I really don’t have to explain the power of internet and its impact on our lives, including work life.Internet had a major impact on various domains like retail, communication and others, it also made a great impact on recruitment domain as well.
The term Social Hiring has caught great attention in last few years. Today we have multiple professional networking sites, number of job boards, career pages, ton of recruitment tools like, Application Tracking Systems, online assessment platforms etc etc.
But what is the impact of all these tools on recruitment? If you look at the average time taken today to fulfill an opening, it is still very high in many cases almost 2-3 months. Why is it that we are still seeing almost 40% bad hire cases, even after spending so much time finding the right candidate for the job?
What is a bad hire? Bad hire is the member of the team who is considered to be incompetent of performing the job the member is hired for.
Ryan Holmes CEO HootSuite very well said:
“One subpar employee can throw an entire department into disarray. Team members end up investing their own time into training someone who has no future with the company.”
There is a huge direct and indirect costs associated with the bad hire, which in long term can cause a very big problem. Here are some stats put by Greg Rokos around bad hires.
Based on the multiple surveys, it was pretty obvious that most of the bad hires were result of filling the position quickly or not being able to test the candidates well enough.
The survey results does look ironic, even after having so many tools, with the power of social media and various tracking systems, there is almost a 50-50 chance that an organization not finding the right candidate for the position.
What good is having so many tools and still not being able to ensure the best candidate for the job. To transform this, we need a tool that tries to fix all the above mentioned issues, which can find the candidates and also assess them on the criteria based on practical problems that they would be working on when hired.
There are plenty of assessment tools available in the market, but the assessment criteria of such tools is easily available on the internet, or the existing solutions are catering to only top 5% of the candidates. Additionally more and more organizations want to reduce the cost of hire via staffing agencies and build a robust hiring mechanism which suits to their talent requirements and not just the top tier.
Thought provoking? Absolutely! Using a mix of data & tapping into social network cannot alone solve this problem but there is a way. We are exploring it and invite you to join our beta program here.
Feel free to reach out to us at firstname.lastname@example.org and we would love to hear your views on our solution.