In the times of talent shortages, offer shopping, job-hopping, & increased wage inflation, still, 74% of the companies continue to underperform. Yes, hiring is hard & in the current, possibly, the hardest, coming before the retention as well. As per Josh Bersin’s research, only 1 in 4 companies having optimized hiring practices, enabling them to have the most possibility of success. (To give an idea, “Fill Rate,” the percentage of jobs filled vs. jobs posted, is at an all-time low. In developed countries along, for every ten new jobs created, only six are getting filled)
What do we mean by having hiring practices unoptimized? Companies are comfortable with the “spray and pray” model, which is buy a job ad, post all your positions on Indeed, LinkedIn, or another job board, and promote your company’s pay, benefits, and fantastic work experience. The research however strongly indicates that this is no longer enough. Given the workforce trends, companies would have to diversify their sourcing, create a holistic employment brand, prioritize internal mobility, simplify the candidate experience, and use AI and technology strategically.
Of the 1 in 4 companies whose hiring practices are optimized, these companies have a strong positive correlation to high employee engagement, and retention numbers, are more adaptable to change, profitable & have their customer satisfaction on the higher side.
Here is how the value unlocked by the companies driving optimized hiring practices:
|Financial Targets||Business||2x more likely|
|Delight Customers||Business||5x more likely|
|Robust Talent pipeline||People||5x more likely|
|Great place to work||People||15x more likely|
|Engage & retain employees||People||30x more likely|
|Adapt to change||Innovation||13x more likely|
|Innovate Effectively||Innovation||35x more likely|
Given the above estimates, where does your company stand when it comes to hiring practices? Are you still employing traditional tactics, or has your company’s approach to recruiting become relevant, and aligned to business to match today’s needs?
This is where The Brew’s Hiring Capability Maturity Index enables companies & TA functions to optimize their hiring process. Divided into 3 overall dimensions, Talent Attraction & Engagement, Collaboration & Selection, and Management & Operational Model, it gauges the maturity model of micro discreet processes across 15+ factors, not only it does it identifies the gaps but also drives the way forward improvement in these areas with a positive correlation to business results.
Here is the gist of the dimensions & the approach taken to enable value unlocking in the hiring process:
- Talent Attraction & Engagement: Comprising of 5 factors (Sourcing & CRM, Job Advertising, Brand & Experience, Referral Management & Mobility), this dimension represents the company’s ability to reach out to high-quality talent, establish compelling mindshare & brand share, with a combination of inbound & outbound sourcing & recruitment strategies.
- Collaboration & Selection: Comprising of 5 factors (Screening & Review, Hiring team collaboration, Interview & Evaluation, Offer Management & Onboarding), this dimension focuses on creating a simplified, scalable, unified & effective hiring flow to enable the hiring team to onboard high-quality talent with ease.
- Management & Operational Model: Comprising of 4 factors (Integrated & Connected, Compliant & Secure, Process Improvements, Reporting & Analytics) to build a scalable delivery model, which is flexible, scalable, compliant & has multiple feedback loops in place with an embedded culture of data & insights as centerpiece.
Take The Brew’s Hiring Capability Maturity Index to determine & improve your hiring practices, and drive consistent results by leveraging people, process, and technology through the pillars of talent acquisition.