Neglecting the hiring process can significantly impact employee turnover. According to the Society for Human Resource Management (SHRM), companies that overlook hiring experience a 19% higher turnover rate compared to those that prioritise it.
Data-driven forecasting improves the hiring process by allowing companies to anticipate future staffing needs based on trends in employee turnover, business growth projections, and industry hiring patterns. This proactive approach leads to more timely and efficient hiring.
Maintaining a talent pool offers several benefits. It provides a ready reservoir of potential candidates, which can significantly reduce the time and resources needed for future hiring. Companies with a robust talent pool can shorten their hiring process by an average of 10 days, according to Aberdeen Group research.
Internal mobility is crucial in hiring management as it allows for quicker and more efficient role filling from within the organization. LinkedIn's research indicates that internal hires can fill roles 20% faster than external ones. Additionally, it boosts employee morale and retention by promoting career growth opportunities.
Employer branding plays a significant role in recruitment. It not only attracts quality candidates but also reduces hiring costs. A strong employer brand can cut the cost per hire by up to 50%, as suggested by LinkedIn. Regularly updating company achievements, culture, and employee success stories enhances the employer brand.