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Time, Cost, Quality: 3 Hiring Principles

On the most fundamental level, recruiting is a triad. All recruiting comes down to three basic decisions: 1) time, 2) cost, and 3) quality. These are the three recruiting pillars when it comes to effective recruiting and hiring.

Three Recruitment Principles for Every Hiring Situation

These foundational recruitment principles are the most important truth every recruiter who is hiring should be thinking about right now. In a near zero unemployment economy, we must move quickly in order to compete in this talent market. Candidates have more choices now than ever before, and sacrificing time is no longer an option. Hold out for cost or quality, and you may end up settling on a candidate who has been on the job market longer and may not be the employee you could have had if you’d moved faster. In fact, dragging out hiring decisions doesn’t actually improve hiring quality; it reduces it.

Three Recruitment Principles

Streamline and Prioritize Recruiting with Data

Data is at the heart of many of the decisions we make, but it’s also the key to improving metrics in the three key areas of time, cost, and quality. It’s nearly impossible to separate time from quality from cost, as the crossover effect is inherent in these recruiting pillars when it comes to analytics.

In order to hit all three components of the recruiting triad effectively, metrics and predictive analytics will allow you and your recruiting team make the best-informed decisions about what to automate, where to spend time on high-touch tasks, how to reach candidates more quickly and in a targeted way, as well as manage costs.

Using analytics beginning at the sourcing stage can help you quickly identify top prospects for your hiring funnel. This is one function you can streamline via automation. Using assessment programs and hiring algorithms not only allow you to quantify the skills you’ve identified in top talent, but also identify candidates who are not a good cultural fit or may pose a turnover risk.

Recruiting Metrics and Analytics Dramatically Improve Results

According to Randstad Sourceright, recruiting metrics and analytics can dramatically improve sourcing by helping identify the best recruitment resources for the talent you need. This could include everything from mining social media platforms, to identifying the top job search aggregators with the best candidates, reaching unique candidate audiences and optimizing  your job advertising investment using technology like Talroo, to knowing which job titles are the most appealing to potential employees.

When developing a budget for a hiring campaign, targeting is key to reaching top level candidates quickly. A performance-based advertising model gives you the tools to hyper target your job ad based on many factors. By creating your targeted campaign around certain keywords, you’ve instantly broadened your job ad reach from active job seekers to passive candidates.

Performance-based models are changing our approach to all three recruiting fundamentals. By using metrics combined with the right tools and strategy, you can monitor your costs, allowing you to focus on targeted quality candidates that meet specific criteria faster than traditional models.