Talent acquisition is the key to success and profitability. Yet, HR teams everywhere are hesitant to ask for more budget or suggest necessary technological investments, likely out of fear of being turned down.
With hiring top talent becoming increasingly difficult and expensive, it’s more important than ever to gain buy-in from your Chief Human Resource Officer (CHRO) and other C-suite executives on the tools that will enable you and your team to do the best work.
Let’s explore five common pain points and five conversation starters that will assist you in making a strong budget case for the tools you need to achieve your 2018 talent acquisition goals:
Research from iCIMS found that recruiters report spending an average of five or more hours a week related to manual and redundant data entry. For those who work a typical 9-5 workday, that’s almost a full day of work. If you or your recruiters are frustrated with manual, inefficient or ineffective processes than here’s the first pain point for you to address.
With the right automation technology, you and your recruiters can gain valuable time back in your day to focus on the areas of your work that have the greatest impact. Give your C-suite tangible examples explaining how much more you and your recruiters will accomplish when you earn back five extra hours a week. Start by estimating how many more applicants you can screen and as a result, how much more top talent you predict to come from it.
There’s automation technology for just about everything today. From social recruiting to enhancing candidate engagement and onboarding your new hires, there’s technology that lets you support your social recruiting, improve your candidate lifecycle and speed time-to-proficiency efforts.
Key insights are invaluable. ERE Daily found that organizations can carve 250 percent of their sourcing costs simply by reducing the time it takes to complete a mobile application from 15 minutes to five minutes. Without access to data and insights, organizations struggle to find where exactly they can improve processes and potentially save.
The ability to report on recruiting performance such as time-to-fill, cost-per-hire and candidate-quality can help organizations hire better and faster. With visibility into recruitment strategies that are working and those that are not, you can reprioritize what matters most. If your talent acquisition system does not allow data to be easily shared or lacks insight then be honest with your C-suite. Robust talent acquisition technology can track important KPI’s in real time, ensure that yours does too.
Where do your best candidates come from? iCIMS found that 43 percent of employers said their best candidates come from employee referrals. Employee referrals typically involve low cost and strong retention. Yet, surprisingly only 14 percent of organizations said they currently leverage employee referral technology.
Your best employees have a network of connections, friends, and family who have similar values. Why not encourage your C-suite to tap into these employees who exemplify a strong work ethic as a source for hiring? Employee referrals can involve small to large incentives for your employees, or you can have minimal costs associated with promoting your culture and other employee benefits. The workforce wants to work with people who have similar values.
Much of employee turnover can be equated back to bad hiring decisions and according to TLNT, as much as, 73 percent of organizations have updated their onboarding processes to help improve their organization’s retention.
A great deal of employee turnover can be attributed back to mistakes made during the hiring process. Yet, without the right tools, technology or insights, how can recruiters compete effectively? Ensure your C-suite is aware of just how important it is to access the entire hiring lifecycle, from selection to screening and onboarding. When an organization can track trends in turnover they can also take steps to avoid turnover from continuing further.
Up to 30 percent of recruiters say that disparate systems resulting in redundant data entry is their biggest technology challenge and as much as 97 percent of HR applications are not well integrated. The ever-changing and complex talent acquisition landscape is one of the biggest challenges for organizations today.
Companies that integrate their assessment providers and HRIS payroll systems with their applicant tracking system have been known to save time and money through a larger reduction in manual data entry. With a robust Platform-as-a-Service (PaaS) framework, iCIMS UNIFi, centralizes talent technology solutions into an organized workflow with one view, empowering organizations with actionable insights and greater efficiency.
By starting the budget conversation early with your C-suite, highlighting the return on investment solutions to common pain points, you’ll be more likely to gain buy-in for the budget, technology, and tools that will allow your recruiters to take your talent acquisition strategy to the next level — supporting your organization as it scales.