| | Companies lose more than $500,000 Annually | | | Every year, companies lose their shirts through traditional recruiting and hiring models, which looks like this:- Resumes/applicants collected through job boards and recruiters
- Initial phone interviews (1-2)
- On-Site interviews (1-2)
- Selection and offer
- 90-day probationary period
With this model, a lot of money is spent in bringing professionals to on-site interviews who don't turn out to be quite what you thought. Something triggers, and a rejection decision is made. With 2 or more on-site interviews per candidate, this can get expensive (consider the average cost, not including time and lost productivity of the interview panel), often averaging at least near $1,000 per interview per candidate.
In this process, there is also no quantitative measure of how well any particular professional will fit with your organization. Considering every mis-hire costs 1.5 times the annual salary of the professional, every mis-hire is a huge expense to the company.
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| | | | New technology investment reduces cost. | | | Consider revising your recruiting/hiring model to look more like this:
- Identify the right kind of professional through role analysis and performance benchmarking
- Collect resumes/applicants
- Initial phone interview (1)
- Virtual video interview
- Behavioral Assessment
- On-Site Interview
- Selection and offer
- 90-day probationary period
With this model, you have three additional steps:
- Role Analysis and Benchmarking. This helps you identify, often more clearly than a simple job description, the kind of person you're looking for. It gives you the ability to see what the person will do, very specifically, and what makes for the best performers in your company.
- Video Interview. This allows you to see the professional before bringing them in for the on-site interview. This can give you a perspective on the non-verbal communication that will be so important to your organization when you make the hiring selection.
- Behavioral Assessments. These assessments give you an idea of personality, and how professionals handle various situations. Looking at the data collected during this assessment, you can quantitatively see if this professional will be a fit for your organization.
These additional steps can be the difference between "dating" two or three professionals, or making the right hire the first time. Learn more about adding these steps to your hiring process by completing the simple form below:
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