Winning The War For Talent
Do away with recruitment bottlenecks that hinder your process in hiring good quality staff
DUE to increased competition for talent, companies are forced to rethink their recruitment strategies.
What are the bottlenecks in current recruitment processes?
The majority of companies do not have a clear recruitment strategy. Many are not able to fill vacancies within the planned amount of time due to the following main bolffenecks in present recruitment processes:
* Fragmentation of the labour supply or demand side, due to an increasing number of online job portals, makes it more time-and cost-consumiag to search for candidates.
* Companies search for candidates using various tools, some of which they do not even consider to be effective.
* Outsourcing is often seen as a last resort after the company’s search for candidates has failed, resulting in time delays in filling positions as well as inefficiency as time and resourees are wasted.
* Non-exclusive search and selection assignments given to various agencies produce lower quality results because recruitment agencies are forced to focus on speed to provide candidates faster than their competitors — instead of taking the time to conduct a proper high-quality search and selection process in close collaboration with the client company.
* The quality of candidates presented by “general” recruitment agencies is often considered to be insufficient.
* All these aspects not only result in high internal and external recruitment costs and long lead times, but also do not necessarily deliver the required talent that companies are looking for.
Ways to win
Companies should rethink and redefine their recruitment strategies,
There are generally two options. Companies can either:
* Outsource the entire, or a part of the, recruitment process; or
* Conduct the whole process themselves.
It is crucial to choose one of these options rather than assigning the search and selection to agencies after or while using internal resources to search for candidates.
Companies that opt for in-house recruitment should build resources in time and follow a clear process to recruit in a structured and efficient way.
When outsourcing the search and/or selection of candidates, it is advisable for a company not to also advertise or search for candidates themselves. This way, resources and time will be saved while duplication of effort is minimised, thus reducing overall recruitment costs and inefficiencies.
Therefore, it is advantageous to give search and/or placement assignments for a position exclusively to a particular recruitment agency and to establish long-term co-operation with it or a few selected agencies.
In addition to minimising costs and inefficiencies, long-term cooperation with one or few agencies will also lead to higher quality of recruitment.
Most companies rely on recruitment agencies to attract staff, but it appears that the more general recruitment agencies often do not deliver the quality candidates that the companies expect and require.
Specialised agencies, however, seem to be able to deliver higher quality due to their market understanding, expertise in the particular industry and their more relevant network. Working with these agencies and building long-term co-operation with them may be a way to further improve the quality of the recruitment process.
Time for action
As the economy continues to grow, it is important to recognise human capital as a company’s most strategic asset, which can provide a competitive edge over other companies.
It is crucial for companies to consider the changes within the labour market, understand the bottlenecks of their recruitment processes and to reshape their human resource strategy accordingly to, ultimately, win the war for talent.