The cost of filling the candidate funnel

Employers are keen to recruit the best but how do they reach these people and what is the real cost?

Employers often want lots of candidates at the top of the funnel and these will be made up of external active & passive jobseekers and internal candidates. To access these potential candidates can be costly, as it is highly unlikely that all these people can be reached through a single channel.

Active jobseekers, might view an opening on a job board, but no single platform will ensure all potentially suitable candidates will be exposed to the role. Increasing the number of platforms, clearly improves the chances of reaching a greater number of active jobseekers but there is likely to be a significant cost implication. It also fails to address the fact that there are likely to be passive candidates, maybe working for competitors, that are not aware of the opening.

Search activity, social media, digital ad targeting and internal communications allow candidates from these other groups to be reached, but management of all this additional activity takes time, and therefore carries with it an additional cost.

Having filled the top of the funnel with a large pool of applicants, comes the job of selection. A great many of these applicants are unlikely to be suitable for the job, but every application must be reviewed in an objective way to ensure the organisation is not exposed to legal risk.

It is clear that there are in fact two costs associated with every application – the cost of generating the application and then the cost of processing the application.

If we suppose, that through accessing multiple sources, 30 applications might be received for a particular role, then in most cases, less than a third of these applicants will be progressed to the next stage of the recruitment process. To generate and manage these applications comes at a cost and employers should review whether these first stages of the candidate funnel are best managed in-house or outsourced.

Crooton help organisations manage the candidate funnel through cost effective multiple channel exposure and effective screening.

Time to Hire

Recruiting for a key role remains one of the most important decisions any company needs to make, yet a lengthy recruitment process means you run the risk of saying goodbye to the best candidates on offer.

The average length of the interview-to-appointment process in the UK is currently around 27.5 days and in the LinkedIn Global Recruiting Trends Report (2017) some 80 percent of employers said their whole recruitment process took anything up to 2 months.

Your approach to talent acquisition says a lot about you, especially to candidates. For example a hiring process with a slow candidate evaluation process, followed by a drawn out interview stage, with poor or slow communication, sends all the wrong signals about your company to those potentially interested in working for you.

In the current economic environment and to stand the best chance of appointing the right candidates, providing clear and regular communication and timely feedback is imperative.

It is clear that there is a considerable disparity between employee expectations and the timeframes within which employers are working. One study showed that 39% of jobseekers felt a recruitment process of 7-14 days was too long, with another 24% believing a 15-21 day window was excessive. 69% of respondents said that they lost interest in a company if they had not heard anything back within one to two weeks of an interview.

crooton can help employers speed up the first part of the recruitment process, by managing the marketing of vacancies, handling the first stage of screening, whilst also ensuring candidates remain engaged.  Find out how crooton can help.

 

 

 

The real cost of unfilled vacancies

If you are an employer with unfilled vacancies in your workforce, as each day goes
by without making an appointment you will be less productive.
Leave that clock ticking and money simply goes down the drain – hour by hour, day by day.

This isn’t an exaggeration. For many businesses, particularly SMEs, exactly
quantifying the true costs of an unfilled vacancy might be difficult but, rest assured,
failing to recruit the best person in a timely fashion is costing you.
And it’s currently not getting easier to find the right person, either. The number of
unfilled job vacancies in the UK remains historically high at just over 800,000.
(Source: ONS Vacancy Survey).

At the same time, our unemployment rate is almost at a 45-year low and nominal
regularly weekly pay has risen by 3.6% (Source: ONS).

Let’s face it, you’re locked in a talent war, whether you like it or not.

High employment, rising wages and a shrinking jobs market does not make
recruitment easy.

Leaving a role vacant in your company inevitably causes issues. Frustrations may
arise as other departments or individuals assume more responsibility. They
themselves may become more inefficient; overall productivity may suffer.

Britain is no stranger to low productivity, the country has one of the lowest rates in
Europe. And it is predicted that boosting the productivity of Britain’s SMEs to match
that of Germany could add up to £100bn to our economy. (Source: Business
Productivity Review, HM Govt).

In the current jobs climate, your ability to recruit is so critical to your productivity.

Any failure to increase the value of your goods and services produced per hour of work ultimately restricts what you can afford to pay your employees.

And with stiff competition for candidates driving up wages, and increasing costs for
businesses, you can’t afford to get trapped in a vicious circle caused by low
productivity influenced by a slow recruitment process.

Applying urgency when it comes to unfilled positions makes good business sense.
Research among some businesses saw 42% report reduced productivity when
leaving positions unfilled for up to six months with 38% citing limited business
growth as another major consequence.

Crooton can help reduce your time-to-hire by providing a smarter way to manage the candidate funnel.