A bad hiring decision can put a strain on a company financially. According to CV-Library, its costs UK businesses losses of up to £15,000 (per hire). This is due to the time and resources being invested in various different stages of the recruiting process. Unfortunately, these mistakes are at times inevitable and companies often feel the pinch of taking on board a bad hire. However, there are possible technological solutions that recruiters and hiring managers can adopt in order to reduce this risk and in the future make more effective hiring decisions.
At times as many as 75% of applicants are underqualified for a given job role. Without the usage of hiring technology, it can result in recruiters spending a high proportion of their time sorting through applications and disregarding those unspecific to the position. If this is not done correctly, human error can ultimately affect the quality of hire and increases the chances of recruiting a ‘bad hire’.
Automated candidate screening reduces the reliance on a recruiter having to manually narrow down applications and instead this initial decision-making stage is managed with the addition of hiring technology. This type of automation works by filtering through CVs/resumes to determine the best fit for a specific role. Which can be dependent on different factors such as, experience, skills and qualifications. The applications are then narrowed down and the recruiter or hiring manager is presented with the most appropriate candidates to whom match the job requirements. By depending less on human evaluation to reduce high volumes of job applications, the risk of letting qualified candidates slip through the recruitment process is reduced. Saving the hiring professional valuable time to which they can reinvest back into other aspects of their profession.
Reconsider existing talent
High-quality candidates can often get overlooked, particularly those already existing within a talent database. These job seekers may have been unsuccessful for a previous role but their details are still stored and ‘kept on file’ but then are not made use of for future roles. Job-seekers have become tired of hearing this phrase after failing to land a job. However, this term can be taken to a new literal sense, with the addition of hiring technology.
New opportunities can be open up for existing candidates who failed to secure a previous role, enabling the recruiter to reconnect with the job seekers and find hidden talent already existing within their database. Which saves time and can find candidates who are already qualified for the role. This in turn, can improve the quality of hire, as these candidates may have a previously applied for a similar role and therefore already have the desired skill set and experience for the specific role.
In recruitment, there is always a risk of hiring decisions being made with influence from an unconscious bias. This is due to a perceived perception and notion regarding a candidate’s characteristics that may affect their job chances. Creating an unfair advantage or disadvantage to those applying for a role. Recruiting an individual with a biased thought process is likely to cloud the recruiter’s decision and their skills and experience may become secondary. This can easily result in a bad hiring decision, if their ability to do the job is not prioritised.