More than half of U.S. companies plan to Increase hiring in the first half of 2024. In the architecture sector, 57% of the firms plan to add new permanent roles. This means that you are going to have to work harder to attract and hire the best talent and compete in the 2024 candidate market.
Your hiring strategy must be dynamic and adapt to the changing size of your business and
candidate market conditions. As you start this new year with renewed energy and enthusiasm, this is the perfect time to reflect, restore and realign your hiring and set yourself up for success.
start with REFLECT
The statement "If you can't measure, you can't improve" is more accurate today than ever before. In today's data-driven decision-making world, if you are unable to track and analyze your 2023 recruiting metrics, it is impossible to bring about the right change in 2024.
Quantitative metrics such as time to hire, cost per hire, offer acceptance rate, candidates per hire, and application-interview-hire ratios are crucial in order to understand the productivity and effectiveness of the recruiting team.
Qualitative metrics such as candidate experience, quality of hire, and application completion rate indicate whether the recruiting and interviewing process is correctly structured or not.
At SNIPEBRIDGE, we suggest to track three key recruiting metrics:
Impact to business : If you are able to fill positions in a timely manner with minimal effort from hiring managers and positively affect billing or customer experience, it means that the recruiting process is working well.
New hire turnover rate : If you experienced a high number of new hires leaving within the first 6 to 12 months, then you need to look into your interviewing process. It’s possible that the candidates might not have been adequately informed about the role and the company or expectations were not properly set during the interview process. New hire attrition could also be a result of a shallow candidate evaluation process where the right fit was not assessed correctly.
Candidate decline reasons : The reasons for rejections by candidates (before
or after an offer) can also provide insight into what is lacking in the job opportunity or how your firm is competing in the talent market. Salary expectation misalignment, no remote working flexibility, online brand reputation, or a negative candidate experience due to longer cycle, lack of clarity, or slow response rate from recruiters can also trigger candidate
rejections.
Reflecting on all of the above aspects & metrics is extremely important if you
want to identify areas of improvement for 2024.
next... RESTORE
Once you have assessed your 2023 recruiting performance, you should now have a clear understanding of what needs to be retained and what must change going forward in 2024. The aspects of recruiting that you choose to keep must help you meet your company’s hiring goals and impact the business positively. Here are some important factors, when done right, can have a great impact on your hiring:
Employer Brand : Is your employer brand effectively attracting potential employees? Is it exciting and appealing? Is it transparent and clearly communicated?
Culture and Values: Are these being effectively shared with candidates during the hiring process and consistently represented by all recruiting stakeholders?
Compensation & Benefits: Are your compensation and benefits packages comparable to or better than those offered by your competitors?
Use of Technology: Are you utilizing the latest tools in your hiring process, or are you still relying on outdated methods to attract, engage, and acquire potential employees? This reflects your company's progressive culture and whether it is keeping up with the times.
Process: Does your hiring cycle operate efficiently? Is it unnecessarily lengthy? Is the hiring manager reviewing more candidates than necessary, diverting their attention from their primary responsibilities?
People: Are the right individuals involved in the recruiting process to provide expertise, feedback, assist in decision-making, and help in collaboration?
finally... RE-ALIGN
After restoring what was effective, you must now focus on examining aspects of the recruiting process that need to be changed. For example, this could involve implementing new tools for process improvement and collaboration, providing higher visibility to stakeholders, adding additional sources for the candidate pipeline, working with hiring managers to improve job descriptions, or aligning compensation and benefits with market expectations.
Making changes is often challenging, especially when there are multiple stakeholders involved. Obtaining approvals for process changes and budgets as well as coordinating with stakeholders can often delay implementation. It is also possible that firms may not have the necessary expertise within their own recruiting team to implement new changes.
In order to move the needle forward in 2024, SNIPEBRIDGE recommends to:
Engage an external subject matter expert who can provide an unbiased perspective and help address the necessary changes. These experts bring valuable experience from working with diverse clients and can significantly contribute to re-imagining all aspects of the recruiting function, including people, processes, and tools, to align with the company's hiring goals.
Get buy-in from key stakeholders who are either impacted by the recruiting challenges or can champion your cause and help you in bringing about the changes
Set goals that can be achieved with the new changes and implement Key Performance Indicators (KPIs) that help you keep track of the pulse of the recruiting process. KPIs will help you in ensuing there is continuous improvement and positive impact to business by design.
At SNIPEBRIDGE, we wish you a very successful new year in hiring the best talent and growing your business! If you are unsure where to begin in re-imagining your hiring , we offer an audit service that provides valuable recommendations. Click here to set up a discovery call with our recruiting expert or visit www.snipebridge.com/call.
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