No one knows everything when they start work in a new industry and most people know next to nothing.
That’s okay! We’re here to help!
This series isn’t for the people who’ve been working in the industry for years. It’s for the people who are just starting off and frantically looking for the answers they need on their first day. We know that diving right into a new job can be overwhelming and when it seems like everyone knows the things that you don’t, it can feel like you’ve made the wrong choice. We want the Level One series to provide a solid foundation for the info that you need to learn as you progress in your career.
So here’s to all of you starting your first day of work today or interviewing for the job you’ve been dreaming of…you’ve got this and we’ve got your back.
Let’s kick off this series by taking a look at the acronyms that everyone seems to know and that you’re probably Googling.
ATS: Applicant Tracking System
This is a big one. An ATS is a software application that enables the electronic handling of recruitment needs and tracks applicants through the recruiting process. They can filter applications automatically depending on keywords, skills, former employers, years of experience, etc.
CBA: Cost-Benefit Analysis
Use this one when you’re talking to your money-minded managers. CBA totals up the equivalent money value benefits and costs to projects to decide whether they’re worthwhile. It’s similar to ROI.
CRM: Candidate Relationship Management
CRM is a model for handling the entire candidate experience. (Note: Applicants are different than candidates. CRMs deal with candidates whereas ATSs deal with applicants.) CRM can help to foster long-term relationships with candidates which allows you to fill jobs faster in the future because you already have a database of qualified candidates.
FTE: Full-time Equivalent
A unit that indicates the workload of an employee in a way that makes workloads comparable.
For example, here are three employees on a team and they work 40 hours, 40 hours, and 20 hours per week for a total of 100 hours. If a full-time worker is working 40 hours per week, the FTE calculation is 100 hours divided by 40, so 2.5 FTE.
HM: Hiring Manager
The person in the company responsible for the actual hiring of who the recruiter finds. It’s who recruiters will spend most of their time working with. The recruiter finds the best people, the hiring manager hires them.
HRIS: Human Resource Information System
An online or software system used for data entry, data tracking, and all of the information that Human Resources needs to function. They can also include data on payroll, management, accounting, and more.
ICM: Independent Contractor Management
Independent Contractors are classified by the IRS differently than employees are so they require different management. ICM refers to the administrative management of ICs (Independent Contractors).
KPI: Key Performance Indicator
KPIs are a set of quantifiable measures that a company or team uses to judge performance in terms of meeting their goals. These will vary depending on the industry, company, position, etc. so it’s always best to be in touch with your manager to learn and discuss what your KPIs are.
ROI: Return on Investment
Another one to focus on when working with money-minded managers. ROI is a measure used to evaluate the efficiency of an investment (like a product or software). ROI measures the return on an investment in relations to the cost of it.
RPO: Recruitment Process Outsourcing
The Recruitment Process Outsourcing Association defines recruitment process outsourcing (RPO) as a form of business process outsourcing where an employer transfers all or part of its recruitment processes to an external service provider.
TMS: Talent Management System
An integrated software system that handles the 4 main parts of talent acquisition and management: recruitment, performance management, learning and developing, and compensation management. They focus on providing strategic assistance in the accomplishment of long-term goals.
VMS: Vendor Management System
A software program for businesses to manage staffing services. Vendors can be an independent consultant, a consulting company, or a staffing company.
Let us know what acronyms threw you for a loop in your first meeting on Twitter and keep an eye out for the rest of the posts in our Level One series!