropbox and instant messaging software can be great for collaborative projects. Dropbox allows multiple employees to simultaneously contribute to a project. Likewise, chat software can allow employees to communicate quickly and effectively from various locations.

A unified communications approach is all about breaking down communication barriers. If your business is having difficulty implementing its own unified communications program, consider enlisting the help of a recruiting firm. With years of experience in the recruiting industry, a firm can help you develop a unified communications strategy that meets the unique needs of your business.

[1] http://www.forbes.com/sites/joefolkman/2013/11/27/seven-ways-to-increase-employee-satisfaction-without-giving-a-raise/

Recruitment Advertising Metrics/Analytics

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With so many different sources available to attract top talent, it can be difficult to know where best to spend your recruitment budget. Self-select metrics are 83% innaccurate, which means that 4 out of 5 candidates identify the wrong source when applying for a job.

With Buyer’s enhanced analytics, you can view real-time metrics including source effectiveness and cost per hire. The source of your hires doesn’t have to be a mystery – start hiring more efficiently with Buyer’s enhanced analytics tools!

Learn more about our enhanced analytics tools by clicking here and let us exceed your expectations today!

Responsive Site Design

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In today’s world, the Internet is one of the most important forms of media – and the share of internet usage on mobile devices such as tablets or smartphones is growing exponentially every year! This year, mobile browsing has the potential of overtaking traditional desktop browsing!

A responsive website responds to the screen size of the device you are viewing the website on. Instead of creating different websites for different devices, a responsive website rearranges the elements to fit any screen.

At Buyer, our interactive specialists can help you develop an engaging, dynamic website optimized for mobile browsing. Contact us today!