Developing a Cutting-Edge Talent Acquisition Process

The recruitment process should be strategic and aligned to the business. For organizations to achieve their Objectives and Key Results (OKRs), talent is a non-negotiable and, that is why, top management in every organization are keen on getting the right hires for their key divisions.

The PwC’s 2017/2018 CEO survey reports that chief executives view the unavailability of talent and skills as the biggest threat to their business. And it’s not getting easier any time soon, given the competitive labor market, shifting employee expectations and a shortage of people with in-demand skills. This is more so for organizations which cannot afford to outsource recruiters and, not just any recruiter but great ones. This makes this phase of the HR life-cycle very expensive, and if not monitored well by measurable outcomes, it becomes a liability on the P&L.

Top reasons why hiring talent and growing it is challenging?

• Case of a block and a different-pattern puzzle – when a rich talent and skilled staff cannot adapt to organizational culture leading to under-performance and high attrition rate.
• Filling openings by hiring externally only and not promoting from within. Organizations often go for the quick wins that by hiring from outside, they don’t have to pay to train and develop their employees. This brings unhealthy cliques over time leading to under-performance and employee turnover. 
• Lack of staff development opportunities. LinkedIn data indicates that the most common reason employees consider a position elsewhere is career advancement. This indicates the inability of the employers’ not developing their staff adequately to fill vacancies.

How can organizations create and maintain a cutting-edge talent hiring process?

• Design jobs with realistic requirements. This can be done by understanding the skills gaps based on organizational-market data. Consider internal promotions or hiring from the inside before opting for external recruits.
• Keep the hiring process human-centred. People see their recruiting experience as representative of what it’s like to work there, so making it people-focused gives an impression of the culture of the organization. This fosters retention at an early stage.
• Use psychometric tools to test candidates’ standard skills. This has become important and an integral part of recruitment especially in middle and top management roles. They help an organization to determine which candidates to hire by predicting who will be a good fit for the role and culture, both ability and personality-wise. There are stellar tools online and you can also innovate an in-house (check out: Saville and Plum).
• Reconsider your focus on passive candidates. Courtship is good until the other party is undecided after a long investment in time and money. This is what it feels in pursuing passive candidates – a drain on time and resources. This will save the organization from engaging in a cat and mouse chase with people who are not key to making the transition.
• Understand the limits of referrals. The most popular channel for finding new hires is through employee referrals; up to 48% come from them, according to LinkedIn research. It seems like an inexpensive way forward, but a downside to referrals, of course, is that they can lead to a homogeneous workforce, because the people we know, tend to be like us. This matters greatly for organizations interested in diversity.
• Measure the hiring process results. Few employers know which channel produces the best candidates at the lowest cost because they don’t track the outcomes. Invest in a tool that will track the ROI of your hires, only then can your organization maximize your talent

It’s impossible to get better at hiring if you can’t tell whether the candidates you select become good employees. If you don’t know where you’re going, any road will take you there.