Selection of candidates involves identifying the hiring need, analyzing and preparing role-specific requirements, reviewing applications, screening, and selecting candidates who meet the job requirements. Companies can establish an effective recruitment funnel by incorporating and assessing all the steps a candidate moves through before securing a job. To ensure that your company attracts top talent, you must ensure that your recruitment funnel is established most effectively.
How does the recruiting funnel work?
Step-by-step funnels have been used by sales and marketing professionals for years. An effective recruiting funnel outlines a strategy for handling various stages of the hiring process. Each funnel represents a process of narrowing down a broad audience by measuring and optimizing every step.
Steps of recruiting funnel
An unavoidable part of every recruiting funnel is
- Creating an application process and promoting it
- Increasing passive candidate engagement and attraction
- Selecting candidates for interviews and screenings
- Candidate selection
- New hire onboarding
Getting the most out of your recruiting funnel
- Stand out from the crowd. To reach a maximum level of visibility, companies must present their job posts as widely as possible.
- Social media is a valuable tool for boosting an employer’s brand. Companies also advertise open positions on job boards, career sites, and job aggregators.
- Establish a strategy for efficient sourcing. An employer must create a candidate persona based on the job’s requirements.
- Initial screening is necessary to find the most suitable match. The resume or LinkedIn profile should not be the sole criterion used by recruiters when evaluating candidates. Every interaction candidates have with your brand shapes their opinion of it. It is always a smart idea for recruiters to conduct a short and informative phone or online screening with candidates before making a decision.
- Make sure your recruitment process is optimized. An enjoyable hiring experience helps candidates feel more satisfied and helps build long-term relationships.
Metrics of recruiting funnel
- Hiring source
Connecting with passive talent and job seekers on social media is an excellent way to recruit. Analyzing the source of hire is critical since it represents the outcome of using each of the available mediums realistically. It allows recruiters to learn about expenses and stop working with channels that don’t deliver qualified candidates.
- Hiring quality
An influential recruitment metric for hiring managers is estimating the quality of hires. An employee’s quality of hire affects their overall quality, productivity, engagement, and satisfaction at work. By obtaining better results, companies can maintain stable retention rates; more quality hires result in a better match for their companies.
- Hiring costs
Recruiting costs, advertiser fees, social media account maintenance fees, LinkedIn fees, etc., are included in the cost-per-hire metric. It provides an overview of the recruitment process’s efficiency, including individual hires as well as the cumulative number of newly hired employees.
- Hiring time
Time spent filling an open position is an effective recruitment metric that provides stability to an organization. It shows how long it would take to hire, recruit, and train a new employee. Companies that are the most successful reduce the time it takes to hire while maintaining excellent quality.
- Key performance indicator
Recruiting funnel effectiveness can be measured with KPIs. Digital tools and technology are integral to HR, which allows for more candidate assessment methods to be conducted. Measuring recruitment funnel performance can also be done by evaluating and estimating it. Hence, you’ll be able to see where you need to make improvements.
