Reduce Your Recruitment Costs with a HR Tech Solution
Technology solutions and the data insights they provide have transformed talent acquisition, learning and development and talent management practices within HR functions. There are always new approaches emerging to reduce the considerable costs that come with your hiring processes like branching out to a new job board, trying new ways to reach passive candidates, or implementing tactics for re-engaging lost candidates.
The ‘war for talent’ continues with organisations trying to identify high-quality candidates that meet both the functional and technical requirements of the position and demonstrate cultural fit. At the same time, research on diversity recruitment programs continue to focus on post-hire results, namely performance and turnover. But to grow diversity within your business, you need to look at the pre-hire process. Considering this, companies need to develop broad recruiting methods by leveraging technology to build efficiencies.
To help make time for the more nuanced hiring tasks necessary at the pre-hire stage, a number of new recruiting tools have emerged to help solve common hiring challenges, from eliminating bias in job descriptions to interviewing multiple candidates in a short period of time. These recruiting tools can independently help you identify and resolve inefficiencies in your recruiting process so you can focus on making the perfect hire. But these each come with their own costs—the ideal solution comes in the form of an all-inclusive solution.
Plugging the Money Drain With the Right HR Tech Solution
The cost of poor recruiting is high. A Gallup report found that 21% of Millennial workers say they’ve changed jobs within the past year, which is three times higher than non-Millennials. To solidify the problem, just over 50% of Millennials anticipate jumping ship within the next year. This propensity for job-hopping is projected to cost organisations a whopping $30.5 billion annually according to Gallup’s estimates. And, as talent teams won’t want to hear, according to the Harvard Business Review, up to 80% of employee turnover is due to bad hiring decisions.
With HR teams under a time crunch and dealing with pressures to identify cost-effective recruiting solutions, the ability to roll out diversity recruiting programs that deliver on diverse hiring goals are becoming increasingly difficult. However, by embracing the digital age and adopting HR technology, companies can dramatically lower their costs by leveraging the features of these solutions to connect with diverse talent. With many HR teams overwhelmed with the choice of new apps and tools available, the potential to change the face of hiring and nip those threatening costs in the bud is promising.
But with over 72,000 bits of HR tech discreetly categorised in between 70 -100 types, where do you start? LinkedIn, Indeed and Glassdoor have transformed the recruiting market, forcing HR departments to shift their attention to engagement, culture and employment brand. The answer lies in Talent Management (TM) technology. The TM function is focused on matching employees and candidates—most specifically Talent acquisition (TA) is your perfect match. Indeed, Talent Acquisition platforms are expected to take 2020 by storm.
Millennials and Gen Z prefer experiences over material things. A great candidate experience can cut costs and drive revenue. Take this case study from Virgin Media. In 2015, the company received approximately 150,000 job applications which resulted in 3,500 new hires. Virgin Media estimated that 18% of those applying were also customers and of the 27,000 of them, 7,416 of those customers left as a direct result of poor candidate experience. In total, this cost them $6 million in lost revenue in a single year.
An HR technology solution that delivers a stellar candidate experience is more important than ever. But what should this candidate engagement platform be able to do for your business?
For an in-depth breakdown of the issue of diversity talent acquisition, check out our comprehensive guide. You’ll get to the bottom of the challenges and benefits and get concrete actions to help you maximise impact on your diversity recruiting strategy.
1. Focus on Content Creation
A technology solution that places content at the heart of your recruitment efforts allows you to support a seamless, end-to-end recruitment and hiring process for your company. After all, companies that have invested in optimising the applicant experience report that the quality of their hires improved by more than 70%. The career site is typically where companies showcase their recruitment content — 60% of candidates surveyed report navigating to the careers site to determine whether a company is serious about diversity. By using a candidate engagement platform, like PathMotion, you can create content organically and infinitely — by enabling candidates to have a say in the content that you share.
Often, the corporate tone and static imagery featured on the career site fail to hit the mark with talent and the generalised nature of the information provided does little to allay the concerns and queries of the diverse candidates. Enter a discussion-based platform, which enables authentic story-based responses to be given to key candidate questions. This organic candidate-driven content circumvents one key cost—recruitment marketing content creation costs, which is estimated to start between $1,500 and $2,000 a month.
PathMotion offers this content — as text-based discussions, video and even live chat.
The content generated and disseminated on the PathMotion platform delivers conversion with 67% of NHS hires saying the platform affected their decision to accept the offer.
Plus the PathMotion platform can be deployed as a microsite, a Facebook integration or as an integration with the careers website—which BDO has set up via a single line of code:
An alternative form of content creation comes by way of Live chats. They’re a great way to build content quickly and target groups or topics like diversity, hard-to-fill roles, and offer holders. Here are some live chat examples from Citi:
In fact, 80% of Citi’s candidates who participated in a live chat said it improved their perception of the firm, and 95% of Citi live chat participants said the content was highly relevant.
Live chats lower HR workload eliminating the costs associated with traveling and organising events. This further maintains high-level engagement which drives conversion.
From a cost perspective, there is no additional cost of creating new content for recruitment channels using the platform. Collectively this reduces recruitment costs and improves diverse recruitment—all in efforts to maximise the efficacy of your diversity recruiting program.
In the words of, Emma Britton, the AVP Marketing Manager for Graduate Recruitment at Citi: “Live chats are basically the same engagement we get on campus, but a lot easier for me to get people involved in than getting them [to engage] on campus.”
2. Tap Into the Potential of Employee Advocacy — Delivered Through Storytelling
A way to prevent this is to involve your existing diverse workforce. A case in point; from our survey, 54% of candidates stated that real-life stories from employees sharing their experiences indicated that the company cares about diversity and inclusion. So, by using a candidate engagement platform, you can place your diverse workforce at the heart of the conversation. This ultimately improves diversity recruitment initiatives, which is more important than ever as companies continue to fall short of meeting their workplace diversity goals. Candidate engagement platforms are proven to bolster your representation. Diverse employees are the best means of showing your company’s commitment to diversity. Particularly as they offer the social proof that is becoming common practice, and as the talent pool is now largely comprised of Millennials and Gen Z. Moreover, employees evidence the authenticity of your EVP — which ultimately feeds into your overall employer brand, which in turn fees back into the success of your talent acquisition — creating an infinite feedback loop.
Now we’ve established how TA-focused HR tech is essential, let’s consider the essential features this tech needs to include in order to reduce your costs. TA tech should be designed with candidate experience in mind. Candidates should feel like they are progressing through a journey—through fun and enjoyable navigation. Platforms should implement gamification as well as nudges, recommendations, and pointers, that enable candidates to find the relevant employees that they can initiate discussions with. Ultimately, they deliver personalisation and bring employees and candidates together.
And employee advocacy is championed on our platform!
Take Coca-Cola’s platform—candidates are introduced to employee Insiders that are each represented by a profile. Here, diverse candidates can search for relevant Insiders to them, based on predefined criteria including business area, university, degree, keyword or even get matched to Insiders like them. Take this discussion as an example. A candidate asks a highly specific question regarding a career change of one of the candidates.
In this way, by providing targeted content and creating that emotional connection between candidates and Insiders, you can improve diversity recruitment.
Your diverse workforce also reduces the burden on your HR department — after all diversity is not just a resourcing team problem — ultimately reducing your recruitment costs.
The platform stores an ever-increasing repertoire of questions as more and more candidates engage. When candidates go to ask a new question, similar questions will appear to prevent duplicated efforts of insiders. In this way, the granular content, which is available 24/7, reduces the manpower needed for time-consuming tasks like candidate communication — which significantly reduces costs. Indeed, by avoiding the plethora of administrative tasks required to fill those empty positions could save $45,000 a year or more—which could improve your business case for your diversity recruitment program.
Insiders can present themselves and answer selected questions through video. It is highly popular among candidates and allows a more personalised touch plus candidates get a better feel for the personality of their potential co-workers. Take the profile of an Insider at Lazard — many of the queries addressed by their Insiders are done both via video and text-based discussions.
While granular content works directly to engage candidates—and drive conversion—a candidate experience tools should also focus on re-engaging candidates after they’ve been to the career site. In PathMotion, the granular content generated in the discussions is automatically shared to active diverse candidates via personalised emails to sustain their engagement and drive them to apply. Ultimately, this reduces the overall cost as candidates naturally feed through the candidate platform.
3. Leverage AI to Streamline Recruiting Processes
In the words of Deloitte, the chatbot is HR’s no-so-human resource, becoming increasingly deployed by HR professionals to ensure hiring is as seamless, streamlined and stress-free as possible.
Simple bots provide quick answers to common questions by searching for keywords or phrases and returning previous static responses and related resources. For example, the US Army has implemented a chatbot to save costs on recruiting.
On the PathMotion platform, the chatbot functions as an interactive tool, giving candidates quick access to content from your career site along with real employee’s stories, optimising the distribution of content produced on the platform and providing easy access to answers from your career site’s FAQs. It combines the best of AI and EI (Employee Intelligence) to deliver on diverse candidate expectations. This has the effect of lowering the workload for your employees and HR team.
You save time by providing important information that candidates want within easy reach. This has the added benefit of enriching your current career site collateral. Moreover, it can drive more conversions as you can instantly engage diverse candidates by serving them granular content and eliminating candidate frustration as candidates move through the recruitment funnel.
Another AI-driven feature that is becoming increasingly common in HR tech is active candidate scoring that ranks candidates’ level of engagement.
Based on a study we conducted, 53% of candidates who have been active on the PathMotion platform join our client or their direct competitor. This indicates that a candidate’s level of activity on the platform is correlated with conversion. Intuitively, diverse candidates that ask questions are likely to be interested in the offer, and so prioritising these candidates is your prerogative. The candidate scoring features in PathMotion can be used to help reduce some of the costs of screening candidates. It offers a great way to gauge the candidate’s interest and increase their likelihood of accepting an offer.
4. Integrate with Social Media for Easy Sharing
The ability to communicate with candidates in social media allows you to provide insight into your day-to-day operations as well as providing the social proof that younger generations require. The most attractive element of social media is that its use can be completely free—and there is no need to re-create fresh content for posting on here. Ideally, the content generated on your chosen candidate engagement platform can be shared on your company’s social media channels with limited effort. Social media content ranks as third in the list of sources candidates consult, with 32% of 1000 candidates we surveyed consult social media posts, following your career site. The streamlined process of pulling and sharing highly granular content is both cost-effective and time-saving as it circumvents the need to review or re-create fresh content.
With one click, social sharing is enabled. By automatically searching discussions by popularity, usefulness to candidates or by keywords, you can select the most compelling discussions for sharing in one click on Facebook, LinkedIn and Twitter. Using PathMotion, British Army shares its content on Facebook with a direct integration:
A candidate engagement platform can help you forge new ways of engaging with diverse candidates in a systematic way that supports your recruitment funnel—without feeling too process heavy. What’s more, technology can also quantify the human decision-making process related to employee-organization fit, through AI and data tools.
The PathMotion platform supports candidate engagement by enabling diverse candidates to pose their questions to employees, to read historical discussions via a 247/7 Q&A platform and to participate in live chats. There is often a gap in what employers are doing and what candidates find valuable, but a candidate engagement platform like PathMotion allows employers to align their content to the expectations and needs of diverse candidates. In doing so, companies can improve diverse recruitment as strategic engagement is delivered by way of human candidate-to-employee connections that address the highly specific concerns of diverse talent.