Earlier this week we talked about the power of internal data. Something we wanted to go into further is the time and cost savings that can come from effectively utilizing your internal data.
Building up an internal database of candidates takes hours upon hours of effort and a fairly healthy amount of dollars. Let’s look at the steps that it takes to manage just one requisition.
When a recruiter is given a requisition from a hiring manager, the clock starts ticking. In terms of kicking off a requisition, recruiters need to be ready to: translate a hiring manager’s job description into something digestible by the public, begin formulating searches and strategies to find the right candidates or outsource that process to a sourcer, and begin ongoing communication with everyone involved in the hiring process.
Time Cost: Anywhere from 1 hour to 10+ hours
Dollars Cost: $25 to $250+*
Value: Worthwhile when used effectively
Let the Search Begin
Once the recruiter has finalized all of the details they need to get started on actually searching. They may go for the post-and-pray method. If they are following a more proactive approach they may begin with looking through internal data. When they hit roadblocks, they’ll have to extend to searching externally, sorting through false positives and millions of data points to cultivate a shortlist of candidates. They may end up creating ads to bring the position in front of more eyes costing even more dollars to be spent.
This step is where the majority of the time cost comes in.
Time Cost: Anywhere from 2 hours to 25 hours
Dollars Cost: About $350 – $600 per job board posting and $50 – $625 of recruiter time*…if not more
Value: Time and money could be better spent elsewhere
This is where recruiters should be spending their time! By reducing the time spent in the previous steps, recruiters will be able to keep their focus on building relationships. This stage often takes a lot of time, but the time spent has incredible value. By being focused on the candidate, candidates are more likely to have a positive experience and walk away from the interaction with a positive review for the company.
Time Cost: Varies (About 5+ hours)
Dollars Cost: Varies depending on time spent with candidates (About $125+)
Value: Out of this world
Closing Deals and Changing Lives
This is another time when focusing on the candidate experience is crucial. If recruiters can spend their time passing on feedback and communicating through each step, the candidate experience will go through the roof. The humanity of the recruiter needs to shine. Again, by cutting the time spent strategizing and searching, recruiters can easily focus their time on perfecting relationships.
Time Cost: Around 8 hours
Dollars Cost: About $200+
Value: Worth every penny
While there’s nothing wrong with spending money in the recruiting process, the worst thing you can do is spend money to get the same applicants over and over again. If you’re not properly utilizing your internal data, you could be doing exactly that!
Are your recruiters spending the time where it matters most? Or are they losing the drive in the searching phase just to be left scrambling when they should be thriving? Chat with us about how we can help cut costs where it counts!
*Based on average $50,000 a year/$25 an hour rate. NOTE: This number can increase dramatically depending on the salary of the individual recruiter.