Businesses suffer due to low retention rates. It’s mainly the result of bad hiring which is again a result of scattered plans of HR and operations managers. We ran a survey in business hub Singapore which concluded that two in every three workers reported that they accepted the job and later realized it was a bad fit and more than half of these workers quit within six months. Another shocking thing to know is that bad hire affects business productivity by 37%. Another survey reports say that 74% of companies that made a poor hire lost an average of $14,900 in every case.
Recruitment strategies are the most crucial factor of the whole hiring process, which are the foundation responsible to take load and responsibility on what happens next. It’s not only essential to form one and get that implemented at any time, but reviewing them regularly would only ensure that you’re keeping up with the market trends, company goals and are aligned with budgets and scope. It happens with any organization ranging from small, medium to large enterprise, that roles change continuously, which affects the need and scalability of new hiring needs and responsibilities to be updated periodically.
Many of the organizations are still using the traditional process of reviewing such processes only at the start of a new calendar year just to tick the list of to do. To the contrary, essential processes like this must be reviewed with complete detailing and changes like societal, cultural, and others must be inculcated for an efficiently workable process. Based on our in-house surveys and reports from leading research consultancies like Gartner and many such, I have formed this guide to help you understand the best strategies on how to hire employees for your business, and remember that it’s not only about hiring, it’s about retaining them for long, let’s understand how.
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What Is A Recruitment Strategy?
An ideally formed recruitment strategy is a call to action or plan which helps organisations identify and hire the best talent or working professionals for their businesses. A data driven and analytically reliant plan enables you to successfully identify, spread the word about it, attract the right fits and hire the suitable candidates for your open roles. Recruiters normally start with basic steps such as forming a job description and then posting on job search websites or using a traditional recruiting agency. But to keep up with the pace, there are many steps which you must undertake, but that understanding only comes when you know the process and then you can implement & insert strategies in different steps in your hiring process.
Form A Business Hiring Plan
This comes from understanding the type of business/servicetype/products you are into. If you are a HR manager, a number of sittings must be done with the operations incharge to understand the type of team they need to run things. Understand the basics below;
Number Of Employees Your Business Needs
Your team size completely depends upon your operations scalability. A team could be as big as thousands and as small as only some tens. Know the talent your team needs with the varying skill sets.
Setting A Budget
Many of the small businesses in Singapore spend an average of $1,600 a year on hiring. Setting up a budget based on various factors would make you plan efficiently and proceed confidently. A HR manager would also know the margin for negotiation and a clear idea about the maximum and minimum cap will also prevail. Budget also impacts posting job ads on platforms and maximizing the reach for your needs.
Timeline
More than half of the small businesses in Singapore take about a month to complete their complete end-to-end hiring process. Which simply implies that, they play smartly yet efficiently, saving ad cost on platforms and time for interviews and other connected tasks.
Best Strategies To Hire Employees
Recruitment Marketing
This is not new, but has now been advanced with various platforms and other tools. This enables HR managers to amplify their marketing tactics to reach potential candidates. This mainly includes posting job ads, organisation goals and scope videos along with informative blog posts about the company’s work culture and market reputation.
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Optimise Job Descriptions
The most underestimated part for the whole hiring process. It’s not only about using Canvas and drawing a lucrative but generic job poster to be posted on Linkedin. This process will end up with you getting numerous worthless messages whose resumes don’t even align. Understand why, because your JD is not optimized and candidates are not able to get the details right. Make sure you are not opening up every detail, but it also be ensured at the same time that you are not completely vague, it would only make things tough for you.
Leveraging Social Media
The most simple yet the most efficient way to reach millions within a few minutes only. An optimized job post could reach your desired pool of talent anywhere in the world. Popular social media platforms such as LinkedIn, Facebook, and Twitter are being highly used by companies globally to post job openings and connect with job seekers.
Employee Referral Programs
The oldest yet the most lucrative one. Word of mouth beats every tool and AI. If the employees working for you ask their acquaintances about the hirings, it simply implies that in the first place they are satisfied with the company policies and it’s not always about the referral amount. Employee referrals are considered as one of the safest and cost-effective options for recruiters.
Diverse Inclusive Policies
Google was not that big when they started it and Steve was not always doing interviews in the elevators hurriedly. Visionary employers recognise the capability to learn and adapt in the candidate they select because they themselves believe that they also have learnt with time only. It must not always be the case that you only shortlist the experienced ones with desired skill set, there are high chances always that you get a low experienced candidate with little low skill set, settling on negotiable amount who are more eager and aggressive to learn and be productive in significantly less time.
Conclusion
It depends on the organisation type and industry you are operating in and you might sometimes have a strict budget with only a few people on floor to be called as your team, but managing things efficiently by staying updated and adapting to changes, you can easily manage to find solutions to get the right talent within your budget. It’s just about deciding the budget, recognising the need and hitting the right spot but designing the process in between as discussed above.
