Experts say that replacing an employee can cost anywhere between six months of their annual salary and two times that salary. Running thorough background checks that include professional and educational verifications can help your business avoid these costs.
How much does it cost to hire someone? Getting a specific answer to that question depends on who you ask and which sources you trust. But the general answer is the same no matter who you consult: hiring a new employee is not cheap.
The True Cost of Hiring an Employee
There is a reason that high employee turnover rates are seen as a bad thing, and it’s not just that they make a business look like an unwelcoming place to work. Continue reading
What Top Talent Really Wants
Today’s candidate-driven market is pushing companies to invest in more than just competitive salaries to attract top talent.
Potential employers are offering an array of incentives, from flex time to limitless vacation to childcare reimbursement. This makes it an exciting time to be a job seeker. You can now consider which benefits will mesh best with your lifestyle, then look for positions that enhance your life.
Not sure where to start? This graphic from Company Folders, Inc. will walk you through the top ten workplace incentives to watch out for in your job search.
Spending too much time scanning resumes, guessing what would make a good hire for the position? Continue reading
Ever find yourself in a heated discussion with other members of a hiring committee because you couldn’t seem to reach consensus on a candidate?
There are a number of reasons for this type of disagreement, but they generally boil down to a single issue: You haven’t clearly defined the role. This means that some interviewers may end up evaluating candidates on irrelevant criteria or neglecting to assess the most important qualities for the role.
That’s why the structured interview approach is so powerful.
Instead of relying on gut feelings and the personalities of the interviewers, you begin with a strategic kick-off meeting between the hiring manager and talent acquisition. Continue reading
Implementing People Analytics
Michael Cavaretta, Lead Data Scientist (before data science was cool) at Ford Motor Co. crafted a striking article on the fundamentals of analytics. With over 15 years experience, Michael points out the most critical question that is too often overlooked, “so what?”
Many analytics presentations crash and burn because no one answered the question, “so what?”
We often talk about the power of people analytics and the potential it holds for business large and small. Michael even makes note in his piece, “Anytime you look at business metrics there is an opportunity to use analytics. A hot area right now is the application of big data and analytics to HR processes.”
It’s clear that human resources and hiring are itching for a revolution – but without defined strategy, many firms will fail. Continue reading
The business case for people analytics
Most recruitment processes are simple:
You send in a resume
A human reads it and decides they like the words on the page enough to interview you
They bring you in for an interview and have a few people that are not well trained
in interviewing, ask you questions
The firm makes decisions based on the personality
of the applicant and interviewer
1 in 3 new hires leave within 12 months
On the flip side, rejected candidates can go on to become extremely successful, leaving firms sorry they missed the chance when they had it. Continue reading
Just when you thought you were on top of the newest HR trends: video interviews, payroll automation, virtual conference rooms… “People Analytics” crops up. What does it even mean? And where should you start?
The term people analytics refers to any data-backed people management decision. While it seems to be the hottest buzzword in HR circles today, be weary of implementing too quickly. In an expert panel last week David Woodward, Chief Product and Innovation Officer at Ceridian put it well, “HR mustn’t run before it can walk. Getting an accurate headcount is still a challenge for some companies.”
If this rings a little too true at your firm, don’t panic – small, calculated steps can quickly put you ahead of your competition and there is a lot of new software out there to help you. Continue reading
An Introduction to HR Technology
You’ve read it in the headlines. You’ve heard it at the watercooler. #HRtech seems to be the next big thing on your twitter feed. But what does it actually mean?
You can find a detailed definition of the emerging term here, along with examples and industry jargon – but if you’ve only got 5 minutes, here’s what you need to know.
15 Second Definition of HR Technology:
Technology used to attract, hire, and retain talent.
Origin of HR Technology:
The term itself has evolved over time, loosely from the days of Paper-based Systems > PC Systems > Electronic Databases > to today’s Web-based Technology
#HRtech, People Analytics, HR Predictive Analytics, HR Big Data
HR Technology Names to Know:
Chris Russell (@Chris Russell
), RecTech Media,
Chris is considered the ‘mad scientist of online recruiting’. Continue reading