5 most costly hiring mistakes companies can make
DESCRIPTION
Is your company making these top 5 hiring mistakes? Most companies that make them are unaware that they are making them and how that affects their company, profits and moral.TRANSCRIPT
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The 5 MOST Costly Hiring Mistakes Companies Can MakeNewly Developed Technology Exposes Why...
You’re MISSING the BEST Talent for Hire
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Sound Familiar?
• Are You Seeing More Less Qualified Applicants?
• Is It Taking Longer to Fill the Right Position with the Right Person?
• Are You Experiencing Interview Fatigue Trying to Fill All Your Vacancies?
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I’ll show you how to reduce this by up to 78%, but first…
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Times Have Changed...
• 20 Years Ago a Single Ad Would Bring in 5-7 Résumés a Week
• Because of Certain Hiring Breakthroughs, Today, a Single Ad Can Bring in As Much As 200 New Résumés a Week!
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Hiring Breakthroughs
• 1994: Robert McGovern was the First to Host a Job Posting Online1
• 1995: LA Times, Boston Globe, Chicago Tribune, New York Times, San Jose Mercury and Washington Post Create CareerPath.com2
• 2003: LinkedIn Launched3
• 2013: CVirtual Introduced Video InterviewsSources:1. Peter Behr, David Segal, “High-Tech Turks Lure Big-Buck Backers; Outside Investment Grows but Trails Other U.S. Centers”, The Washington Post, Nov. 4, 1996, pg. F05!2. Jesus Sanchez (1995, October 18), "THE CUTTING EDGE: COMPUTING / TECHNOLOGY / INNOVATION; 6 Papers Launch On-Line Help-Wanted Classifieds; Advertising: With 23,000 entries, employment service initially will be free to job-seekers :[Home Edition]", Los Angeles Times ,p. 4. Retrieved December 18, 2008!3. http://www.linkedin.com/about-us
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Where’s the Market at Today?
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I know this looks like my kids scribbled all over it, but it actually is very important because job market problems today lead to hiring problems tomorrow.
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The Beveridge Curve
Source:"http://en.wikipedia.org/wiki/Beveridge_curve
• “A graphical representation of the relationship between unemployment and the job vacancy rate.”
• “Higher levels of unemployment... imply decreasing efficiency in the labor market.”
• “Inefficient labor markets are due to mismatches between available jobs and the unemployed.”
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In Other Words…
Many of the Current Job Seekers Do NOT Have the Skills Necessary to Be Hired for the Jobs They’re Applying for
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US Job Market Snap Shot
• 119,335,000 Employed Workers Currently Seeking Better Employment
Source:"http://www.recareered.com/blog/2012/03/13/just-how-many-job-seekers-are-looking-for-work/
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27.1% Searching for Employment Passive Job
Seekers
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Job Market Snap Shot
• 12,806,000 Currently Unemployed Searching for Work
Source:"http://www.recareered.com/blog/2012/03/13/just-how-many-job-seekers-are-looking-for-work/
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More Than 5.5 Million People Have Been Unemployed for
6 Months or Longer!!
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Job Market Snap Shot119,335,000 US Employed Workers Currently Searching for Better Employment
12,806,000 Currently Unemployed Searching for Employment
Source:"http://www.recareered.com/blog/2012/03/13/just-how-many-job-seekers-are-looking-for-work/
+
132,141,000 People Currently Competing for Employment
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For Every Job Opening Available There Are 2.6 People Competing for That Position
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• 7,600,000 Applied for 65,000 Starbucks Jobs
• 1,000,000 Applied for 2,000 Proctor and Gamble Openings
• 2,000,000 Applied for 7,000 Google Openings
Source: http://knowledge.wharton.upenn.edu/article/why-the-job-search-is-like-throwing-paper-airplanes-into-the-galaxy/
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Source:"http://www.dailymail.co.uk/news/article-2352011/Up-160-graduates-chase-job-Leading-firms-increase-number-applications-role.html
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Does Competition...• Bring Out the Best?
• Meaning: Does the cream rise to the top?
• Bring Out the Worst?
• Meaning: Does it take longer than normal to find the right candidate because they’re getting lost in all the clutter?
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Source:"http://career-advice.monster.com/job-search/company-industry-research/despite-unemployment-many-jobs-hard-to-fill-hot-jobs/article.aspx
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Technology:
Blessing: Now More Than Ever an Employer Can Reach Hundreds, If Not Thousands of Job Seekers or...
Curse: The Same Employer Can Have Their Post Overlooked Because of Every Other Competing Job Post Out There
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Source:"http://www.craigslist.org/about/factsheet
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Source:"http://www.careercast.com/career-news/employers-craigslist-job-postings-contain-hidden-cost
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Sound Familiar?
• Are You Seeing More Less Qualified Applicants?
• Is It Taking Longer to Fill the Right Position with the Right Person?
• Are You Experiencing Interview Fatigue Trying to Fill All Your Vacancies?
• Now You Know Why!
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What No One Is Willing to Talk About
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The True Costs of a Bad Hire
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Source: "http://www.nbrii.com/resources/infographics/nbri-infographic-thecostofabadhire.png
Average Hiring Costs
Total = $32,500
$500 Advertising Expense
$2,500 Interview Costs
$7,500 Hiring Costs
$22,000 Training Costs
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What About…
What Will All That Cost You?
• Loss Productivity Costs
• Disruption Costs
• Missed Opportunities
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Source:"http://www.forbes.com/sites/mikemyatt/2012/09/27/the-1-reason-companies-make-bad-hires/
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Are You Settling?
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What is Your Hiring Process Like?
• You’re Presented with 8 “Qualified” Candidates
• You Choose to Interview 6...
• After 6 Hours of Interviews No One Stands Out
• Interview Fatigue Begins to Set In
• What Do You Do?
• Do You Settle for Good Enough?
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Source:"http://www.forbes.com/sites/mikemyatt/2012/09/27/the-1-reason-companies-make-bad-hires/
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Source:"http://www.inc.com/tom-searcy/the-problem-with-being-good-enough.html
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Are You Accidentally Building a Good Enough
Organization?
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Would You Agree?
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Source:"http://www.forbes.com/sites/mikemyatt/2012/09/27/the-1-reason-companies-make-bad-hires/
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You Can Hire the Best, But First You Need to
Watch Out for…
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5 Hiring Mistakes Companies Make
1. Overusing the Same Job Boards
2. Not Utilizing Facebook
3. Relying Too Much on LinkedIn
4. Ignoring Twitter
5. Not Leveraging Video Interviews
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1. Overusing the Same Job Boards
• Problem: Going After the Same Hiring Pool
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Source:"http://blogs.hbr.org/cs/2013/03/why_employers_arent_filling_th.html
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Job Boards Only Target Active Job Seekers
• You’re Missing Out On the Hidden/Passive Job Seekers
• You’re Not Finding the OnesWho Are Not Looking
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2. Not Using Facebook
• Problem: Not Using the “Facebook Stalk” to Find Top Talent
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Source:"http://techcrunch.com/2011/11/16/social-recruiting/
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3. Relying Too Much on LinkedIn
• Problem: Using LinkedIn as Your Go-To Hiring “Silver Bullet”
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Source:"http://www.fastcompany.com/1815993/fast-talk-meeteor-facebook-stalk-job-you-want
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LinkedIn’s Main Goal is for People to Network
How Many Business ProfessionalsDo You Know Who Are Still Not on LinkedIn But Are on Facebook?
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4. Ignoring Twitter
• Problem: #NotKnowingHowToUseTwitter
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Source:"http://www.cbsnews.com/8301-505143_162-40245242/how-to-use-twitter-to-find-amazingemployees/
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5. Not Leveraging Video Interviews
• Problem: Wasting TOO Much Time Interviewing
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Spending All Day or Several Days Interviewing?
Video Interviews Reduce the Amount of Time You SpendConducting Face-to-Face Interviews
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Who ALREADY Uses Video Interviews...
You?
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Source:"http://www.businessweek.com/smallbiz/news/coladvice/book/bk981106.htm
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Source:"http://www.perfectlaborstorm.com/2012/recruitment-2/how-many-job-applicants-does-it-take-to-find-one-qualified-candidate/
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The BEST Way to Find Top Talent FAST!
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Virtual Interviews...
...Create a Faster Time-to-Hire
...Reduce Travel Expenses
...Produce a Sustainable Hiring Model
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Virtual Interviews...
...Expand Your Candidate Pool
...Can Be Viewed Virtually Anywhere
...Reduce Interview Fatigue
...Are Easy to Use
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Source:"http://www.businessweek.com/smallbiz/news/coladvice/book/bk981106.htm
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Source:"http://staffingtalk.com/are-video-interviews-becoming-the-norm/
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Easy As 1-2-3
3. Review Recorded Interviews at Your Leisure
1. Choose and Record Your Questions
2. Send Out Your Virtual Interview Link
+ +
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Recording Your Questions
• Record Your Own
• Choose from a List of Pre-Recorded Questions
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Post an Interview Link
• Send Out Your Interview Link to Their Applicant Pool or
• Host Your Link on a Job Board or Social Media Site
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Review At Your Leisure
“Can you see how much easier it will be to find the right person for the job?”
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Streamlined Process
• Once You’ve Found the Right Candidate for the Right Position...
• Invite Them in for Live Interview
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Can You Do This On Your Own?
Of Course You Can!
BUT...
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and
• You’ll Still Have to Coordinate Schedules
• Eliminates Reviewing at Your Leisure
• Hope that Technology Works Properly
• Can’t Be Recorded or Shared
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But There’s Still One Problem…
Live Video Interviews Are Nothing More Than an Untested Resume
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• You Can Review at Your Leisure
• BUT Their Interview Is Also Scripted
• You Only See What They Want You to See “Take 57”
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What This Hides...• All the Non-Verbal
Communication They Don’t Want You to See
• 93% of All Communication is Non-Verbal
• 55% is Physiological
• 38% is Tonal
• Only 7% Are the Words UsedSource:"Mehrabian, Albert (2009). ""Silent Messages" – A Wealth of Information About Nonverbal Communication (Body Language)". Personality & Emotion Tests & Software: Psychological Books & Articles of Popular Interest. Los Angeles, CA: self-published. Retrieved April 6, 2010.
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Step Backwards...
• Your Job is to Find the BEST Possible Candidates and Hire Them
• Trying to Figure Out New Technology Only Adds to Your Already Overwhelming List of Duties
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A Tale of Two Hiring Managers
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A Day in the Life of...
Traditional Tom Savvy Shaye
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Hiring Decisions...
Traditional Tom Tries to Find His New Hire on His Own
Shaye Uses a Recruiter who Uses Virtual Interviews to Help Her Find Her New Hire
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Weeding Out Process...
• Both Tom and Shaye’s Recruiter Receive Résumés from 200 “Qualified” Candidates
• 150 of the Applicants Don’t Meet Their Needs
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Finding the Best...
• 50 Candidates is Still Too Many
• Both Parties Narrow it Down to the Exact Same 20 Applicants
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No Substitutes...
• Tom Interviews Who He FeelsAre the Top 6 Candidates
• Missed the Real Winner
• Screening Will NEVER Replace a Live Interview
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Tom’s Interviews...• After 6 Hours of Interviews
Tom is Ready to Call it Quits
• On Paper Each Applicant Looked Like They Were the “One”
• Not Only is Tom Tired BUT He’s Now Behind on His Normal Work Load
• Late Night for Tom
• Does Tom Settle?
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The Virtual Interview Difference
• Shaye’s Recruiter Sends Over 20 Résumés Accompanied with 20 Virtual Interviews
• More Choices at Your Disposal
• More Really is Better
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Shaye’s Interviews...
• In the Time it Took Tom to Perform 2 Live Interviews, Shaye Reviewed All 20 Virtual Interviews
• Shaye Spots 2 that Tom Missed
• She Interviews Them and Hires the Better of the Two
• She’s the Office Hero!
• Now That’s Working Smarter
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3 Kind of Recruiters
1. Résumé Mill
2. Knowledgable Partner
3. Knowledgable Partner Plus
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Let Me Introduce You To...
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• Recruitment Agency Specializingin Virtual Interviews to Make Your Hiring Easy
• As a Knowledgable Partner Plus We’ll Seek to Understand Your Position
• We’ll Find and Invite All Qualified Candidates the Market Has to Offer to Take a Virtual Interview
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Best of All...
• You’ll Be Like a Kid in a Candy Store
• You’re Only Job is to Chose Which One of the Qualified Candidates You Want to Invite in for Live Face-to-Face Interview
• Then, When Ready We Repeat the Process for You Again as Often as You Desire New Hires
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Is Right for You?
• Let Us Take on All the Risk
• We’ll Send You Qualified Virtual Interviews
• If You Like What You See, You Can Contract for Our Services
• Standard Contract Rates are 25% of Annual Salary
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Let Us Start Working for You!
• Set Aside 20 Minutes to Let Us Understand the Position You Want to Fill
• We Guarantee ALL Placements Up to 180 Days
• We’ll Replace Any Placement Who’s Been Fired or Quits within 6 Months of Placement for FREE!
• If After 45 Days We’ve Not Been Able to Help You, We’ll Gift You 3 Months Use of Virtual Interviews
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http://www.cvirtual.com/new
Click to Begin…