Tag: 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.

 

Strategies for Establishing a Presence in the Workforce

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image_011Establishing a presence in the workforce allows employers to find candidates with the skills, expertise and experience necessary to succeed in a particular position. Being able to recruit this top talent depends on these desirable employees recognizing an employer’s name and worth. These three strategies can help employers establish a presence for recruiting the top talent in the workforce.

Creation and Maintenance of Recruiting Networks

Even as unemployment levels remain moderately high compared to historical numbers, the talent that an employer desires may not be aware of the employer’s available position openings. To get the word out about who an employer is looking for to fill available openings, the establishment and maintenance of a recruitment network is necessary. Employers can use tools such as social media, company blogs and employment forums to send out messages about the type of talent the company desires.

Partner with Local Colleges and Universities

Local educational institutions that train and educate workers are natural partners for establishing a presence in the workforce. In addition to recruiting high-quality interns, the college and universities in the area are also a great source of regular staff members as students graduate from their programs. Within the higher education system, remember to add the alumni office to the partnership list. Alumni often contact their alma mater when they are seeking a career change or a new position within their industry.

Working with Professional Organizations

Professional organizations related to an employer’s industry are often the go-to source for those seeking a new position. Employers can post their job openings on the websites of these organizations. Individuals who maintain a membership with their professional organization are likely to have the training and experience that employers are looking for. This type of workforce strategy also expands the search for candidates as most professional organizations have a national base. If the organization has state or local chapters, post with them as well.

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/

 

Boosting Productivity with Self-Predictive Analytics and Social Media

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image_05What Is Self-Predictive Analytics?

By analyzing known facts, predictive analytics makes assumptions about future events. Self-predictive analytics technology utilizes your company’s internal data to learn from your company’s experience and produce a predictive score for the organizational elements examined. Based on those scores, an organization can use that internal business intelligence to increase productivity.

Predictive analytics is much more than a data summary. The technology predicts future outcomes by finding relationships among variables from both inside the organization and data from outside. In the insurance industry, for example, a direct correlation was discovered between credit scores and auto claims — variables both internal and external to the industry. Exploring those relationships can increase a recruiter’s chances of identifying and targeting the right people for the job, even if they haven’t actually applied.

What Does Social Media Bring to the Table?

When you add the mining of social media to the mix, you’ve moved from predicting your organization’s productivity and performance to predicting changes in job-seeking behavior, the causes, locations and many other actionable analytics. Data is collected, analyzed for relationships and integrated as a component of predictive intelligence. With the right technology, you can turn an overwhelming amount of raw social media data into a sensor network that provides insights to help with workforce planning, talent attraction and employee attrition.

By mining social media data, businesses are provided with unfiltered conversations about not only their own brand but their competitors as well. Sentiment analysis technology sorts social mentions as positive, negative or neutral. These insights can be invaluable to a company’s brand and reputation among potential job candidates.

What Are the Applications of Predictive Analytics and Social Media?

Predictive analytics may be new to the recruiting sector, but weather forecasters, marketers and insurers have been using it for years. Analytics are superior to HR metrics, which can only tell you about the past. Analytics take into account all the data to reveal trends and patterns for future use.

In the competitive world of talent management, analytics provide your organization with a quantifiable advantage in both talent management and business decisions.

 

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/

How Search Engine Optimization on Career Websites and Job Postings Can Help Bring in the Right Candidates

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image_30With so many candidates applying for each job opening, it is important to take the time to optimize career websites and job postings in order to attract the best candidates. Instead of using general terms or generic attributes, search engine optimization can help big companies recruit top talent with specific skills and knowledge.

Determining a Strategy

Different recruiting websites, social networking forums and job posting pages attract different types of job seekers. Content should be optimized based on where it will be posted. Overall, every posting or recruitment blog should direct internet traffic to the company’s home page where candidates apply for the position.

Focusing on Keywords

The right keywords and combinations of keywords are essential in optimizing a job listing or career website. Firms looking for statistical analysis experts might use terms such as SPSS, SAS, logistic regression, business analysis, database analyst, data analyst and data analysis all within the same posting. Thus, instead of attracting candidates with only a rudimentary skill set in analyzing databases, people with these specific skills will be directed to the posting when searching for jobs. Optimizing the listing for the most common search engines such as Google and Bing also helps to ensure that the right candidates will take notice of the opening.

Honing the List of Candidate Requirements

It is best to avoid listing soft skill attributes in online job postings and career websites. Instead of including words such as teamwork or productivity, pin down exactly what is required of the candidate. Be sure to include common abbreviations of keywords as well. A company looking for candidates holding a Masters in Health Administration might also include “MHA” and terms like health administration, health administrator and human services administrator. To optimize for the most important skills and attributes in a candidate, include the keyword multiple times and in multiple formats. Use the keyword in the title of the posting as well.

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.