Sound Hiring: Impact on Corporate Performance

Introduction

Whenever you hire new employees you have an opportunity to positively influence your company’s performance. To have the greatest positive effect, you must hire the right individuals, do so on a timely basis, and do it inexpensively. Organizations that can do this repeatedly gain considerable advantage over their competitors. InqHire’s recruiting automation services enable you to achieve these objectives.

Quality of Personnel

In The War for Talent, McKinsey consultants documented what we instinctively know: the better your talent, the better your chances of outperforming your competitors. But they did more than that. They actually quantified the benefit of acquiring and maintaining top talent, a staggering 22% greater return for their shareholders.

Where do you find such people? How can they easily learn about you? How can you devote more of your time to recruiting them? Employing CASE and The Exchange you can locate and recruit more highly qualified candidates by:

  1. Automating sourcing to ensure a larger applicant pool from which to select well qualified candidates.
  2. Automating screening to ensure that every candidate meets eligibility requirements.
  3. Following a best practices, total quality regime, yielding sound, timely decisions and repeatable results.

Revenue Performance

You may not realize it, but improving your time to hire can have a significant impact on financial results. Take, for example, a company planning to hire 12 sales people, each of whom carries a $2,000,000 quota. Reducing the hiring time from 60 to 30 days would yield the company an additional $1,000,000 in revenue. Less easily quantified, but just as important, is the impact of researchers, engineers, and marketing personnel who influence your time to market capability. What is the cost to a company if a product slips by a week, a month, or more?

Can time to hire be halved? Yes, if you use tools that help you find candidates quickly. That is precisely what The Exchange enables you to do.

Expense Considerations

You can reduce your recruiting expense in two ways: by reducing your out-of-pocket expense; and by avoiding the hidden costs of recruiting. Productivity tools help you address the former, but avoiding the hidden costs – interviewing and hiring the wrong people – requires concerted effort.

CASE and The Exchange help you deal with all of these at once. In particular:

  1. They eliminate a significant amount of the time your recruiters spend in sourcing and all of their time spent screening.
  2. They obey total quality management principles, meaning you never interview unqualified candidates.
  3. They enable a degree of collaboration among the interview team that leads to more objective decision making.

Conclusion

InqHire’s services help improve the quality of the people you hire and the speed at which you hire them, at dramatically lower costs. This leads naturally to a culture in which sound hiring practices are the rule, not the exception. Together they can have a significant impact on your company’s performance for years to come.