The time has come to stop paying for resume database access and Cut down cost per hire by 70 - 80per cent - GoRecroot
Released on: July 14, 2008, 10:01 pm
Press Release Author: Gorecroot
Industry: Human Resources
Press Release Summary: Human resource professionals track a good bunch of human capital associated costs. There is cost per hire, cost of a vacant position, cost of a bad hire, and, there are returns from a recruit who goes on to be a long-term success. This article looks at components of cost of hiring and how to reduce cost per hire by 70 - 80%. The obvious part of the answer is Internet, but where in the www?
Press Release Body: ****IMMEDIATE RELEASE***** --July 15 2008 USA & India
The time has come to stop paying for resume database access & Cut down cost per hire by 70 - 80% - GoRecroot
Human resource professionals track a good bunch of human capital associated costs. There is cost per hire, cost of a vacant position, cost of a bad hire, and, there are returns from a recruit who goes on to be a long-term success. This article looks at components of cost of hiring and how to reduce cost per hire by 70 - 80%. The obvious part of the answer is Internet, but where in the www?
According to an Employment Management Association study in the USA, average cost per hire is USD 3,295. How does one bring this down to around USD 300-500 without collateral damages spiraling to a quarter of a million or more?
There are two crucial indirect cost elements (possible collateral damages) to cost per hire: (1) Cost of a vacant position - if you took a lot of time to complete the hire, more is the cost of the vacant position (2) if you rushed into the hire; there is possible cost of bad hire. As simple as these sounds, the associated costs (and damages) can be staggering. Business costs from a genuine vacant position can go up to a million dollars in a month - if your customer facing team is missing a smart manager. Vacancies in one team can have a cascading impact throughout the company. Cost of a bad hire for a USD 100,000 per year position can be as high as USD 150,000 dollars based on Dr. John Sullivan's cost of bad hire formula. The odds are not too high for losing a quarter million in the process of hiring a mid level executive - there are ways to avoid these.
Having outlined the pain areas and described the ticking HR time bomb in hiring, let us get to some solutions: 1. Do not go mass circulated print advertising unless you have a quantifiable reason to do so - traditional print advertising is one of the biggest contributors when we say cost per hire is USD 3,295. 2. To begin with print ads bring in time consumption - remember your cost of vacancy is ticking as you sort through a bunch of relevant and irrelevant responses to your recruitment ad in print 3. Your cost per hire would go up in terms of communication, travel and re-location as print ad responses are not "mapped" to your job order by any means 4. Before you jump on to online recruitment and a "resume database" - do remember that you could rush into a flooded mail box of unmapped responses, and incur costs of bad hires 5. What you need is a job position to resume mapping platform that can also enable effective recruiter to candidate interactions
The time has come to stop paying for accessing a resume database for three reasons. One, passive quality job seekers are exiting job boards and passive job seekers do not like their mailboxes flooded with poorly mapped job opportunities. Two, resume sourcing is not a challenge anymore for, most recruiters and hiring managers have a decent archive of resumes on their own. In addition, there are enough and more passive resumes in the www. The third and most important reason is that the resume database + flat file search approach to hiring is just the entry into a time black hole. The problem is that job boards (resume databases) do not recognize the difference between resume sourcing and talent sourcing. Resume sourcing is the beginning of the game and, talent sourcing is the target result. An effective (read cost per hire efficiency) online recruitment solution needs to source resumes, organize it, map it, rank it, and enable meaningful exchange of information between the recruiter and the candidate.
GoRecroot does not charge you for the resume database. Your access to a rapidly evolving enterprise grade resume database goes FREE with your subscription. We understand that as recruiters you are all tired of hearing clichéd "we have millions of resumes in our database." We join you in asking the question, "so what?" We understand that resumes do not fill positions, recruiters and hiring managers do. At GoRecroot, you do not waste your valuable head hunting and networking time in data management and resume searching. You create a job order, post it in GoRecroot and get mapped resumes that are ranked for fitment. Now, you are a couple of clicks away before you have a list of phone numbers and email IDs to get in touch. When it comes to efficient information exchange between recruiters and candidates - GoRecroot leaves no stone unturned. Recruiters infuse voice clips and video slots in their job advertisements and job seekers respond in multi media. Resumes have photos, audio and video. GoRecroot is your job position to resume mapping platform that enables multi media enabled interactions. The result: 70 - 80% savings on cost per hire and a better hire at that.
Before you go look for a video recorder - STOP. Just turn on the mic and the webcam in your PC and go to www.GoRecroot.com. At GoRecroot audio - video recording is brought to your browser.
Visit the GoRecroot mobile recruitment toolbox at www.JobsandResumes.mobi
About GoRecroot For recruiters, GoRecroot (gorecroot.com) focuses delivering functionality value primarily through (1) recruitment ads (2) employment branding solutions (3) jobs to talent mapping (4) recruitment community value additions. Multimedia (audio, photo, video) enabled, multi modal (browser access, mobile access and downloadable thin client), multi geo (covers 100+ main geographies around the world), multi domain (over 40 business sectors and over 5000 sub sectors). GoRecroot payment processing is secured and powered by Google and PayPal. Subscription pricing is linked closely to functional value delivered. Recruiter subscriptions now open at USD 40 for a year.
About the GoRecroot Team The creators of GoRecroot have been in talent sourcing and mapping since the 90s and have worked closely with recruiters and job seekers around the world. The intelligence behind GoRecroot is derived from hands on experience fulfilling scores of different job positions. The creators have their ears to the ground and have been listening closely to recruiter pains and tribulations. GoRecroot intends to continue its close-knit association with recruiters and thrives to play an active role in getting more progressive recruiters to the big biller club.
Press contact: Gracer Motha help@gorecroot.com 1 650 265 2090 301/PMB, 271 Newbury Street, Danvers, MA 01923-1027 USA 346/243-2, TTK Road, Alwarpet, Chennai, TN 600018 India www.GoRecroot.com
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