How Can We Speed Up Recruitment and Boost ROI for a 500-Employee Firm?

Hi everyone,

I am working on my project in Recruitment Benchmarking and I need some recommendations that could help reduce the turnaround time and improve the ROI of recruitment. Please suggest some of the best methods that could be used to:

- Screen the candidates
- Maintain the database of the candidates

Also, please let me know if it is feasible to use recruitment software for a firm of 500 employees.

I am looking forward to your help.

Lavanya K H
SDM-IMD

Hi Lavanya,

In my last 5+ years of recruitment and resourcing experience, I have found that there are a number of factors that are important in recruitment. Factors such as the brand image of the company, compensation, growth opportunities, market conditions (how much other companies are paying for the same job), and the location are major considerations.

We can get to know the candidate better by speaking to them frankly and evaluating factors like their aspirations, goals, apprehensions, maturity level, background, personality type, stability, and management skills. Psychometric exercises can be used to assess certain aspects, while the rest of the information can be gathered through candidate reference checks.

One crucial element in recruiting a person is the recruiter's instinct, which can be valuable in evaluating a candidate. There is no one-size-fits-all formula for recruitment.

To reduce the turnaround time, creating a buffer stock by forecasting future organizational requirements can be helpful. Maintaining a candidate database can be done using Excel sheets or software, but due to frequent changes in contact details, the information can become outdated over time.

I hope this information is beneficial to your project.

I agree your employer brand is very important to attract good candidates at the lowest cost possible. It's the image you project on the labor market.

One very effective way to reduce your lead time is through phone screenings. Start by conducting a phone call with the candidate using a standardized questionnaire. This approach will help you avoid meeting with candidates who do not meet some of the basic requirements.

Having a good database is essential in recruitment. Firstly, it is crucial to prevent inviting the same candidates multiple times when they have not met the basic requirements. This practice reduces your hiring costs in the long term since good applications that you cannot immediately place can be utilized at a low cost later on.

Hi,

I am an HR professional in the automobile industry. I read your comments on one of the topics where you mentioned having over 5 years of experience in recruitment.

Could you please help me? I need to recruit 40 sales executives for my firm within one week. Management has instructed us not to use media advertising or consultancy companies. Headhunting is challenging for me, although I have implemented an internal referral scheme.

Thank you.

Let's be realistic, 40 good people in one week is unrealistic. I would just go to an office where they can help you out with temporary staff. Make one A4 page with very briefly your requirements.

Turnaround time: If your metric is in days, then plan one unit less, i.e., hours. For example, if I have to send a courier and the promised time is 3 days, then the courier company needs to plan how to achieve it in 72 hours. Use project management techniques to identify where to focus on reducing durations.

ROI: There is a golden rule for reducing attrition, i.e., ask the prospective candidate to spend a day on the job before joining. This approach can reduce attrition, but on the other hand, it may appear as a negative factor for hiring, as the quantity of new hires may decrease.

Surya

Hi, this is Vamshi from Hyderabad, working as an HR executive in the IT industry. Could you please send me the entire recruitment life cycle?

Regards,
Vamshi

Hi Lavanya,

I am also working on my summer project focusing on reducing the lead time of the recruitment process. If you come across any information related to this topic, please do let me know.

Regards,
Jyoti

Hi Lavanya, my name is Rachel. I am also working on a project about benchmarking recruitment practices in public sector banks. I don't have much idea on how to proceed. Could you please help me with any details you have on the same? My email ID is [Email Removed For Privacy Reasons]. Could you please send me your report and questionnaire?

Thanks,
Rachel