You Have To Try This ROI Driven Recruitment Strategy

Recruitment Strategy
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The hiring process starts with a company identifying the need to fill a position and finishes with a candidate accepting a job offer. Although, the typical steps of the recruitment and selection process vary depending on the role and company. More often than not, these are tactical steps that get the job done but not necessarily the process meets the business need. While working with many of our clients I have devised a strategic approach that not only takes care of meeting the hiring goals but also makes HR as the business partner than just a business-enabling function. I call it “ ROI Driven Hiring Process”.

“We are struggling to meet expectations from the business to hire the right candidates.”

“I am finding it difficult to attract the right talent”

“My team is struggling to provide a great candidate experience.”

“I am always under pressure to improve the conversion rate”

Whenever I meet with a prospective client or my network within the HR and recruitment community, these are some of the common issues or discussion topics that I get dragged into. I am sure you are facing some of these issues, if not all, day in day out while meeting your recruiting goals.

No doubt, recruiting is getting tougher and tougher every day, and the reasons are multiple impacting each and every stage of the hiring process, right from getting the job description approved to getting the candidate on board. If we think a little retrospectively, most of the times recruitment is dealt with reactively than a strategic approach. 

The reason is, more often than not, the business pressure drives the talent acquisition leader. Obviously, the usual response to such pressure is to pay attention to what causes the most embarrassment to the hiring team. The result is a diverted focus from getting the desired outcome to addressing the creeping issues. In effect, it just gets driven by the issues rather than a strategic outcome.

Is there a way to look at all these problems holistically through the entire hiring process and get to the root of it?

Yes, there is. I have seen it work very well with our clients when we looked at recruitment as a business process than just as a hiring process and linked it with the ‘Return on Investment’ (ROI) to drive our actions.

Every business has a process and the goal is to meet the desired ROI. If you think of a ‘Startup’, ROI is probably the only thing the business wants to focus on. So why don’t we look at the hiring process as a startup? Believe me, it changes the perspective completely and brings complete transformation in the way you would look at and work on hiring as a process. 

Let’s see how this works.

I am sure you have come across the proven ‘Business Model Canvas”, or at least heard of it or read about it.  Since Alex Osterwalder and Yves Pigneur wrote Business Model Generation in 2009, the readers and practitioners have used it for different applications. Strategyzer has published their research report, that talks about why organizations around the world are adopting the tool and it provides some general ideas for ways they are using it. It’s an interesting read!

The canvas has 9 blocks covering three parts as – how do we create the service or product we want to offer to our customer, how do we take it to the customer, and what is the value proposition that marries the cost and the price element. 

When we look at these nine blocks at a strategic level in hiring process perspective, they stimulate our thinking process through a systematic framework, and this framework puts everything in a neat structure. And I guarantee, this structure would give you a lot of confidence about your team’s ability to deliver what is being asked.

Lets take a closer look at it.

The canvas is as simple as answering these nine questions. But the fun part is the canvas starts evolving as you answer the questions one by one. 

1. Who do we want to hire?

We need to start with the first step as understanding the business need which means what is the new hire going to do in the organization.

As a marketer would define her buyer persona, we can look at the desired candidate as our “Applicant Persona”.

An applicant persona is a representation of your ideal candidate based on the business need and your existing employees.

When creating applicant persona(s), we need to consider behavior patterns, candidate motivations, and goals. The more detailed we are, the better.

Applicant personas provide significant insight into what you want to look for in the job market. A detailed applicant persona will help you determine where to focus your time and allow for alignment with the business. As a result, you will be able to attract the most suitable and hence most valuable applicants to your organization.

2. Where can we find our candidate personas?

There are multiple candidate sourcing techniquesincluding recruiting database, social media, online job portals, via referrals as well as through recruiter network that are generally used by hiring professionals. 

With the candidate persona in mind, it makes much easier to see which sourcing strategy works better and which ones that are not so favorable.

3. How do we want them to feel while being hired?

No surprise that candidate experience is a very critical part of the hiring process. There are various aspects of it including communication on status of their application, answering their queries in each phase of the process, and of course, giving them enough chance to evaluate life at work in your organization.

4. Why should they join us?

The way a recruiter has her candidate persona in mind, the candidates also have a clear idea about the type of organization they would like to join. So it becomes very important to communicate how employment is going to be a mutually beneficial arrangement for both the employer and the employee.

The questions above broadly cover the demand side of the canvas. Now, the other part is how a recruiter can equip herself to take the challenge of getting the right candidate onboard. Answers to the following questions can very well cover that aspect of the puzzle.

5. What is our process for each of the hiring types?

There is no same size fits all. The process for hiring an associate is way different than filling a senior position. The sources change, the way recruiter communicates also changes as the persona changes.

6. Who will deliver the talent demand?

It’s not a single entity that can deliver the talent demand. It’s the right combination of people, processes and technology that help deliver this challenging task.

7. How will the technology be leveraged?

The volume of today’s recruiter deals with is just impossible to deal with without technology. That makes technology no more a luxury but a mandatory part of recruitment, so recruiter always need to be mindful of available technologies and how those could be leveraged to meet the challenges that the huge demand brings.

Recruitment is no exception to the saying – “what gets measured gets improved”

In this new age of technology, how you allocate your recruitment resources appropriately is the key. ROI is nothing but measuring what you and your team are doing is the only way to make sense of your hires and recruiting efforts in terms of dollars and cents.

8. What investments are required?

This is the key question every business would have and we as recruiters need to be well prepared to answer these questions. Investment is the fuel to keep going until the recruitment targets are met, but investment doesn’t come so easily.

9. What returns are expected?

The returns expected is the value the business gets by hiring what it needs. So nothing else but the only focus could be keeping an eye on returns on the investments, and that’s it.

I have made an attempt to touch upon each of the nine blocks at a very high level just to give you a glimpse of it. I know, you might be thinking “it’s easier said than done”.That’s why I am bringing you a series that talks about each of the building blocks of the canvas in detail with the experience and learning we have had at MyNextHire while arriving at this ROI-driven hiring process.

Conclusion – 

Hiring process is not just a list of activities that need to be followed or worked upon to fill in the open positions, but it’s a strategic step. Implementing a hiring strategy that is driven by ROI is an assured way of meeting business needs. Of course, there are no set rules to follow as its a strategy, or a framework that helps put things in perspective for recruitment as a business and drives the decision-making process.  

Have you come across any different models or frameworks that have helped you in achieving your recruitment goals? Please leave your comments.

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