Vacancies are up, candidates are down and the global talent shortage is at its highest since 2007. To compete in 2017, HR needs to step up its efforts to get more results from its hiring processes. Here’s how:-
Use the right data : Before beginning to streamline recruitment strategies, the right data must be available. The problem for some HR functions is that they don’t have access to relevant data or know how to use it to improve their talent acquisition results. The ability to understand and anticipate skills shortages and hiring patterns in order to fulfil business objectives will pay off in the long term. Begin with the data provided by your recruitment software to assess the effectiveness of your current hiring strategy.
Prioritise your time to hire : Sophisticated HR technology identifies the roadblocks that are hindering your ability to find qualified candidates. This is likely to include time to hire. The CEB notes that it takes 63 business days to fill a vacancy on average. This figure represents an increase of four weeks compared to four years ago. The time to fill related to ‘business critical roles’ stands at 81 business days, while the overall cost to the average business is estimated at £300 per day per vacancy. Taking action to reduce your time to hire could be the most important step you can take within your business to improve your 2017 talent acquisition strategy.