People & Change E-book Final 2 - Flipbook - Page 27
Business Trends / / Future-Proofing Your Organization: Navigating the
Shifting Landscape of Human Resources
To be clear, the power of data in Talent Acquisition
cannot be underestimated. Most companies already
scan for keywords in resumes; those who go further
and analyze historical recruitment data find patterns
and trends. Those trends improve clarity and
accuracy of ideal candidate profiles, improving the
selection process. Further, companies that use social
media to reach passive candidates expand their
talent pool, gaining a critical competitive edge in
today’s labor market.
Additionally, the cost to
replace an employee is
approximately 150% of the
vacant role’s market rate
(salary) for mid-level
employees.
This factors in costs such as salaries of Recruiters
and Hiring Managers/Interviewers, screening and
testing costs, sign-on bonuses, and lost work that
the departed employee was responsible for. For
higher-level employees, the replacement cost
increases to over 300% of their salary because other
factors such as equity payouts, severance expenses,
relocation costs, and unique benefits such as vehicleor housing-stipends add to the higher replacement
cost.
For companies that already have an ATS, the
question shifts to whether the full automation
benefits are being obtained. By optimizing screening
and selection processes, HR departments can
minimize hiring bias and, improve the quality of hires,
ultimately driving better business performance.
Companies that fully optimize their processes, as
well as ATS, are able to continually evolve their
talent practices and protect the Talent Acquisition
team from burnout.
To continue reading and gain valuable insights on
navigating the evolving Human Resources landscape
amid AI advancements and discover actionable
strategies for optimizing talent - visit our website.