Every business needs skilled employees; however, finding and hiring the right employee can be challenging. Almost 72.8% (three-quarters) of global employers state that they have difficulty finding skilled candidates, while 45% of employers voice their concern about finding employees with the required talent. With 30% of Middle East employees stating that they are “extremely” or “very likely” to look for a new job within the next year, you need to start thinking about employment actively.
Below we’ve outlined some steps for you to hire top talent rapidly:
● Optimize your job posting by writing a compelling and thorough job description speaking about the role and responsibilities in detail. It might also be a good idea to post the salary range in your job description. This can save you a lot of time that may have otherwise been spent interviewing the candidate and shortlisting them only to realize their salary expectations are much higher than what you are willing to offer.
● You can incentivize current employees through bonuses and rewards to recommend skilled hires with employee referral programs. Internal recruitment is proven to be 6 times more effective than other hiring methods.
● Outsource the task to professional recruiters who have the expertise, database, and time to find the right candidate for the role. Recruitment agencies usually charge a percentage of the employee's first-year salary, ranging from 15-25% on average.
What are the hidden costs of employee turnover?
In many cases, companies could hire a candidate that isn’t the best fit, leading to high employee turnover. With
58% of Europeans considering changing their jobs this year, this could lead to serious hidden costs that a company must not overlook. Research predicts that every time a business replaces an employee, it costs them
6-9 months’ salary on average.
The following are some hidden costs of replacing an employee:
● Damage to the company's image: Unhappy and dissatisfied employees can harm the company's image and relationship with stakeholders with fewer skilled candidates interested in working for the organization.
● Lost knowledge: Every employee has a set of unique skills and experiences. The previous employee's knowledge was immeasurable in “cost,” but the loss could be highly damaging. Also, this leads to increased costs due to hiring, training, and finding the right employee with similar skill sets.
● Fall in productivity and disruption in team dynamics: When an employee leaves, their loss is felt, leading to a fall in motivation and efficiency in fellow employees. The remaining team members are expected to pick up their work, increasing work pressure and reducing morale. A HubSpot report stated that lost productivity costs U.S. businesses a shocking $1.8 trillion each year!
Why can hiring often be slow?
Although there are many candidates looking for jobs, hiring can often be slow. One of the reasons is that you might be looking for the perfect candidate. This may make the selection criteria precise with multiple steps, leading to fewer applicants and a slower hiring process.
A slow moving interview and decision-making process could lead to candidates withdrawing their application so it’s crucial to decide without delay once you find the ideal candidate. From a prospective employee’s point of view, it may seem unattractive if a firm takes too long to decide, and you may lose a good candidate.
You can accelerate your onboarding process using
Ahlaan, a third-party onboarding solution by Cedar Rose. We help you complete all the identity, compliance and due diligence checks you must do while hiring employees through an automated system, eliminating the need for paper-based manual onboarding.
Where to post the job?
Social media and job posting sites allow employers to post jobs for free and reach a large audience. Websites like LinkedIn, ZipRecruiter, and Indeed are ideal to post jobs without paying advertising fees. Employers can also pay to optimize and boost their job posts on LinkedIn and Indeed to increase targeted reach. Additionally, employees, too, can share and refer the job post through their internal networks in exchange for rewards through a referral program.
Sort the candidate list:
1. Once the candidates have been shortlisted, you should carry out employee background checks. We recently launched a new product, Ahlaan to automate compliance and employee onboarding in organizations. It provides a single, secure onboarding process to manage your employees and customers. Companies can automate their verification, compliance, and due diligence processes. As a result, they can eliminate lengthy paper-based tasks and minimize the privacy risk associated with manual processing.
2. Filtering candidates based on the job type is also recommended. It’s also worthwhile to check the candidate’s soft skills - personality and emotional quotient - to ensure they’re the right fit for the team and role.
Communications and Onboarding
Once you’ve selected and offered the role to the successful candidate, you have to onboard the new hire into the organization. Below are some things to keep in mind when onboarding a new employee:
● Keep the orientation schedule ready
● Introduce the new employee to fellow team members and managers
● Assign IT assets and office supplies
● Set up their salary account
● Clarify roles and responsibilities
● Schedule meetings for feedback
● Assign a mentor
Employee as an Asset
Successful companies value their employees. They treat their people as the most significant resource by providing good salaries, satisfying benefits, and positive work environments. In turn, happy employees demonstrate
increased productivity and loyalty.
Therefore, finding and retaining the top talent is imperative to business growth. However, employers must be mindful of high employee turnover rates and aim to keep them minimal. High employee turnover rates and hiring costs can be largely avoided with the right process and experienced hiring managers. In addition, factors like the platform, quality, and optimization of the job posting can affect the quality of candidates it attracts. Therefore, organizations must be mindful of the steps above to hire and retain top talent.
For more information or to request a demo of Ahlaan contact us on +357 25 346630.