Newsletter Issue 15 2008
....to the 15th issue of our newsletter.
Following the release of the latest CIPD Recruitment, Retention and Turnover Survey (June 2008) this month we discuss some key issues currently faced by companies and how our unique service can help overcome such difficulties simply and effectively.
In addition we invite you to pre-register for our next networking event, highlight our entry into the Software Satisfaction Awards and discuss the high levels of success achieved at the recent HR Software Show and Recruitment Exhibition.
According to the recent CIPD Annual Recruitment, Retention and Turnover Survey (June 2008), the average cost to recruit has now reached £4667 per employee.
Despite the small fall witnessed in 2006, the cost to recruit has continued to rise and has almost doubled since the 2004 when the average cost was recorded at just £2500.
The cost to recruit more senior positions is perhaps as expected considerably more. With the average cost to recruit a Senior Manager now reported to be £10,000 and Managers/ Professionals costing approximately £6,000 it is not surprising that companies are seeking more cost effective alternatives to the more traditional methods of recruitment.
Introducing a corporate careers section on your website is a simple and efficient method of cutting the cost of your recruitment:
Make the most of visitors
Visitors to your website could be potential employees and are FREE. By introducing a dedicated careers section on your corporate website individuals visiting the website will also have immediate access to details of potential vacancies.
Reduce the cost of print advertising
If your preferred method of recruitment is print advertising, directing candidates through to your website can help dramatically reduce the size of print area required. Remove the need to allocate expensive space to company role specifications, candidate requirements and contact details by placing the information online. This enables you to write unlimited copy and ensure that necessary information is not jeopardised by rising costs.
Reduce the cost of applications
The combined print and postal costs of sending application forms can be expensive especially when high volumes of candidates are attracted for individual vacancies.
Taking into consideration that only a proportion of application forms are ever returned (and those that are often include inappropriate candidates) these high initial costs generally do not result in a positive ROI. Introducing an online application not only enables you to centralise all sourcing methods but also collate information from candidates in a uniformed manner to simplify the short-listing process. Lost or delayed postal applications are also no longer a problem as candidate details can be viewed and acknowledged immediately.
Advertising vacancies online
According to NORAS (National Online Recruitment Audience Survey) 29 million people in the UK access the Internet every month, of which some 12 million were looking for jobs. Advertising online is considered to be one of the most cost effective methods of attracting candidates. By utilising a third party supplier (like networx) companies can gain access to a number of appropriate sites reaching an even larger audience at a fraction of the cost.
Talent Pools
The introduction of a candidate talent pool can help reduce the cost per hire even further especially when companies advertise for similar roles on a regular basis. The CIPD report suggests that only 32% of companies say that they make use of talent banks before looking to recruit externally. With 86% of companies experiencing recruitment difficulties being able to save the details of high quality candidates as and when you receive them will not only potentially save thousands on advertising costs but also prove a vital resource in an increasingly competitive market.
"Good candidates have multiple offers and have higher expectations. As a result organisations have to speed up the recruitment process so as not to lose these good candidates as well as review their award offering to secure the best candidate for the job in such competitive times".
In such a competitive and candidate driven market, the efficiency of your recruitment process is of equal importance to its speed. Ensuring that candidates are attracted to your vacancy as opposed to your competitors and short-listing the highest quality to interview promptly is also key to securing the best talent.
- Targeted advertising
By advertising on a number of online job boards most suitable for the role whilst simultaneously conducting CV Database searches to proactively identify candidates with key skills this wide exposure of your vacancy will undoubtedly improve levels of applications to your position. In addition advertising for longer periods ensures that the number of potential candidates that see your vacancy is also vastly improved.
- Corporate Careers section
No longer an expensive implementation due to the development of products such as apoint, the integration of a corporate careers section can prove extremely valuable to the recruitment process. As the majority of candidates will now visit a companies website before applying for a vacancy, a careers section not only enables potential employees create a greater understanding of the business but also centralise all applications to ensure each and every individual goes through the same process.
- Efficient Communication
Efficient 2-way communication is vital to a successful recruitment process. Whilst introducing an online application process with bespoke questions is extremely beneficial in collating key information from all candidates to support decision making, keeping candidates informed throughout all stages of the process ensures they stay warm reducing the need to look for suitable vacancies elsewhere. The simple acknowledgement that an application has been received is an improvement for many organisations.
- Screening
Once candidates have started to apply, screening and sifting tools will help identify quality candidates quickly and enable interviews to be scheduled promptly. Sifting out all unsuitable candidates early in the process not only promotes a more efficient process but a more effective use of valuable resource.
Attendance at The HR Software Show run in conjunction with the Recruitment Exhibition again proved successful with many attendees taking up the unique opportunity to trial the apoint technology free for a 3-month period.
Held over two days, the event was attended by a wide variety of companies with a keen interest in developing their recruitment strategy further. Several orders have already been confirmed for the Sourcing & Response Management service, a number of apoint trials are underway (with more to follow) and discussions are being held for the implementation of apoint+ into a number of potential key clients.
Further to successful events held in Altrincham and Barnsley, we will be hosting our next networking event at the St George Hotel, Harrogate on the 17th September from 3:30 until 5:30pm. A date that may coincide with your planned attendance to the CIPD’s Annual Recruitment Exhibition held in Harrogate during 16th-18th September.
With guest speakers outlining the key benefits achieved through the introduction of e-recruitment, the event is designed to help businesses understand how to make online recruitment work for them.
With 86%* of companies currently experiencing recruitment difficulties, the event will provide companies with a unique opportunity to understand how similar businesses from across the UK are successfully recruiting in a time and cost efficient manner.
Delivering high benefits, e-recruitment is becoming an increasingly important element in almost every company’s recruitment strategy. Whether you want to maximise exposure of your vacancies online via targeted advertising, centralise applications through the introduction of a careers section on your corporate website and introduce a bespoke online application process or make use of candidate talent pools to reduce cost per hire further, our speakers and attendees will help you to identify best practise and key steps for success.
To pre-register your attendance, please send your full contact details directly to paula.smith@networxrecruitment.com
The 2008 Software Satisfaction Awards survey is now open for entries and for the second year running apoint and apoint + system users will be invited to submit their thoughts in relation to the technology’s usability, performance and value for money.
To submit your thoughts please visit: http://www.softwaresatisfaction.co.uk
Runners up in last years awards, networx’ technology achieved an above average score of 3.1. Based on existing customer experiences, the awards offer companies considering the adoption of technology with an unbiased overview of the benefits offered by apoint and apoint+.