Most advice on improving quality of hire will mention “getting executive buy-in” on both the importance of quality hiring and what types of people they think the organization needs or where the strategy is going.
As many recruiters know, however, getting executive buy-in for recruiting efforts can be a challenge.
The biggest ways for a recruiter to improve their quality of hire are to do some of the following:
Use technology wisely
Look at the data: where in the hiring funnel are things dropping off?
Revisit the metrics associated with someone defined as a quality hire
Build better relationships with hiring managers
Those are the “big four” ways to improve quality of hire. Continue reading
Annual turnover rates in retail range from 50% to over 100% for some retailers.
With the average cost to replace an entry-level retail employee calculated to be $3,328, turnover gets expensive quickly. As an example, if Walmart replaced 50% of their 500,000 entry-level employees in an year, it would cost them approximately $850,000,000!
It makes sense then that quality of hire for retail generally focuses on turnover. The responsibility for increasing quality of hire by decreasing turnover usually falls on the recruiting department.
Here are 3 tips for improving quality of hiring for retail.
Strategy 1: Offer a competitive salary and incentives
A survey of retail employees by Korn Ferry found the #1 reason for leaving a job was “better opportunities / promotions” followed by more money. Continue reading
Many recruiters don’t consider the psychology of how to approach different industries and verticals, even though they’re recruiting human beings, so psychology is going to play a role somewhere.
Here are 5 steps to understanding the psychology of candidates for financial institutions.
Step 1: Make sure you’re undeniably professional
While financial services are now embracing digital and mobile and tech overall, it’s still a traditional industry in terms of processes and behaviours.
And because salaries for early-stage career hires are higher than in many other industries, there’s an expectation of professionalism throughout the process. This means making sure you’re on time to all meetings, presenting well physically for any in-person appointments, and having strong grammar in any email correspondence. Continue reading
LinkedIn reports quality of hire is the most important recruiting priority for talent acquisition leaders. Quality of hire is the value a new hire adds to your organization in terms of performance and tenure.
For financial services, quality of hire is a top priority because it directly contributes to their bottom line.
Measuring quality of hire is notoriously difficult, however, because it requires technical know-how, access to data, and a long-term mentality. Organizations that can get it right will create a huge competitive advantage.
Here are 3 tips for measuring quality of hire when recruiting for financial services.
Tip #1: Partner with the business to determine what a quality hire looks like
The first step to measuring quality of hire is going back to the basics. Continue reading
The process of building out a very strong recruiting team is often one of the biggest challenges managers face.
How can your recruiting team be more effective? Here are a few things to consider.
An intro to effective team-building
Here’s a useful article detailing five strategies for a high impact team.
There’s some good stuff in there including the power of simplicity in business. They also talk about vulnerability and humility, which are very good traits, especially for the team leader.
One interesting thing in the article is an idea that “team-building is not a cocktail party.”
What does that mean? Continue reading
As the finance sector continues to be a strong source of economic growth, recruiting for financial institutions faces a new set of challenges.
Among the highest levels of demand for talent for financial institutions are tech- and data-related roles such as data scientists and quantitative analysts. This means institutions such as major banks have new competitors for talent.
Here are the 6 facts recruiters need to know to successfully hire for today’s financial institutions.
1. Recruiting AI and automation is becoming common
The financial sector is an innovation leader. In Canada, 74% of financial services firms have undertaken some form of innovation compared to 64% for other sectors. Continue reading
In 2018, employers are looking to hire more than ever before, while many employees are looking for a change.
According to a recent study by CareerBuilder, an astounding 40 percent of employees reported that they plan to change jobs in 2018. With so many candidates applying to jobs, companies are going to have to step up their game to attract the most qualified applicants and organize them once they’ve applied.
That’s where finding the best Applicant Tracking System comes into play.
What is an Applicant Tracking System?
An Applicant Tracking System, also known as an ATS or talent management system, is an easy-to-use computer-based hiring tool that can help recruiters save time and stay organized as they search for the best candidates. Continue reading
According to Silkroad, employees referrals are still the top source of hire at 30% of all hires. With the market getting even tighter, leveraging referrals is more important than ever.
Your current employees are likely to know people who would be good fits for roles you need. When a referral program works well, recruiters are a lot less stressed.
Why don’t more companies use referral programs?
The main reason is that referral programs are time-consuming.
At a RecruitingDaily event in Atlanta, the consensus among recruiters was that while referrals are an effective channel for them, it can take up to 70% of their time in a given week to manage it. Continue reading
With recent accusations against Intel and IBM and a new lawsuit alleging companies used Facebook ads to screen out older job seekers, age discrimination in hiring is making headlines.
The Equal Employment Opportunity Commission defines age discrimination as “treating an applicant or employee less favorably because of his or her age.” In the U.S., the Age Discrimination in Employment Act (ADEA) forbids age discrimination against people who are age 40 or older.
According to Dice’s 2018 Diversity and Inclusion Report, a depressing 76% of respondents believe ageism exists in technology.
Research has shown that age discrimination at the screening phase does exist. Continue reading
With AI’s growing adoption, recruiters are enjoying the clear benefits of the increased efficiency provided by intelligent automation.
However, AI continues to capture the attention of recruiting professionals for another major reason: according to LinkedIn’s Recruiting Trends 2018, 43% believe it removes human bias.
In a new interview with Canadian HR Reporter, watch Ideal’s data scientist, Ji-A Min, explain how AI technology like Ideal can be used to reduce unconscious bias and improve workplace diversity.
Optimize Your Hiring Using AI Continue reading