It seems to be that lately, HR professionals at small and mid-sized businesses (SMB’s) are struggling to find and keep quality talent. Inefficient hiring processes are putting these organizations at a recruitment disadvantage, according to the 2019 BerniePortal Recruitment Report. Conducted by all-in-one HRIS BerniePortal and compiled by surveying HR leaders at U.S. small and mid-sized organizations, the survey found that though businesses are struggling to find quality talent, most are not prioritizing a swift recruitment process.
As a result, quality hires are off the market too quickly for most small and mid-sized employers to find. Facing the lowest unemployment rate in 50 years, the survey indicates that streamlining the hiring process presents a critical opportunity for HR leaders to improve recruitment and retention rates.
Key survey findings include:
- Hiring is a top priority – 61 percent of respondents said hiring was either their primary HR goal or one of several key HR goals for 2019.
- Though quality candidates are often off the market in days, 47 percent of respondents said their average time hire is between 15 and 30 days. Twenty percent reported an average time to hire between 31 and 45 days, and 13 percent said it takes their organization longer than 45 days to hire.
- Despite facing challenges in finding quality applicants, just 17 percent of respondents are using an applicant tracking software solution.
- Keeping talent is nearly as important as finding it – more than half of respondents said reducing turnover was a high or very high priority.
Improve Recruitment with Talent Management Software
The main purpose of TMS is to help companies and organizations manage their current employees, some solutions encompass the hiring phase, and go as far as tracking employees as they prepare to leave a company. However, some of these phases of the employee lifecycle often have their own, dedicated software tools that stand alone. In fact, many organizations still rely on a series of separate tools to manage their workforce; one for recruiting, another for training, and so on.
The problem here is that those separate tools don’t ‘talk’ to each other or produce actionable data for C-suite executives because each program is a siloed application. Implementing a unified talent management system, or an integrated talent management suite, is the perfect way to combat this issue.
Hiring the wrong person can be a very costly for enterprises, on the flipside, missing out on key candidates is another potential hazard. Luckily, an integrated TMS includes recruitment functions that manage a database of applicants so that you can coordinate recruitment efforts. Resumes, cover letters, notes, etc can all be stored digitally for easy storage and simplified management. Not only will this help you manage people-data, it can streamline the hiring process and ensure companies are interviewing the best possible candidates.
What’s more, advances in talent management platforms can help hiring teams expand traditional search methods to identify younger workers that they otherwise wouldn’t have access to. For instance, social media, blockchain technology, and big data analytics can build localized talent pools which can then reduce the length and complexity of the hiring process. Some applications included in an integrated talent management system go a step further and provide teams with a top-down platform to review and discuss all applicants and their statuses from one location.
Looking for more? Download our talent management buyers guide and check out the top-24 products available in the market with full page vendor profiles, key capabilities and questions to ask before purchasing. For those just starting the talent management software search process, this is truly the best resource to help get you going.