Employees are an investment for your business. Good workers can elevate your business to levels you never imagined. Bad hires can take your startup down faster than a bad product.
How do you find the right people for your business? Optimize your hiring strategy. Use data science to hire talent efficiently in 2023. Follow the tips shared below:
Maximize ROI with Proper Advertising
Gone are the days when you needed newspapers to tell the world that you’re hiring. These days, you can advertise new positions in your company through your website and receive countless applications.
Of course, not every website receives thousands of visitors. And that's why advertising is needed. A decade ago, Google was the go-to website for finding new hires. It's still an excellent choice.
But it’s not the only one. Ever since social media exploded, most businesses look for talent on LinkedIn, Twitter, Facebook, and Instagram. In your case, use data science to discover the platform with a good ROI.
Maybe you found amazing hires on LinkedIn the last time you were looking for an accountant. Use the same platform again. Perhaps you’ve had tremendous success using Indeed.com. Advertise where you can maximize your returns.
Automate the Recruitment Process
As mentioned earlier, you can use software to conduct surveys, post on social media, and track data. You can use automation to lower costs during recruitment in many other ways.
Automation can lower hiring costs by as much as 50%. That said, automation tools don't do all the work for you. They may help you post jobs on job-searching websites. You can use them to track candidates and schedule interviews. But you still need to conduct the interviews, train recruits and help them with the onboarding process.
You can lower costs by conducting interviews remotely. All you need is to have the right communication tools to avoid video calling issues. Also, you need to schedule the interviews appropriately to ensure your recruits are available for the interviewing process.
Use Software to Optimize the Recruitment Process
An Application Tracking Process—ATS—is a type of software that helps you optimize your company’s talent-search efforts. It tracks every step of the process, from the resumes to offer letters.
Find an ATS if you want to discover the most efficient places to find new talent. It will track data about potential employees applying through social media, job application sites, and your website. In doing so, it helps you save on costs and improve efficiency the next time you need new talent.
Besides tracking the recruitment process, you can use tools to acquire feedback from your employees and recruits. You also need tools to post job openings, manage social media, and network with potential recruits. Here are some of them:
- Eventbrite—helps market new events
- Hootsuite—tools for social media management
- LinkedIn—platform to post job openings
- Survey Monkey—app to run different surveys
Consider Hiring Internally
Some managers feel obligated to find new talent externally all the time. Yet, it's incredibly cheap to hire internally. You already know your employees and their capabilities. You know who can perform well in the new roles you're offering.
Another benefit is that you increase employee morale by hiring internally. Your talent knows you value them and you’re willing to promote them when they meet or exceed your expectations.
With that said, hiring internally isn’t a straightforward process. You need to assess your employees’ skills. Look for gaps in their skills and decide whether to train them or find someone who’s more qualified externally.
Mentorship programs play an important role in helping you streamline your internal recruitment process. It helps talent upskill in a way that could improve productivity for your business.
Create an Employee Referral Program
A study shows that 69% of businesses in the US have an employee referral program. They reward employees that help upper management find the right talent for new positions.
The rewards don’t have to involve money—although they do most of the time. Referral programs help your business find talent at a fraction of the cost it would take to hire recruits through job boards.
The thing is, your employees have friends and colleagues that do the same jobs you’re advertising. Instead of spending money on adverts and recruitment tools, ask your employees to recommend recruits to you.
Statistics show that one in five companies hire a recruit recommended by an in-house staff member. Overall, organizations are five times more likely to hire a referral than a fresh applicant.
Start an Internship Program
Many giant companies hire interns regularly. They hire talented interns to not only help reduce the workload but to also nurture the next generation of employees. Of course, most of these companies don't pay their interns. But that's beyond the point.
People looking for internship programs just want to prove that they can handle the work they were trained to do. An internship program ensures that you identify talented but inexperienced people who're scooped by your competitors.
As mentioned, you should run an internship program with finding great talent in mind. Once you find a person that could be a great fit for your business, offer mentorship. Most recruits expect mentorship and opportunities for growth from their employers.
Keep Up with Industry Trends
The top talents in your industries are always keeping up with what different organizations are doing. They will quit your business any day if they feel like you don’t make an effort to improve their skills.
Another reason to keep up with trends is to ensure you’re running your business efficiently. Let’s say the government just rolled out a new privacy policy law. You need to hire a lawyer or security expert to help you understand the new rules.
Additionally, trends help you identify growth opportunities. Perhaps everyone is using video marketing in your industry. Knowing this, you can hire video content creators to help you market your business using the new trend.
After all, business success requires that you be proactive. Embrace trends that could give you a competitive advantage. And you have a better chance of success.
