Sustainable Growth; The importance of implementing a low-risk, cost effective hiring strategy

With significant global growth expected in the low carbon & renewable energy sectors, participating organisations will find an increasing proportion of their time spent attracting new talent, engaging in multiple concurrent hiring processes.

With that in mind, it is paramount to ensure your company has a low risk, cost effective hiring process that will allow you to grow, whilst minimizing disruption to your day to day activities.

We take a look at 3 ways to increase the effectiveness of your talent acquisition strategy:

Increase efficiency through technology & process

Problem:

Hiring campaigns require a significant time input, requiring business leaders to commit to substantial commercial downtime. Commercial downtime directly translates to increased business costs.

From organizing internal & external stakeholders, sifting through numerous CV’s presented at different times, interviewing people who turn out not to be a good match or attempting to benchmark candidates whilst gaining consensus within the hiring team.

These are issues business face on a regular basis but often consider to be unavoidable.

Solution:

• Approaching each hiring campaign like an individual project, with agreed time-scales and deliverables, will allow you to turn an inherently disorganized process into a concise, efficient one.
• Making use of a centralized, hiring-specific technology platform, allowing each stakeholder access to relevant project documentation & candidate shortlists, whenever and wherever they are, will avoid miscommunication and delays.
• Minimise your commercial downtime by ensuring you embed a process that means you only ever interview people who are a great fit for your business.

Obtain higher quality, actionable data

Problem:

Despite advancements in technology & data analysis, many businesses still rely on the same outdated hiring metrics they have used for the past 30 years; relying largely on CV’s and past experience.

The lack of actionable, reliable data can lead to difficulty in benchmarking candidates, and assessing suitability against requirements and culture within your organisation.

Final decisions often come down to ‘gut feel’, with little useful information to reflect upon if the new hire doesn’t work out as hoped.

Solution:

• Incorporating advanced metrics within your hiring strategy will allow you to increase efficiency and enable you to make assured hiring decisions, removing the need to base decisions on ‘gut feel’.
• Ensure all internal stakeholders are aligned at the beginning of the process through enhanced vacancy analysis, defining both the desired behavioural AND technical profile. Use these profiles to assess potential candidates to ensure a close match.
• Incorporate Key Competency Questions, Key Facts & video introductions to ensure you only interview people you would want to employ. 
• Importantly, ensure these advanced metrics do not elongate the process, but actually save time later in the process.

Protect your investment:

Problem:

Hiring decisions are investment decisions in people. As with any investment decision, the balance of risk vs reward will always remain.

The average cost of a bad hire is 3.5x the annual salary of the person you employed.

The average new hire retention rate in the industry is 70%, meaning 30% of new hires leave within 12 months – equating to significant cost and potential impact to company cashflow.

Solution:

• Implementing the suggestions in points 1 and 2 will greatly mitigate your hiring risk, increasing your new hire retention rates beyond the 96% mark.
• However, you can remove your hiring risk entirely by ensuring you partner with a provider who offer lengthy hiring guarantees, ensuring that your organisation does not have to foot the bill for a potential replacement.

 Interested in creating a cost effective, low risk hiring strategy?

At Sonder & Metric?, our tried and tested approach incorporates all of the above suggestions and more, enabling you to focus on the things that matter; delivering the net zero mandate. 

We are committed to enabling you to attract and retain the best industry talent.

We offer lengthy hiring guarantees (up to 1 year) to ensure you can be confident in making your next hiring decision.

Why not reach out over LinkedIn to have an informal chat? Or alternatively on;

[email protected], 07713 195464