How can you measure the efficiency of recruiters? Well, it is the time to fill or time to hire that demonstrates how efficient the recruiter is. The long time opening of the job posting indicates the in productivity of the recruiting team. It indicates that the services are disrupted and the current employees are taking the burden of that extra job.
That is why; the accurate measurement of time to fill becomes necessary. The fellow managers should be able to provide realistic time frames in order to fill the vacant positions.
Moreover, the metric time to fill provides an insight into their own strategies, resource allocation and planning of budget. Longer time taken to fill the positions will result in higher cost per hiring.
How to calculate time to fill?
It is a simple calculation that helps in measuring the definite time period. It represents the time taken by the company to fill a position. However, the starting point or the reference point can be any of these three.
When the hiring manager submits the job opening for approval.
The job is approved by the HR or Finance.
The job posting is advertised by the recruiter.
The end of the time is marked by the moment when the candidate accepts the job offer. The starting point can be any as per your company policy but the ultimately target remains to fill the positions and teams consistently.
How to calculate average time to fill?
The average time to fill can be calculated with a simple formula. Adding all the time taken to fill the different positions and dividing it by the number of roles gives you the average time to fill. For example, if you hired for total four roles and it took 10, 20, 30 and 40 days respectively, then the average time to fill is
10 + 20 + 30 + 40 / 4 = 25
The positions that remain open for most of the times cannot be included in the calculation of time to fill or average time to fill. The opened positions will greatly inflate the average time to fill affecting the efficiency of your hiring process.
What is the ideal time to fill?
According to the Society of Human Resource and Management (SHRM), the average benchmark for time to fill is 42 days. It accounts to be 59 in the Engineering industry.
Different companies can have different time to fill irrespective of the efficiency of their recruitment process. You need to calculate it internally for the sake of your company.
How to reduce the time to fill?
These efficient recruitment strategies can effectively reduce your time to fill.
Take a look at the ideas:
Build a candidate database: It does not make sense to start looking for candidates from scratch every time you find an opening. Refer your ATS that may have a list of candidates who have made it to the final stages of hiring. Also, you may have data of the candidates who by chance, applied after the position was filled. This candidate database can be really helpful at the times of need.
Source actively: Passive candidates can help you build a great pipeline. Try to lay a strong foundation and build relationship with them. It will help you at the time of the job opening and you would be able to contact them directly.
Scrutinize your time to fill: Time to fill does not compromise of a single term; instead it is build from different layers. Time to interview, time to send application, phone screening and a few other processes. Analyze how long each stage takes and how can you improve it by decreasing the time taken.
Create an effective referral program: Keep sending the reminders of your job openings to your colleagues and offer your current employees with referral incentives. An email with the job descriptions and employee recommendations can be a great way to remind. The process will help to reduce your efforts on job advertising and resume the process of screening.
Use on-demand recruiting: At Vested, we understand how difficult it is to find the right candidates. This is why we started our company – to take away the stress from candidate sourcing so your HR team can focus on talent retention and other HR internal functions.
Hiring process is no more the usual old process of posting a job and inviting applications. In this modern era, it has evolved.
It has become much like a talent pipeline where sourcing the right candidate has become easy and effective. It ensures a regular flow so that you don’t have to wait while expanding the work.
What is Talent pipeline?
Setting up a talent pipeline is an effective approach in managing the recruitment process. Although, creating an effective talent pipeline strategy needs lots of efforts, time and careful planning yet, once done it shortens the process of hiring. It enhances your chances of getting the best people. It is much like your own talent pool and you can pick the right talent that matches your requirement.
It is a well-stocked database that can fulfill all your hiring needs of the future. And, that is why; it becomes so important to manage these pipelines.
We have enlisted a few management tips that will help you to manage your talent pipeline.
Develop your internal talent pool
Internal hiring has always been a point of argument. These are the people suitable for your company culture and know you well. Their performance evolution can help you to conduct effective planning for succession. Identify who in your staff possess the critical skill and support you in difficult times of emergency hiring.
There may be a few conditions related to it. Some of your best talent may need training sessions in order to hold critical positions. These are the right people to invest in. They can be your potential successors who can be placed at any position at the time of requirement. They can even provide coaching in the future.
Sourcing an external talent pool
It can be a challenging task to recruit the external talent. It needs lots of sourcing and networking to create and manage an external talent pipeline. It needs a strategic approach to build and manage this kind of pipeline.
These few tips will help you.
Modern sourcing tools will help you find resumes and profiles
Sourcing does not need to be reactive all the time. The modern talent pipelines and sourcing techniques bring you closer to the pool of talented professionals. Keep the contacts in radar even if they are not looking for the job. The modern hiring templates along with the tools make it easier to maintain a relationship with your future talent. Boolean search tool on Google help you find talent effectively.
Keep an eye on rejected candidates
There is much talent who gets rejected at the final step of the hiring process. You can keep them as an option for your future requirements. You know that they are talented enough to pass the initial stages of the hiring such as cognition and screening. Although rejected for a certain position, they can fit in some other position. Show them respect and make sure they leave your space with the positive impression of your company.
Attend events to persuade passive candidates
There are certain events such as meetups, job fairs, university career fairs and conferences that act as a platform to meet passive candidates. It only helps you refine your recruiting pitch and your talent pipeline will keep loaded. Never bound your work with filling current opportunities only but meet the passive employees with equal enthusiasm and future opportunities. Connect with them and try to keep in touch.
Source candidates from their social media profiles
The world of social media networking has made the process of finding the talent easier. From LinkedIn to Twitter to Glassdoor and Facebook, you can keep searching and adding candidates to your talent pool.
Develop your referral programs
Referrals are probably the greatest way to source the best candidates that are talented and adjust well with your company culture. In this case, your employees will be looking for candidates when you will be busy with other tasks. It speeds up your work and your talent pool never loses its grip. Encourage your current employees to refer other talented persons they trust.
Apart all this, employer branding is first step in setting up your talent pipeline. Attractive employers are the pre-requisites when it comes to maintaining your talent pipeline. Make sure to set up your employer brand and be a desirable place people would love to work into.
Though the platform started as the employee share feedback to employers, it has transformed into the fastest growing career community online. Employees use it as a trustworthy platform that provides honest information about a certain company and employees.
The smart platform for both employees and employers, Glassdoor has a network of about 24m members and 300, 000 companies in 190 countries. The smart place has emerged as an opportunity for employers to set up their brand. It is a space to gather competitive intelligence and source candidates.
As a recruiter you should know about the best platform to find quality candidates. The well-prepared and qualified candidates make the process of hiring easier as they stick around and tend to thrive.
The candidates at Glassdoor are known as informed ones. They put in their time and efforts into research before entering into the process of recruiting and their chances of being hired are 2x more than the candidates from other sources.
Posting a job at Glassdoor is not enough to initiate the process of hiring. Job seekers look for adequate information about why they are ideal for the position.
We have enlisted 5 ways that will help you to source the right candidate from this platform.
Respond to reviews: The most powerful way to attract the uninformed candidates towards your recruitment is responding to their reviews. A total of 61% of employees admit that their perception towards a company changes after reading the employer’s response towards the company and their policies. Companies that respond to the reviews of their current or x-employees are known to be responsible and caring towards them. It creates a positive image of your company and your chances of getting response increases.
Advertise your job: On Glassdoor, your first attempt decides your way. You should put on ads to precisely target the candidates you need. Your ads will help you to specify the location, industry and role. Glassdoor also enables you to monitor the performance of your ads so that you can make data-driven adjustments. These ads attract candidates the same way a magnet attracts metal. It increases the chances of applications you get and in turn you a get a pool of employees and you can select the right candidate from.
Build a diverse and inclusive work force: Two-third of the job seeking employees admit that they evaluate companies on the basis of diverse workforce. They consider it as an important factor while going through the job offers. Glassdoor allows you to demonstrate the inclusive culture of your company that you foster.
Learn from our best places to work winners: Recruiting the informed candidates is an art. Winning companies use Glassdoor efficiently to attract top talent. These are the real-world examples you can learn from. You can take advice from them or can simply trace their path.
Screen for role fit: You should have a strategy in order to screen the applications. You need to know what exactly you should look for in these applications. The knowledge will help you to quickly surface the most informed candidates in time.
Optimize job titles and descriptions: Job titles are the most appealing part of posting a job. Eye-catchy job titles catch the attention of job seekers immediately. You can take help from Glassdoor account to calculate which the most searched job description is.
Let candidates learn about you: Glassdoor is a platform that gives opportunities to the informed candidates to know more about your company. That means you need smarter work but not harder. Target your audience in such a way that you can provide a personal view of your enhanced profile for up to 4 audiences depending on their industry.
Industry benchmarking: You need to set goals and decide your benchmarks to measure and track your success. You must analyze which channel brings you the maximum candidates so that you can lower your cost per hire.
We always talk about quality of hire. The metrics is so important that we compare it to the most of recruitment. In the similar way, the time-to-hire can be considered as the father of the recruitment.
There are numerous of metrics when it comes to recruitments but nothing can be compared to the time-to-hire. Research says that more than 50% companies use this metric in to benchmark their candidate sourcing efforts.
The measurements that help us to measure the success of hiring track and optimize the process of hiring candidates of a company is known as recruitment metrics.
The process helps to evaluate whether the company is hiring the right candidates or not.
There is a certain time frame between the moment when the candidate applies for the job and to the moment when he accepts the offer. This time frame is called time-to-hire.
A few people treat it same as the time to fill, however there is a difference. Time to fill refers to the time between the job opening and offer acceptance whereas time-to-fill is measured from the moment when the candidate enters the pipeline.
Time-to-hire is considered important because it refers to the speed of the hiring. It tells you how quickly the HR of the company can identify the right candidate for the structure. It is an indication of capability of your hiring team as well.
Why time-to-hire should be measured?
Measuring the time-to-hire is an effort to achieve the perfection. No process is ever perfect and really finished. Measuring this time frame is important because it helps to identify your room for improvement.
You can identify your shortcomings and weak spots in the process of hiring and implement improvements to make it better.
We have answered few common questions because our answers will help you to hold the process of recruiting more efficiently.
How long do you take to select the right candidate?
This is the most common aspect of hiring but, we often underestimate it. You need a fast recruiting team because a slow one will make you lose fast-moving (quality) candidates.
You will be surprised to know that a whopping 57% of employees lose interest in job if the process takes too much time. That is why; one has to calculate the certain time frame. You should know how long it takes to hire someone for a particular role.
Once you have found the right person, how long does it take you to move him in the process?
Recruitment includes different stages: CV screening, phone interview, assessment, in-person interview etc. Breaking down your time-to-hire according to these different stages will help you to calculate how long a candidate takes to move from one stage to another.
Will your time-to-hire change if you are hiring another candidate for the same role?
Tracking the time for a particular role of hiring will help you have an estimate how long will it take to recruit another candidate for the same role. Next time, your organization will have an idea about the particular time you will need to fill the seat.
Do you know how many resources you need to hire for a certain role?
This question is like an extension to the previous one. If you know how long the recruitment process will take when two persons are working on it, you will certainly know the effect of introducing one extra recruiter to the process.
How to measure time-to-hire?
We have illustrated a simple formula to calculate this time.
Time to hire = Day candidate accepted offer – Day candidate applied for the
position (entered the pipeline).
An example will help you to understand the formula in a better way.
Imagine your hiring team noticed a new job opening on Monday. You will count it as the day 1. Recruiters start their work, throw their magic and a candidate applies for the job on the day 13. After all the negotiation, he accepted the job offer on the day 28.
Time-to-frame here is, T = 28-13 = 15.
The formula will help you to calculate the time-to-frame for each frame and thus you can calculate average time as well.
Missing sales can be a painful thing especially if the reason was a poorly written email and poor communication mode.
The three must-have elements in a great email to attract clients are friendly tone, respect, and relevance. It’s how we land great clients like our success story with Moka.
This article will share vital tips and information on how to use email to attract clients and get positive response from clients.
Emails are a great tool for communication used by individuals and businesses alike.
Many business owners often find it hard to translate prospective clients into customers.
If you experience so much difficulty in this area of your business, then you may need to focus on your use of emails as well as other modes of communication.
At the end of this article, you will have learnt new ways to use email to attract clients.
The points enumerated below, are intended to teach you how to use email to attract clients and to make them patronize you.
Use of Salutations
As said earlier, one of the essential elements a good email written to attract clients should have is a tone of respect.
The use of greetings such as “Hello,” “Hi,” or any other variation like “Good morning/evening/day” should be used as a form of respect and friendliness. The name of the email’s recipient should be used as well and not the generic “Ma and Sir.”
Use of subject lines and appropriate email content.
A great email should avoid the use of subject lines that are not relevant to the content of the message. Emails should be relevant and transparent and the use of exaggeration should be avoided in the content too.
A subject line that sounds too good will ultimately end up in the trash.
Showcase your phone number(s)
No one writes an email without expecting to hear from the recipient. If you want your client to call you back, you must make sure to have your phone number or contact options easily accessible.
It should be placed in a position where it would be easily seen and the word “please call me” or “please contact me” should be included.
Be clear about your intentions
The use of open-ended questions should be avoided words like, “what do you think?”
Also, do not form a habit of making your customers feel like you are making them do extra work. Words like, “As soon as I get your response, I will ….,” etc.
Take control of action steps
When trying to know how to use email to attract clients, it is important to note that it is an aberration to ask clients to get back to you.
Asking clients what date is best for them will make you lose control.
When taking control of action steps in the email, never make it too obvious that you are taking control.
Instead, it will be wise to use words such as “I’ll give you a call on Wednesday to discuss.”
Minimal use of punctuation
Another thing to note as you learn how to use email to attract clients is to make it appear professional.
This can be achieved by making it simple. Economical use of exclamation marks is advised.
Never make a mistake of using multiple question marks. Excessive use of ellipsis points will make your email look like an email written to solicit for help.
Email should only be flagged as high priority if the client requested you to do that. Therefore, it is advisable you don’t use it at all.
The basic ingredient you need in your quest to know how to use email to attract client is the time to write a friendly, respectful, and relevant email which, will enable you get the best response from your client and prospect.
It’s how you build a successful and thriving business.
They can help you to shortlist candidates for your job openings.
Why you should hire a recruiting agency?
One can yield many benefits by hiring a recruiting agency specially when:
You have short term hiring needs: Recruiting companies are quiet quicker when it comes to hiring employees. They have a widespread network of candidates. Staffing firms usually have good relationship with these candidates. They hire these candidates on role and assign them to clients who are looking for short-term employees.
You want to enhance your pipeline with qualified employees: Recruiting agencies fills your pipeline with good leads. It allows managers to make decisions easily.
You want an employee for a specialized role: Internal recruiters usually have less experience when it comes to hiring for a specialized or executive role. This kind of recruitment needs special skills and learning. Recruiting agencies have this kind of knowledge along with special sourcing methods. Their niche job boards also play an important role. To get your account prioritized you could pay them an upfront fee.
Basically, when you are hiring at initial phase, recruiting agencies take over the process and work on it efficiently.
The initial steps of hiring include resume screening; phone screening and first interviews are taken care of by the hiring company.
Recruiting agencies are more like a substitute to internal recruiters of the company. Usually, small companies do not have any recruiting departments, and they outsource their hiring process through recruitment companies.
This way they save a part of money and spend that money on channelizing other departments. On the other hand, there are companies which do not hold regular recruitments. Such companies hire recruitment agencies and downsize their size of team to reduce employment cost.
Although, this approach seems extremely practical and reliable yet it has lots of drawbacks.
What happens when recruitment agencies replace the internal recruiters of the company?
Recruiting agencies can be a great support for any company, but they cannot hold the fort all alone. They will face a few limitations.
Take a look:
They are not acquainted with the internal culture of the company.
It’s not necessary for the managers of recruiting agency to be available at the right moment.
Parameters for open roles keep changing and recruiting agencies are usually slow to adapt to it.
They do not have exact idea of what exact skills clients are looking for.
It is due to all these reasons, recruiting agencies alone fail to perform effectively on the part of the company.
Maintain the balance
To combine the positive and negative effects of the agencies, it is most important to strike off a balance between an agency and a recruiting firm. Combining an agency with efficient internal talent hunting team can do wonders. Both of them complement each other perfectly.
In house teams have several benefits:
A good knowledge of company culture: In house recruiting team has a good knowledge of internal culture and first-hand experience of the work place. It helps them to sell better candidates. They recommend hires that fit best to the company. Also, they know which hire can fill the skill gap most effectively.
Relationship with hiring managers: In-house recruiters maintain a healthy relationship with hiring managers and keep explaining them about the criteria and stages of hiring.
They learn from their mistakes: A bad hire or a good hire, they keep learning from their experiences and thus acquire expertise. They exactly know what their company needs.
It is quite simple to understand. A start up of five people definitely does not need any internal recruiter immediately but as it grows, enter new market, launches new products and face a different kind of competition, it would become a necessity for them to invest in human resources.
Initially, recruiting agencies can shoulder your hiring burden but soon the company would have to augment with the internal recruiters.
The companies who invest in a better talent acquisition team/platform in times is always better equipped to face future challenges.
Our innovative approach to recruiting enables our clients to hire high-quality, passive candidates at a fraction of the cost of an agency or internal staff. We specialize in identifying, engaging, and sourcing passive talent. This helps companies reduce time to fill, improve candidate quality and save time by augmenting the tedious task of sourcing. Vested also helps our clients stand out among their peers through unique branding and candidate messaging.
A lot has changed in the world of recruiting over the last ten years.
However, one fundamental fact remains unchanged: there is no shortage of third party recruiters eager to take a fee for placing a candidate at your company. It seems there are a zillion recruiters and it’s become impossible to determine which to engage and which to ignore. We created this list to help you figure it out. Let’s get started!
1) Relationships: Recruiters Oversell the Value of Their Relationships
How many times have you heard this from recruiters?
“We have deep relationships with the most-sought after candidates and insights into their career goals…”
Sounds impressive. But what they won’t tell you is relationships aren’t enough to get a candidate to accept your job — especially when factors like location, salary, and company mission matter more than who the message is coming from. Research shows 8 of 10 candidate searches start from scratch anyway due to specific requirements of the role.
Instead of focusing on a recruiting firm’s “relationships,” ask about their process. Good recruiters have the right tools and a systematic process in place to help them recruit candidates. If you don’t receive a detailed process, then we’d suggest finding someone else to work with.
2) Bait and Switch: Never Trust a Recruiter That Sends Anonymous Resumes
Has a recruiter tried to set a meeting with you by sending a perfect resume, then after you agree to meet that candidate has suddenly “taken another job?” WTF?
There’s a reason recruiters are lumped in with used-car salesmen. It’s happened to us in the past —and left a terrible impression. Completely unacceptable behavior — if this happens to you, we’d recommend blacklisting the recruiter.
3) In-Person Vetting: Recruiters Are Just Meeting KPIs
“We meet all candidates” is another common selling point for recruiting firms. But here’s the real story — hard-to-find, in-demand candidates have several opportunities. They don’t have the time or patience to go to a recruiting office and get screened before they hear about open roles.
This is truly a holdover performance metric from the pre-LinkedIn days that most large firms still stick to (just call Randstad to hear the pitch). These days, in-person vetting is far less important than a recruiters’ ability to sell your talent brand and attract candidates with the right skills.
4) Fees: 25% is Absolutely Archaic!
Ever wonder why recruiters charge 25-35% fees for finding candidates?
There’s no reason to pay those kinds of fees— especially if you need help with one specific area of your candidate funnel. For example, there are times when you need extra help sourcing and times when you need the entire funnel taken over by an expert. Why then are you locked into 25% fees?
What if there was a better solution? Fortunately, with Vested, there is.
5) Representing Your Company: Agencies Are Notoriously Bad at Candidate Experience
It’s no secret recruiters are working more roles than yours. Let’s say, for example, a recruiter is working 10 roles for 10 different companies (a small number vs. what they actually work). The recruiter will need to continuously have at least 200 candidates sourced, engaged, updated and happy. This is nearly impossible given how quickly roles open and close which naturally leads to a terrible candidate experience.
Guess what? If the candidate knows the name of your company, that bad experience is inherently linked to YOU.
Why does this matter? Because candidates talk with each other and a bad experience makes it harder for you to engage similar top talent in the future.
With 2018 upon us, it’s a good time to review 3 trends shaping the future of hiring solutions. It’s a constant battle to attract and retain finance and accounting talent. After surveying our base of clients, we found these common themes in their HR strategy that you should consider in the upcoming year.
Shared Economy Model for Temp Staffing
Or shall we say the Uberisation of temporary workers. This is a trend that we’re going to see over the next few years, in particular temp staffing for finance and accounting roles.
We’ve seen this disintermediation in other industries, like Uber has dramatically changed the transportion industry. We’re seeing this already in recruitment with tools like Task Rabbit and Thumbtack, where you can literally use an app to just find somebody available to do handyman work.
With a simple swipe on your smartphone, you pay by credit card to hire a professional to complete your job. The final step is a feedback mechanism where both the pro and you rate each other.
App based automation has completely transformed a number of different sectors and industries:
This trend will penetrate further, and we are going to see it more in temp volume staffing. At a recent HR Tech conference, a speaker described recruiting and building a team as parts of a computer. You can go to a computer store and buy parts and pieces which provides you the flexibility to add various parts to your setup. Temp staffing works the same way. As long as somebody has the right skill set, companies are becoming more accepting of part-time and temporary assignments.
Going back to the example of Uber – the driver doesn’t matter. The car type doesn’t matter. As long as the app helps you get from Point A to Point B, then it’s as good as taking the subway or a yellow taxi (if you’re in New York).
This shared economy is the way of the future in all segments of recruiting and temp volume staffing. Perhaps you need a receptionist to come for a day and you have simple requirements. They arrive and leave at the specified hours and can manage a simple scheduling tool.
The current workflow is that another admin or office manager will call a staffing agency which provides a list of resumes. Then you must take the word of the placement agency (who is paid on a commission) that their temp worker will be the best of the lot.
In the Uber model of temp staffing, you’ll still need a phone – your smartphone. You open the app and then filter through thousands via a matching algorithm filtered on a few different criteria. You get real profile pictures. You get real resumes. You can probably even call these candidates.
Based on several reviews (not just the “expert” opinion of one placement agency), you hire the best person. And one more thing:
Just like Uber, the company also vets the professionals for criminal history and only lists real professionals who can do the job successfully. Hence, you won’t even need to do background checks. And just like Uber, this will be on-demand so your temp receptionist can be at your office the next day.
Because of this trend to Uberizing temp staffing, we’ve developed the app that can help companies with on-demand talent. We’ve seen a larger portion of our placements as temp staffing because companies have found that temp staffing (especially at start-ups) are cost-effective solutions to their finance and accounting needs.
For a full comparison of the pros and cons of full-time versus temp staffing, check out our article.
The industry hasn’t fully shifted into app hiring for full-time employees. Perhaps one day but we’re not there yet. The reason is cost. When was the last time you purchased something via an app that cost you more than a few thousand dollars?
When was the last time you bought a car online? Most people would say never because buyers like to test drive the car, kick the tires, talk to the “experts” at the car dealership and shop around.
It’s the same thing with recruiting full-time employees. Full time workers are a big investment – not just in terms of money but also time. You’ll be sitting next to this person 40 to 80 hours a week. You’ll be going to “war” with this person in various conference calls and client meetings. You want to make sure the fit is right.
Scanning profiles from an app doesn’t provide enough insight on some of these qualities. Technology is great at presenting quantitative data. It still has a long way to go in terms of assessing the human qualities that recruiters look for when evaluating a new hire.
Online Reputation Management
Reputation is really important, and organizations pay top dollar for agencies to manage their online presence. It’s also important in the tourist and travel industry. For example, Trip Advisor was one of the first to do this on mainstream. On Trip Advisor, a user can read thousands of reviews on a particular hotel property or experience.
Yelp is another example, where the success or failure of a local restaurant could depend on user generated reviews of the establishment. Yelp has replaced the need to pick up the New York Times Sunday edition and check out the hottest restaurants. Now, all one needs is to head on over to Yelp and find the best restaurants for any genre or type.
In 2018 and beyond, we see this ratings system extending into the recruiting industry. What if you search for accountants in New York, look up their resumes, and rank them by ratings?
Today, the filtering system is the agency. An agency collates resumes, and they send the resumes to the client. At Vested and other similar apps, we’re seeing clients eager to cut the middleman out. The middleman mind you who’s incentivized to fill the placement, regardless of fit, to get paid. They want direct access to the candidate. They want to see their resumes and a way to score them according to their opening.
With this trend in mind, job seekers would do well to maintain a professional online portfolio. Update LinkedIn and fill out their Vested profiles completely. These steps will help you stand out among the crowd.
Online reputation extends to companies as well. This is why Glassdoor or similar sites are so popular. Candidates want to read reviews and see star ratings on companies.
Candidates don’t want to be stuck in a job with a company with a bad reputation. Hence, companies nowadays spend thousands of dollars for agencies to manage their online reputation. A Glassdoor rating or Vested profile can have a direct impact on your ability to recruit and retain top finance and accounting talent.
Active Management of Candidates (Outreach Model)
Finally, the last big trend is the concept of active management. Currently, most HR strategies are passive in nature. HR departments will only start seeking candidates, when a spot opens up in one of the divisions. When an opening arises, HR departments initiate their flow: call the agency, farm for resumes, screen for resumes and hope one of these resumes come from the ideal candidate.
This reactive approach to recruiting is not the optimal way to manage personnel. In this approach, you’re always at the mercy of active job seekers which may not suit the requirements at that moment in time. Often, these are not the best candidates in the industry.
In the active management model, HR professionals don’t wait for an opening to reach out for candidates. HR professionals are constantly reaching out. They search in LinkedIn for the best profiles. They read blogs or watch videos from authoritative sources. They engage and connect with them and maintain a strong rapport.
In sales and marketing, this is called “pre-selling.” When a salesperson pre-sells a product, they are informing customers about the product or service, and through informative content, the salesperson hopes to create future demand. Marketers often point out that it takes seven contacts before a salesperson can make a sale. Hence, there is a lot of pre-selling before a consumer actually purchases a product.
This concept of pre-selling interest in potential employees can work really well in the recruiting. When we surveyed our most active users (companies who are hiring), we found interesting results. They use Vested (along with LinkedIn) to nurture interest from candidates who have attractive profiles.
They spend half the time setting interviews and funneling candidates to the recruiting flow, and they spend the other half reaching out and “pre-selling” the organization to ideal candidates.
Our clients who use the active management model have higher conversion rates when they bring in candidates they’ve already pre-vetted via prior outreach campaigns. They’ve identified top candidates and pre-sold them on the benefits of working at their organizations.
Vested as a Next-Gen Hiring Solution
After reviewing the results from our clients, we at Vested feel even more confident that our platform is the next-gen recruiting tool to connect job seekers to companies who need them. It’s a platform where both sides can interact with each other and “pre-sell” the benefits of a working relationship.
It’s a cost-effective platform, where hiring managers have direct access to candidates. It’s a platform pushing the boundaries and laying the groundwork for the future of the recruiting industry.
One of the most important decisions and investments you will make as a business owner is the hiring of new staff. Many factors contribute to who you add to your finance team and what value they bring to your company.
We cannot cover all of these varied points in a single blog post, but instead will examine the question of whether you should hire a temp or full time employee?
To help you answer this question, you need to look at the pros and cons of each type of employee.
As you look at the different options, you also need to be aware of the impact on your bottom line. What type of worker you hire makes a difference.
Here are some things to consider for each category of worker:
The advantage of hiring full-time employees
Full-time employees often feel pride in their position in your business. They get satisfaction out of being part of a team and working somewhere they feel comfortable and have job security.
The hourly wage for an employee is much less than that of the temp workers, assuming both workers work a standard 50-60 hour work week.
You realize that you generally have workers that you trust and can always depend on when you need them. You can assign errands for all time which gives you an opportunity to carry out the jobs that are most important to you.
You do not have to continually train new staff on how you like things done continually.
Disadvantages to hiring full-time employees
Full-time employees will always expect benefits like holiday pay and maternity leave.
They must always be paid a salary, regardless of whether your business is having a low period.
You are in charge of your workers’ training and professional licensing requirements.
Temp jobs often arise if businesses need to cover for the long-term absence of employees, due to issues such as sickness or maternity leave. Short-term projects or busy periods, such as the end of the financial year, may create temp job opportunities as well.
Using a temp agency allows a company to respond quickly to peaks in demand, without having to go through a lengthy and time-consuming recruitment process.
Pros of hiring temp worker
Lower labor costs. Hiring a full-time employee involves placing advertisements, carrying out background checks, training, and overtime costs. Hiring a temp worker eliminates the majority of these costs.
Hiring even a single employee involves a lot of time and energy. But while hiring a temporary employee, the duty is usually shifted to a team of career professionals and recruiters.
Full-time employees have to be provided benefits and perks. This entails an extra cost to the employer. Temporary workers, in most cases, are supplied by workforce agencies hence reduce benefits claims.
Avoid unemployment claims. This can be avoided by recruiting temporary workers, whose claims are limited only for the duration of employment.
If you hire a temp worker who is is not a good match, you don’t hire the worker again. You are not making a long-term commitment.
You can hire a worker for a particular task at hand by contracting someone with specialized knowledge.
Temporary workers are usually used on a “try before you buy” basis, which may offer the following benefits:
You get high flexibility when you are unsure about filling your position with a full-time employee – a reality that is particularly useful in uncertain economic situations.
You get the opportunity to assess a person from a specialized viewpoint for a prolong period. You likewise get the chance to evaluate social fit and character attributes, and how well the prospective employee’s values fit into your organization.
Disadvantages of hiring temp workers
You may lack the same amount of control as you would with the full-time employee. They will regularly run their business their way.
They usually do not have the same sense of company loyalty as a full-time employee and most of the time do not feel as they are a part of the business staff.
Wages for temporary workers are usually 15-20% more than that of regular employees. This is because the staffing agency includes its fees into the worker’s salary.
Permanent employees usually see temporary workers as nothing more than temps and are threatened by their presence. Temp workers are unlikely to attract much respect from the rest of the team.
So which option is best for you?In general, if you need a stop gap solution, you’re best option is to get a temporary person. It’s not a long term commitment and buys you time to look for a permanent solution.
However, a common mistake for most startups is making a temporary person a “full-time” solution, especially in the case of building their finance and accounting teams. Startups focus mainly on building out their product and engineering teams and neglect the importance of a strong core of finance and accounting professionals.
They then become shocked when they find it difficult to create financial dashboards and presentations that will impress the VC crowd.
If you are serious business and want to raise money in the future, the best option is to find a finance professional or a full-time accountant. Ideally, you would have both. They grow your business and understand how to create the right dashboards and presentations that will impress. Most hired guns will come in, do what’s needed and get out. That’s not an ideal way to lay the groundwork for your financial and accounting processes.
If you’re business has gotten some traction and you’re ready to seek VC money in less than a year, you should definitely be looking for a full-time finance and accounting professional.
Sign up at Vested today to get started in the process of securing your business’ financial future.
As serial entrepreneurs, we understand the challenge of finding reliable recruiting solutions to find accounting talent or recruit top finance professionals. We commend Hired.com for pioneering the intelligent matching HR technology to assist with recruiting engineers, and we feel that this approach can work in other fields. This is why we developed the next big thing in HR tech:
Recruiting the best finance professionals is of the utmost importance for the growth of any organization or institute in today’s shifting business landscape. The recruiting process begins with reaching out to those people in the world who have the requisite skills for the position.
Most of the corporate institutions, business houses, industries, organizations and government agencies know what they are looking for in their future financial workforce, but they may lack the means of reaching them.
Moreover, recruitment can be a time consuming process if you are a small team of professionals or a startup. This is where Vested comes in. All you need to do is tell us your requirements and we will find you the right person to manage your finances.
Corporate finance and FP&A (Financial Planning & Analysis) are the backbones of understanding and managing a business. All businesses require a finance team (whether it is a team of 1 or 100) that are responsible, intelligent and possess sharp business and management acumen.
Our team is dedicated to helping companies of all types and sizes meet their finance and accounting staffing needs. We promise to use our state of the art technology to provide you with high-caliber finance, investment, and banking professionals. Whether you need entry or senior level staff, short-term consultants or permanent employees, Vested offers solutions to aid your business.
We are well-connected and knowledgeable of the insurance, banking, and finance sector. While we specialize in startups, we also cater to a number of investment banks, corporate enterprises, commercial banks, and local businesses.
Vested’s HR Tech Solution Simplifies the Recruiting Process
Unlike others in the HR field, we are not mere headhunters or recruiters. We are dedicated professionals who use our proprietary intelligent matching technology to curate and match you with the best and brightest finance and accounting professionals.
One approach we use to attract talented candidates is to target early career professionals who wish to prove their mettle.
We are connected to the brightest young minds in the field and keep tabs on their career development. We have a huge database of carefully curated talent that grows by the day. Armed with this knowledge, we have the right candidate that will fit perfectly in your business. More and more young professionals have landed up in dream jobs with a gentle but professional push from our end.
How do we attract the top talent in the finance and accounting field?
We pre-screen candidates to make sure they have the qualifications most employers find desirable (i.e. top schools, diverse skill set, gradual career progression, certifications)
We work for your firm as though we are hiring people for ourselves.
Recruitment and Candidate Assessment with Vested’s Intelligent Matching
We start work as soon as you contact us with your need! And we ensure you get the results within a week’s time.
Our recruitment process begins by working with you to identify your business needs. We will initially try to find your match among the candidates already in our database, but will conduct additional outreach if you have specific qualifications or needs.
Once we get a list of candidates matching your qualifications criterion, we pre-screen them to see if their skills and temperate match your company’s needs and culture. We are determined to get the most skillful, sensible, and intelligent match for your job.
Every candidate we provide has been screened and if hired, will be ready to start working from the first hour of day one. This is the recruitment process that we follow.
We will work with you to identify the position, qualifications, experience and additional requirements needed for the job.
Querying the Vested Database for candidates with matching credentials- Since we have a big database of applicants, we first query it to get a list of the people who have applied earlier for similar jobs.
Preliminary Interviews by skill experts to shortlist- Before the client-side experts step in for final selections, our experts make the job of recruitment easier and shorter. The applicants selected after screening are interviewed by the Vested experts in the specific field and select the candidates who have potential to excel in the said job.
In such cases, we prepare the written exam or practical test to be taken by the candidates qualifying the preliminary interview phase. The test is conducted and the selected candidates are selected to appear for a final interview.
Final interview by client organization Official and Experts at Vested – This is the final stage of selections. The client organization will put the selected candidate(s) through their interview process.
Job and organization Orientation- In the last stage of recruitment, we conduct an orientation program for people who have been selected for the job. During the orientation program, they are given details about the job and the employer organization so that they can gel in at the new workplace from day one.
Our specialization in finance sector recruitment is the best service for employees as well employers. With the right connections at the right place in finance industry, we ensure that is presented with the perfect opportunity for growth.
We help our clients in the following departments and activities
Our success and our clients’ trust lies in the way we focus on providing staffing solutions mainly in the fields of corporate finance and FP&A for startups. In fact, our stringent measure to recruit our own recruiting consultants is one of our greatest strengths. All of Vested’s consultants and professionals have been selected as a result of their expertise in the finance and recruiting industries.
We put countless hours building our team, and use even more rigorous standards when we recruit candidates on behalf of our clients.
Why are our recruiting services the best HR solution?
The right resources, aptitude, and attitude make all the difference. As far as recruiting services are concerned we are counted among the best for the following reasons:
Over the years we have communicated with countless candidates and own a large repository of candidate resumes. This collection includes financial professionals who can be employed for jobs at every rung of the organizational ladder. You name it and we have it! And more and more qualified and experienced candidates are joining us each day.
We believe in the fact that quality attracts quality. As such our entire team of experienced and intelligent recruiting consultants is well versed in every aspect of the financial industry. From hedge funds to investment banks to corporate finance in a S&P 500 company, we understand what it takes to build a winning finance team.
Why us and no one else?
We consider the recruitment needs of our clients as our own. That’s why we work hard to find the right candidate.
We call, discuss and screen the candidates ourselves. No one else is involved in this process except our own experts and professionals and of course the clients. The level of professional dedication has resulted in earning the faith of our clients. We can proudly admit that we have been able to retain our clients, build relationships while earning and growing business with the help of unbelievable customer service.
It’s a mark of pride that some of our own employees who have been working here for years have left to join the best companies in the industry. We are still in contact with these achievers who help us in many crucial and important recruiting assignments. They are still a part of the Vested family and spare their time for training and guiding our new recruiting professionals. Our clientele range from big business houses to small teams and startups.
They vouch for our outstanding services that have given them their best and most experienced workforce. In nutshell, we have grown with our clients and have created the very best HR tech recruiting solution to hire top talent in the finance and accounting field.