Hiring the right people is critical for every business’s success. Unfortunately, 75% of business employers hired the wrong person, based on a CareerBuilder report. The effects of these bad hires are frustrating and expensive.
With a single bad hire, companies can lose an average of $14,900. This makes learning how to make better hiring decisions more critical. But with over 912,000 job vacancies in the Canadian labour market, hiring is more complex than ever.
How can your business hire better employees in a competitive job market? You can reach out to one of the most reliable recruitment agencies in Toronto. You can also follow the tips below.
Implement a Consistent Hiring Process
Consistency throughout the hiring process is essential. It can save time and make assessing candidates easier. With a consistent approach and criteria, hiring managers have the same reference points. This could also mean similar interview experience for candidates across the board. However, many organizations tend to overlook this factor.
It takes time to establish a consistent hiring process. But start with standardized assessments and scoring criteria for filling roles and levels. It may also help to split your procedure into three stages. This can include before the interview, the interview, and post-interview discussions.
Craft a Candidate-Focused Job Description
Differentiating your hiring practices and processes is crucial in a competitive job market. A job description is often an applicant’s first chance to learn about your company. You’ll need to be more intentional in crafting them.
How should you craft a job description that creates a good impression? While a company’s information is vital, it’s not the most valuable factor in the eyes of candidates. More than anything, they want to know what’s in it for them.
So when crafting a job description, make it more candidate-focused. Understand what type of talents you want to attract, then create something that appeals to them. Instead of focusing on what your company expects from the job seekers, highlight what you can do for them.
Offer Creative Employee Benefits
Great candidates look at compensation and benefits when applying for and choosing jobs. If you don’t, top talents may look elsewhere for better opportunities. Based on a Society for Human Resource Management (SHRM) report, 60 percent of employees regarded benefits as necessary to their satisfaction.
Offering creative employee benefits will make your company a unique place of employment. This can better increase the number of more qualified candidates in your business.
You may not be able to match the high-priced compensation of large corporations. However, you can attract job seekers with the most valuable perks to their well-being. Flexible work arrangements and a mentor program are great examples of employee benefits.
Leverage Employee Referrals
Leveraging internal referrals is another way to hire better candidates for your company. Your employees know your company’s needs and culture. They can refer suitable talents with higher job satisfaction and better cultural fit.
You can motivate employees to refer more and stay longer by offering them referral bonuses. This can help ensure the quality of your hires in the long run.
Use a Reliable Recruitment Agency
Qualified candidates are hard to find in a competitive labour market. This is particularly true if you’re looking for hard-to-fill positions. Standardized hiring procedures and practices would be beneficial. But using a reliable recruitment agency will save you time and money.
Recruitment agencies have extensive networks. They can access the best available candidates actively seeking a job. They are also knowledgeable about what motivates a talent in a specific role. This provides you with an external perspective on your hiring process as a whole.