Recruitment goes beyond filling positions. It’s the engine driving business success and shaping companies’ futures by securing their most crucial asset: people.
Understanding its strategic influence on business success, may shift the conversation from cost control to creating a competitive advantage.
What do best in class recruitment solutions give you:
Access to Top Talent
Seems obvious that a talent acquisition strategy is focused on accessing top talent, but what is top talent? Top talent refers to individuals who excel in their roles, possess high levels of skill and expertise, and consistently deliver outstanding results.
A lot of talent strategies mainly focus on active candidates, which are those candidates proactively looking for a role.
LinkedIn found that 70% of workers worldwide are passively open to new opportunities, so won’t be on job boards, won’t be applying to job adverts or searching career pages, but if the right opportunity presents itself, will consider it.
Using innovative engagement and personalised approaches, the best strategies help you widen your search and access this larger talent market.
Enhanced Productivity
Recruitment isn’t just about filling vacancies; it’s about finding the right people who can fit into the business and thrive in the environment.
A well-recruited employee can boost productivity from day one and long-term exponentially. SHRM reports that companies with strong recruiting practices enhance productivity by 25%.
Everyone wants employees to be able to have an immediate impact, but do businesses monitor and feedback to the recruitment team the results of hires in the short, medium and long term,
In Premiership football, you can see the stark difference in excellent recruitment strategies that make both an immediate and long-term impact, with those that have faltered.
Cultural Fit
Candidates must suit your company’s culture, not simply the skill set required.
Think of your organisation as a jigsaw puzzle with employees as pieces. The right piece not only fits perfectly but also completes the picture.
Hiring someone who shares your company’s beliefs and culture guarantees harmony. According to Harvard Business Review, 89% of hiring failures are due to poor cultural fit.
Reduced Turnover Rates
Any company fears high turnover.
It’s a leaky bucket, that drips out – productivity, money and morale. Recruitment won’t alone seal the bucket but does play a large part in it.
Carefully choosing talented, long-term personnel can drastically minimise turnover. Based on the WIRR, better recruiting processes may avoid 75% of employee turnover.
For instance, a healthcare organisation with high turnover decided to refine its recruitment process. They had always sought applicants with the right talents but flipped it to ensure each hire had a real passion for healthcare. This approach cut turnover, saving the company time and money.
Competitive Advantage
In today’s competitive business landscape, having the right team can set you apart.
Think of it as having a secret weapon. Effective recruitment ensures you have the talent to beat rivals. The Boston Consulting Group found that organisations with good recruiting practices boost sales 3.5 times and profit twice as much as their peers.
Innovation and Growth
Innovation is the lifeblood of business growth, starting with hiring the right people.
The more diverse and talented workforce fosters creativity and innovation. McKinsey & Company showed that companies in the top diversity quartile earn 35% higher financial returns than their sector median.
Recruitment strategies need a clear plan to help attract skilled candidates from the broadest and most diverse. Going a step further leading companies help create a diverse workforce not only through recruitment, but providing development opportunities, engage and inspiration in the communities they work.
Customer Satisfaction
Happy employees lead to happy customers.
It’s a simple equation. When you recruit the right people, they bring their skills and passion for delivering excellent service. According to the Temkin Group, customer experience-focused companies has 1.5 times more engaged staff.
Good recruiters pick up on body language and facial expressions, as well as the responses being given.
Compliance and Risk Management
Recruitment also plays a vital role in compliance and risk management. Hiring someone without proper vetting can be like inviting a wolf into the sheep’s pen.
Background and reference checks reduce risks and assure legal and industry compliance. According to the CIPD, 85% of HR professionals believe recruitment is crucial to risk management and compliance.
Key Takeaways in Securing Your Future
Overall, the strategic importance of recruitment in driving business success cannot be overemphasised. Recruitment affects every aspect of a business, from hiring top talent to risk management.
As business leaders, HR managers, and hiring professionals, it’s best to understand these and look to implement strategic recruitment practices that can build long-term success.
Want more insights like these? Stay ahead in the game with Vivo Talent. Subscribe to our newsletter for the latest trends, tips, and best practices in strategic recruitment delivered straight to your inbox.
www.vivotalent.com/contact-us | [email protected]
(Published via vivotalent.com)