Finding the right hire often requires having a sizable pool of candidates to choose from. However, the pool you pick from needs to be filled with talent, and talent that is reflective of your organization’s needs, expectations, and mission. When it comes to talent acquisition, the process is often overwhelming, cumbersome, and time-consuming for businesses. Today’s hyper-competitive market and rapidly evolving workforce have placed a lot of leverage in the hands of potential hires. This puts businesses in a position where hiring is more difficult than ever before and getting the right candidate in an open seat calls for significant internal investment.
Having the right talent acquisition strategies in place is critical to the success of a job hiring search. Unfortunately, due to a lack of resources, unfamiliarity with current market trends, a lack of understanding of job seekers, financial constraints, or uninventive hiring ideas, these issues cause many businesses to struggle to conceptualize productive talent acquisition strategies.
On average, job postings receive about 250 applications, with only 4 to 6 of those applicants earning an interview. In most cases, that indicates a weak talent pool and poor talent acquisition strategies by the business itself or another recruiting firm. On top of that, it takes organizations almost 40 days to complete the hiring process. These realities indicate that many businesses lack efficient processes to handle recruiting on their own.
Once a candidate has been selected, the onboarding process begins, and the day-to-day culture fit and skills assessment of the new hire is put into plain view. With the right talent acquisition strategies and a little bit of luck, an organization will have landed the right candidate. Yet, in many cases, when this important task is handled internally, organizations and job candidates notice the cracks within the hiring foundation.
From the business’s perspective, internal issues surrounding hiring consist of:
- Excessive time consumption
- Poor candidate quality
- Outbidding from other companies
From the candidate’s perspective, common problems surrounding a company’s hiring process include:
- Lack of/slow communication
- Little flexibility and hiring incentives.
- Distraction from a human-focused concern (seeing a candidate as a number, not an individual)
According to a recent report, organizations are understanding the difficulties facing modern talent acquisition. Some of the biggest current priorities regarding recruiting include:
- Building talent pools of the future
- Investing in tools to speed up hiring.
- Establishing a strong employee drive
- Developing a succession plan
To successfully accomplish these tasks, it pays for organizations to partner with executive search firms to drive their talent acquisition strategies and hiring process. While on paper it might make sense for a business to do its hiring as they know how to best run their organization, they regularly struggle with finding the right people who match their operations and company climate.
The importance of hiring right the first time and retaining talent can’t be overstated. This is why creative and effective talent acquisition strategies are critical to the success of a business.
- On average, companies experience an 18 percent turnover rate each year. Of that total, 6 percent is due to poor performance, company fit, or financial cuts.
- The cost of replacing an employee can range from one-half to two times the employee’s salary.
- Roughly 66 percent of employees have accepted a job and realized it was a bad fit. Half of those people quit within six months or less.
These stats only underscore how vital it is for businesses to get hiring right the first time around. Therefore, it is becoming the norm that most organizations are offloading their hiring needs and entrusting their talent acquisition strategies to executive search firms.
How Merito Group Approaches Talent Acquisition
Here at Merito Group, we understand your strengths as an organization when it comes to your people and culture. We work together with you to deeply know your needs and wants when it comes to filling a position, whether it be entry-level or C-suite. Our talent acquisition strategies begin with a comprehensive vetting process centered around you.
As we act as an extension of you, we will combine our industry expertise and talent pool knowledge with your business requirements and non-negotiables to craft a personalized strategy that delivers a healthy collection of qualified candidates. Talent acquisition shouldn’t be about quality over quantity, but an equal representation of both — giving companies the best opportunity to hire the perfect fit. That’s why we work to deliver clients only a selection of candidates that exceed their requirements. There is no time to waste on hiring. Interviewing or meeting with candidates that lack specific job qualifications or are missing important work history only delays filling the job opening. It also burns the organization’s money and resources. Hiring shouldn’t be about filtering through hundreds of resumes and potential hires to find the three candidates that could be the right fit. Instead, hiring should be about spending time vetting only serious potential candidates.
Once we have a firm understanding of you and your organizational needs, we can start creating a variety of unique talent acquisition strategies tailored to your industry, open position, skill requirements, and more. Through detailed filtering of applicants, we can present companies with a wide range of talent-filled individuals to progress toward the next step in the hiring process. Along the way, we continue to be the driving force behind helping collect the most accurate and detailed information on each candidate, giving our clients the best context to make their hiring decisions.
With our holistic and personalized approach to talent acquisition, we are confident in our ability to help you land not just the next hire, but the right hire. Learn more about our talent acquisition services or contact us today to see how we can take the hiring burden off your shoulders.