Updated: Nov 14, 2022
The hiring process can be time-consuming, overwhelming, and costly. According to a study recently conducted by the Society for Human Resource Management (SHRM), the average cost-per-hire is $4,129, while the average time it takes to fill a given position is 42 days. What’s worse? A bad hire. In a Harris Interactive Poll, 41% of respondents noted that the cost of a bad hire was over $25,000, and 25% of respondents said the cost was over $50,000. Besides the financial costs, a bad hire leads to a decrease in productivity in the company, a decrease in company morale, hurts client solutions, and leads to lost time to recruit other candidates.
To help decrease the likelihood of a bad hire and minimize the hiring costs, many companies have begun to turn to data and technology to improve their hiring practices. In a study done by LinkedIn, they reported that 35% of talent professionals and hiring managers say that Artificial Intelligence (AI) is the top trend impacting how they hire. Furthermore, recruiters using AI found it to be most helpful with sourcing candidates (58%), screening candidates (56%), and nurturing candidates (55%).
This type of recruiting automation is a category of technology that lets companies automate recruiting tasks and workflows to reduce cost-per-hire, increase recruiter’s productivity, and accelerate the time to fill each position. This technology allows HR leaders to hand off some of their tedious tasks to the automated processes, giving them time to focus on the human-centric aspects of recruiting. Not only is this saving employees time, but it is saving companies money.
COMPARE NEW HIRE REQUISITIONS
RJ Reliance is here to help do just this with our integrated cloud solution, Virtual Practitioner (VP), which supports recruiting management. Virtual Practitioner can assist and automate many recruiting process steps, including comparing new hire requisitions against approved positions and budgets. This ensures that the information is accurate in terms of the organizational needs of the company and the position details, helping attract the right people who are qualified for the position.
SIMPLIFY THE SCHEDULING PROCESS
Virtual Practitioner is also able to take care of scheduling interviews. While this may seem like a small task, in a study conducted by Yello, 67% of respondents said it takes between 30 minutes and 2 hours to schedule a single interview. Furthermore, 60% of recruiters said they regularly lose candidates before they’re able to schedule an interview. With many interviews every year, the time commitment, cost of scheduling, and potentially lost talent adds up. The Virtual Practitioner eliminates this, while also giving notifications of new schedules and helping with improving the overall process.
REDUCE THE CONTRACT APPROVAL CYCLE
Finally, Virtual Practitioner can manage contract employee workflow needs. From emailing out contracts and creating reminders for others to review; to working through the approval process, the creation and execution of contracts can be extremely time-consuming. Virtual Practitioner can reduce the contract approval cycle by eliminating bottlenecks while ensuring accountability.
RJ Reliance is determined to simplify and streamline the hiring process. Reduce the amount of time your employees spend on tedious, repetitive hiring tasks by investing in an automated future. Interested in learning more about how RJ Reliance can save you time and simplify the process? Reach out today to discuss with our experts!