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Archive for March, 2019

Big data concept man selecting and pressing Big Data symbol

The world is changing due to the induction of new technologies. Manual jobs are taken by automation, the technologies or machines which were of great use until yesterday are being replaced by newer and better versions of it. As the whole era is changing so is the

Recruitment and Staffing Industry. Finding the right candidates was never easy. Few decades before there was lack of recruitment channels hence there was a time constraint to find good fits in short span of time.

After some years there was abundance of recruitment channels, thousands of candidates were available just a click away. But again, it had its own complexities not every person who applied for the job was a right fit. Filtering and identifying the right candidates was heck of a job for recruiters and obviously not forgetting the time consumed to find the right talent. So, the search for newer ways and technologies to overcome these challenges was always on.

ATS (applicant tracking software) has been and will continue to be highly useful to manage the candidates but it isn’t efficient enough to discover the right fit from a massive pool of applicants and it becomes even more impossible when the greatest fits don’t lie in the database.

So again, the search began and big data as a technology was discovered. It was successfully being used in different fields. So, leaders thought to incorporate big data into recruitment as well. Before we start discussing everything in detail about big data and how it’s being used to recruit top talent, we need to have a solid understanding of what big data is.

Big data is a terminology used for vast, unstructured, complex and huge data which is readily available to us and where traditional database management tools fails to manage it. This huge amount of data is analysed to reveal patterns and insights which helps to make important decisions in various aspects. Big data analysis is used for everything from education, government, banking or financial services, to analyse someone’s productivity, or even monitoring the weather.

How Does Big Data help in Recruitment?

Big data helps recruiting companies to sort a wealth of information to see a larger and more complete picture of candidates. It evaluates a candidate’s profile by using five V’s:

Volume

  1. Variety
  2. Velocity
  3. Variability
  4. Veracity

Big data recruiting doesn’t analyse a candidate just by taking a look at the resume but it collects every bit of information available on internet about the candidate. Thus, helping a recruiter to evaluate the candidate from several angles. A candidate’s social media profile can help recruiter to screen not only on the basis of his skill set but also help analyse his personality and find weather he is a cultural fit or not.

It’s always been a challenge to find candidates with niche skills over job boards. Big data puts special emphasis on candidates who are active on social media platforms like LinkedIn, Facebook, and Twitter etc and demonstrate their expertise by sharing advice, thoughts, and interesting industry insights. It creates a 360-degree picture of a candidate both professionally and personally even before their first interview.

How big data has changed the traditional recruitment process:

  • Big data recruiting is not biased as it is not based on subjective factors.
  • It makes easy to screen or manager hundreds of applications in a short period of time thus reducing the cost per hire and the average time needed to fill open positions.
  • It predicts the future recruitment trends.
  • It also predicts about the candidate’s likely tenure with the firm and reveals whether he/ she might be a good fit for the culture of the firm.

If you wish to be a successful recruiter, then you have to learn to analyse data to provide the best possible fit for a position. Big data should be augmented with current recruiting practices and not replace it entirely.

Summary:

Big data recruiting can help you identify great candidates faster and in a more cost-efficient. However, you can’t solely rely on the information it provides, it can only guide you. Recruitment experts still need to correctly interpret the results to make better decisions.

Recruit smarter, not harder.

We as RPO leaders always thrive to implement new technologies; by leveraging such modern technology, we were able to deliver our customers more effectively.

If you have not yet leveraged the benefits of HR Data Analytics for your business, it’s time to look out for someone who does. Big data analytics in recruitment has transformed the way of recruitment process, saving you time and money as well as ensuring better hire quality

At Pragna, our vision, is to deliver good number of benefits to our Customers, when compared to traditional managed service

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Do you know your cost per hire (CPH)?

Knowing this figure can help you make better strategic decisions and save your company money in the long run. An average employer in the USA spends $30,000 to fill a new position.

No new hire comes for free, unfortunately, but there are strategies you can use to reduce your unavoidable hiring costs.

Cost-Per-Hire (CPH) is a timely topic for Recruitment Organization, many of whom are under pressure to deliver better quality of hires with fewer resources. The amount of specialized roles that need to be filled is increasing but the applicant volume keeps decreasing as we’re on the edge of the biggest candidate shortage yet.

Good news is that by measuring the right volume of data, you can gain control over your recruitment process to develop strategies that increase the quality of your hires while saving money.

How to Reduce Cost per Hire

There are several different methods that can lead to reduction of Cost per Hire (CPH). Below is the list of strategies that you can choose from to reduce the costs.

Build a Talent Community

Often candidates are hard-to-find, are also unwilling to leave their current job, but this may change one day. As 75% of the people you want to hire aren’t looking for job change – they are passive candidates. The key here is to grab their attention and sustain it in order to build a pool of passive candidates. Building and maintaining a pipeline of interested, qualified candidates can do wonders for your cost per hire.

Digitization and automation of recruitment process

Using free online tools, professional HR technology and AI to improve recruitment process and reduce their costs is quickly becoming a new norm of your peers in the HR sector. Streaming and automating of the activities can be achieved through implementing the right tools.

What’s more, simple solutions such As., Social media is free and widely popular, so it can help you connect with more job seekers without costing you a penny. Verifying its ability to connect you with quality candidates. To effectively leverage social media, first ensure that your social profiles share your employment story and encourage job seekers to learn more. Then use social media tools like Facebook’s Graph Search or Twitter’s search engine to start sourcing the talent you need.

 Take advantage of free job boards

Posting your job ads on some of the most popular job boards is expensive these days. For example, to post a job on Monster you need to spend $375 per month. To post one job per month on Career Builder you’ll need $199. And a single post on Dice will cost you $250 per month.

What most employers don’t know though is that the two of the first three most popular job boards with the highest traffic offer employers a possibility to post their jobs for free.

You can post your job on Indeed, LinkedIn which is visited by 200 million unique visitors each month.

There are many other free job boards you can take advantage of to reduce your cost-per-hire. One of them is Jora, Angel List, Flex Jobs, where you can post your jobs by filling in a short form (no registration required).

Launch a Corporate Career Site

Because a career site can advertise your jobs and employment brand 24/7, it allows you to reach substantially more candidates for a very reasonable cost. Career sites have also been one of the top internal sources of hire for several years in a row—proving that they can attract quality candidates. In other words, a career site can help you find the right candidates faster and more affordably. As a result, you can spend less money on more expensive recruiting tactics like job advertisements or career fairs. If you already have a career site and it isn’t generating this outcome for you, request a free career site evaluation so you can get the results you want.

As you test out these recruiting tools, remember that every company is unique and the results that these tools produce vary. But if you measure and track each tool’s effectiveness, you can learn which ones are the most cost-effective for your organization. In return, you will reduce your cost per hire while still hiring some of the best job seekers out there.

Create Referral Programs

The average cost-per-hire is $4,129 according to SHRM data, and the average time-to-fill is about 42 days. Your employees already understand the kind of work ethic and attitude it takes to succeed in your workforce. By engaging your already-employed talent to refer friends, family, classmates, and colleagues, you can reduce hiring costs and time while sourcing from a ready talent pool. If you want to bring down costs even more, you can get creative with your referral incentives instead of the typical practice of offering a bonus. Providing special recognition, discounts, prize drawings, and non-cash rewards such as a free parking spot or extra PTO can also motivate employees to make referrals.

Employee referrals are a critical tool for finding new hires. In a 2015 Silk Road study, employee referrals produced more hires than any other source studied. The best part is that you don’t need to invest in an expensive employee referral program to get more referrals. By strengthening your employment brand, your employees will encourage others to apply without even being paid to do so. For more details and tips, read The Secret Strategy for Increasing Employee Referrals.

Reduce the need to recruit in the first place

The final way to cut hiring costs seems simple on the surface, but might turn out to be a complex project; improving the way you support and engage with your existing employees should help to reduce turnover, so there’ll be less need to hire replacements for staff that leave.

Refining your recruitment processes will also help to improve the quality of your hire, which again should lead to higher staff retention rates

Conclusion:

It’s clear that outsourcing recruitment offers various opportunities for bringing down costs associated with different aspects of human resources management. Choosing to rely on the expertise of an external provider, organizations can efficiently manage their recruitment resources and further optimize their processes.

As a Customized RPO leaders in the recruitment industry, We at Pragna were able to help organizations considerably bring down the Cost-per-hire. We calculate these costs on the basis of hiring history and optimize recruitment processes to render our clients more efficient and less wasteful.

If you’re looking into RPO Solution, please get in touch with us

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VMS

Can you answer these questions?

  • How many contractors do you use? How many suppliers?
  • Are your labour rates at true market price or better?
  • What percentages of your contract spend goes through preferred suppliers?

Drawing a blank? If you are not sure what the answers are, that’s OK. It’s likely that you are either new to using a vendor management system or you are currently researching VMS solutions for possible implementation. If you’re not familiar with VMS solutions at all, you’re in for a treat.

Today more than 45 percent of the world’s total workforce has become contingent workers. That includes temporary workers, independent contractors, SOW-based labour, and freelancers.

Most organisations report that they expect their need for non-employee workers to grow more in near future. The problem is that every other organisation is looking for non-employee workers to grow their businesses. So how can you source and manage your extended workforce effectively and efficiently so that you don’t lose the war for talent?

The short answer: VMS.

The way organisations employ workers has shifted away from the full-time employees of yesteryear to a workforce of contingent workers that offer their specialties on a project-by-project basis.

The contingent workforce has significant benefits for the plethora of companies adopting this modern way of hiring. However, those who are hiring contingent workers but are still using manual processes and outdated automation tools to manage their workforce, will not be realizing those benefits, and could in fact be losing out.

This is why a vendor management system (VMS) is fundamental to the success of your contingent workforce management strategy.

The first step is to understand the five core benefits of a VMS—for both procurement and HR. Those benefits include:

  • Cost Effective: Contingent workforce expenditures rank among the top spend categories in most organisations. Perhaps more troubling is the fact that most contingent labour is not taken into account when conducting financial planning, forecasting, and budgeting. That means that you may be spending more than you should. In fact, VMS user’s report 80 percent higher year-over-year cost savings compared to non-VMS organisations.
  • Clarity: Lack of clarity is one of the key reasons organisations do not know what they are spending on contingent workers. Ardent Partners research indicates that organisations only maintain visibility into 45 percent of their total contingent workforce.
  • Compliance:When it comes to contingent workers, if you do not know “who” is doing “what,” “where” they’re doing it, and “how” it is being done, you are setting yourself up for failure. Two important examples that come to mind are misclassification of non-employees and allowing unauthorised individuals access to systems or facilities.
  • Quality Matters: The entire goal of leveraging the contingent workforce is to attract, retain, and utilize the best possible talent. A VMS can reduce time to fill and expand your access to quality talent. Some vendor management systems even allow you to source talent directly from the VMS!
  • Efficiency: A VMS also drives efficiency by allowing you to automate procurement cycles, consolidate billing, and ensure invoice accuracy. It also makes it easier to measure and monitor your supplier performance. That will help ensure process and performance consistency.

Remodelling VMS Requirements

Today’s organisations increasingly need VMS software to manage both contingent workers hired as individuals and external companies doing project-related work. Many also have a greater need to stay compliant with international labour and tax laws surrounding global use of contingent staff.

HR and procurement leaders should use some key criteria if deciding to switch VMS providers or invest in a new system

  1. Support for Statement-of-Work Contracting

One of the keys buying considerations today is whether the VMS will be able to support you as you move from using it for the selection and tracking of contingent workers, to the selection and tracking of project consultants

Managing project work is more complex largely because of the different pricing mechanisms involved. Payment in these arrangements is not only time-based, it might also be milestones-based, deliverable’s – based or tied into performance on service level agreements. You’d like to be able to use the same software tool when you have the need for an individual contractor as well as a consulting company.

  1. Ease of Integration with Existing Systems

A VMS should integrate well with your existing technology platforms or processes for managing contingent staff. Many companies have reaped benefits from integrating its VMS with a core human resource information system, purchase order request system, supplier relationship management system and a security system for contract workers.

The integration reduces multiple steps from multiple systems and put them all into one easy-to-use, one-stop platform.

  1. Robustness of Analytics Tools, Bench-marking Data

The quality of reporting tools also separates VMS providers. One key metric is a time-and-tenure report that ensures contingent workers don’t work beyond the specified limit for co-employment.

  1. Vendor Neutrality

Vendor-neutrality means the system isn’t provided by a VMS owner who will steer you to contingent resources which may not always be the best or most cost-effective. This can be a concern if the VMS provider also has other contingent staffing services under its organisational umbrella.

Hopefully, we’ve covered all the basics of vendor management systems and you have a good idea of what to look for in a VMS.

At Pragna, we have the experienced team who understand the fast paced VMS environment and can submit potential candidates within a few hours of receiving the job orders. We have a good track record of supporting many customers with VMS support services and understand the nuances of working with such a system.

We at Pragna expertise in providing Customized RPO, Offshore Recruiting Service pertaining to all the Industry verticals,  We strive hard to apply best practices, proven methodologies, and additional levels of diligence to improve the quality of our services.

A blend of ground-breaking ideas, detailed approach, and quality-oriented delivery has positioned us as a leader in the Recruitment process outsourcing (RPO) industry.

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Outsourving

Myths and false information never rest, there’s really no shortage of myths in the world, even in outsourcing they exist. It’s either the facts and stories are intentionally skewed to prevent the business-minded from outsourcing or they’re just the result of false information passed through word of mouth.

To help you sort out the myths from the reality, we’ve put together a few outsourcing myths, so you can make smart decisions.

Myth #1: No strategic plan

Outsourcing teams might be enlisted at the beginning of a project or midway through the project. Whether they are there from the start, or brought in to help fix an ongoing problem, they are part of the project’s strategy.

Both the organisation and the outsourcing team will have a strategy and need to align these strategies at the beginning of the partnership to ensure that they work together flow and optimise their offerings.

Myth #2: Company communication breakdown

If an organisation is outsourcing a team of experts for the first time, they might believe that the communication within the company or project will be disrupted or that job roles will become diluted. This doesn’t have to be the case.

By discussing and deciding the chain of project owners and team members before the project begins, there won’t be a loss of communication, as each team member will understand their individual and team role. A good outsourcing company will set up an optimal communication model for working for everyone which ensures adequate face time and collaboration through all aspects of the project.

Myth #3: Company culture is disrupted

Similar to the communications concern, some organisation might be concerned that their company culture will be interrupted if an outsourcing team is brought in. Company culture is important in any organisation, so it’s crucial that it doesn’t change if new individuals or teams are introduced to the company or project or organisation.

Although disrupted company culture is a concern for some organisation, outsourcing teams can adapt and even add to the company culture. If diluting the team dynamics is an issue, organisation should choose to near shore instead of outsource.

Myth #4: There will be a conflict of interests 

A concern for some organisation is that the company which is running the project will have an interest level with the outsourcing team. However, outsourcing teams aren’t there to take over. The role of an outsourced or near shored team is to offer and share their knowledge and expertise with the company, rather than make decisions and create conflict with the client. The decision making and reporting process should be clearly outlined at the beginning of any joint collaboration.

Myth #5: Only big businesses need outsourcing

Surely only big organisations have the requirement and budget for outsourcing…right? That’s incorrect. Both big and small companies can reap the benefits of outsourcing and near shoring. For example, small businesses can benefit from improved efficiency and flexibility in their organisation. Outsourcing can have a direct impact on businesses in various sizes…it is not solely for larger organisations.

Myth #6: Ensures company growth

A company’s growth depends on its people. If the right people are not hired or positions remain vacant for a long time and work suffers because of it. The company’s growth is bound to be affected. Outsourcing staffing can help you fill gaps, make sure you have the right quality and quantity of people, work runs smoothly and the company grows consistently.

Conclusion:

Outsourcing has become a major player in the growth and development of most companies worldwide, but myths and misconceptions plagued the image of outsourcing. Outsourcing has its strengths and weaknesses. However, companies who want to outsource should use Pragna’s outsourcing services to their advantage.

One thing that companies should remember is that outsourcing is a choice. It is not inevitable. Companies should make a cost-benefit analysis before engaging in outsourcing or hiring a third-party advisory. However, in these changing times, one challenge remains. Outsourcing companies should innovate to offer better services for their clients. Pragna provides customised RPO services, it helps other companies to bring down the Cost-Per-Hire.

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