With the increasing competition in the job market in Singapore, it has become even more important for companies to have a recruitment process that not only attracts qualified candidates but also retains them. It’s not just about filling positions; it’s about finding the right talent for the job.

In 2022, there were an estimated 1.5 million job vacancies in Singapore, while the number of unemployed people was only 400,000. This means that there were more than 3 job vacancies for every unemployed person.

Having an effective recruitment strategy can save a company both time and money by reducing turnover rates, increasing employee engagement, and improving overall business performance.

Moreover, having a good recruitment process can also enhance the company’s reputation as an employer of choice, making it easier to attract top talent. A study found that 75% of candidates say that the recruitment process has a significant impact on their decision to accept a job offer.

Here are 5 ways to assess how effective your recruitment tactics are and the tips on how to improve your recruitment process.

5 Ways to Assess Your Recruitment Tactics

1. Analyze Your Application Process

The typical recruitment process in Singapore involves job posting, candidate sourcing, screening and shortlisting, interviews, assessments and tests, reference checks, offer and negotiation, and onboarding.

The first step in assessing the effectiveness of your recruitment tactics is being able to analyse your application process. This involves evaluating how user-friendly your application process is and identifying any bottlenecks or areas where candidates may be dropping out of the process.

Companies should pay attention to comments indicating difficulties in submission, lack of communication, lengthy steps, clarity of job requirements, and user-friendliness. These comments provide valuable insights into the candidate’s experience and help identify areas for improvement.

2. Tracking Key Metrics

Tracking key metrics is essential for assessing the effectiveness of your recruitment tactics. Here are 5 to keep track of:

Time-to-Fill: Measures the duration from initiating recruitment to filling the position. A shorter time-to-fill indicates efficiency and prevents losing candidates to competitors.
Cost-per-Hire: Calculates the total recruitment cost. Lowering cost-per-hire while maintaining quality ensures efficient resource allocation.
Quality of Hire: Evaluates new hires’ performance, productivity, and retention. It assesses the effectiveness of attracting top talent.
Candidate Experience: Measures candidate satisfaction with the recruitment process. Positive experiences enhance the employer brand and attract high-quality candidates.
Source of Hire: Identifies the most effective candidate sourcing channels. Understanding the best sources helps allocate resources strategically.

Some current statistics to keep in mind:

The average time to fill a vacant position in Singapore is 30 days.
The Singapore job market is strong, with a low unemployment rate of 2.2% in 2022.
The cost of hiring in Singapore is relatively expensive.

To improve these metrics, you can use a range of strategies, such as streamlining the recruitment process, utilizing employee referrals, and investing in employer branding. Recruitment metrics can also benchmark performance against industry standards and track progress over time.

Also Read: 5 Reasons Why Employers Prefer Engaging Recruitment Agencies.

3. Talent Pipeline Analysis

According to a LinkedIn report, organisations with a talent pipeline are 2.3 times more likely to achieve their financial goals than those without. This indicates that maintaining a pool of potential candidates through a talent pipeline can positively impact business outcomes.

Conducting a talent pipeline analysis involves several key steps.

Identify future talent needs by aligning with stakeholders and identifying critical roles and skills.
Define clear target candidate profiles based on qualifications and attributes.
Employ diverse sourcing strategies to attract potential candidates from various channels.
Engage and nurture candidates through ongoing communication and relationship-building activities.
Continuously evaluate candidate suitability through screenings and assessments.
Regularly update and maintain the pipeline by refreshing it with new prospects and removing irrelevant candidates.
Measure pipeline effectiveness using key metrics and adjust recruitment strategies based on the insights gained to optimise the pipeline’s effectiveness.

Let us help you analyse your talent pipeline and check out other Trust Recruit services available.

4. Reviewing Turnover Rates

By analysing turnover rates, you can identify patterns and potential causes for high turnovers, such as poor cultural fit, inadequate onboarding, or limited opportunities for career advancement.

A high turnover rate is typically indicated by 28% of new employees leaving their jobs within the first 90 days of employment. The average turnover rate in Singapore is 15%, which is still relatively low. It’s best to have low turnover rates to avoid negative consequences, such as:

Frequent resignations: An increase in voluntary resignations within a short period may indicate issues with the recruitment process or work environment.
Negative employee feedback: Consistent feedback indicating dissatisfaction, low morale, or lack of career development opportunities should be addressed promptly to retain talent.
Low employee engagement scores: Monitoring and analysing employee engagement survey results can highlight areas of concern that may contribute to turnover.

Consider the following measures:

Enhance candidate screening: Implement rigorous screening processes to identify candidates who are not only technically qualified but also fit well with the organisation’s culture and values.
Improve onboarding programs: Develop comprehensive onboarding programs to facilitate new employees’ assimilation into the company, ensuring they feel supported and engaged from the start.
Enhance employee engagement initiatives: Create a positive work environment that fosters employee satisfaction, growth opportunities, and work-life balance, reducing the likelihood of turnover.

5. Measuring the Diversity of Your Candidate Pool

Following the success of Unilever and DBS Bank in implementing diversity and inclusion initiatives, measuring your candidate pool is essential in assessing your recruitment tactics.

It relates to evaluating the success of your strategies in attracting and considering candidates from diverse backgrounds. By assessing the diversity of your candidate pool, you can determine whether your recruitment efforts are inclusive and aligned with your organisation’s diversity and inclusion goals.

Websites such as the Tripartite Alliance for Fair and Progressive Employment Practices (TAFEP) offer guidance on measuring diversity in recruitment, including how to conduct a diversity audit and ways to enhance diversity in the workplace.

Best Practices on How to Improve Recruitment Process

1. Streamlining the Application Process

By streamlining the application process, businesses can make it easier for candidates to apply, increasing the likelihood of attracting a diverse pool of qualified applicants. Companies like Google and Meta are examples of businesses that have implemented successful streamlined application processes.

Google’s process takes around two months, with seven simple steps for applicants to get through. On the other hand, Meta’s process is clearly stated on its website, which allows potential applicants to know what to expect when they apply.

2. Improving Your Employer Branding

In 2021, it was found that 62% of job seekers utilise social media platforms to assess a company’s employer brand. A strong employer brand can attract top talent, increase employee engagement, and improve overall business performance.

Through such, you can communicate your company’s culture, values, and benefits to potential candidates.

3. Offering Competitive Compensation and Benefits

Candidates often weigh salary and benefits as top factors when considering a job offer. Companies that offer competitive compensation packages and desirable benefits can differentiate themselves in a crowded job market and attract a diverse pool of top candidates.

Checking the Ministry of Manpower’s guidelines could allow you to gauge what candidates expect and what other companies may offer.

4. Encouraging Employee Referrals

Encouraging employee referrals leverages the existing networks and connections of employees to source potential candidates. This can help to identify candidates who are a good fit for the company culture and have the necessary skills and experience.

Additionally, it can result in faster hiring times, reduced recruitment costs, and improved employee retention rates.

5. Building a Diverse and Inclusive Hiring Process

To build a diverse and inclusive hiring process, companies can take steps such as reviewing job descriptions to remove bias, implementing blind screening processes, and ensuring diversity in the interview panel.

Companies can also partner with community organisations and attend job fairs to reach a wider pool of candidates.

Conclusion

Regularly assessing and learning how to improve recruitment process is crucial in ensuring your organisation attracts the best talent and remains competitive. Effective recruitment tactics are essential for finding and retaining top talent, and this process requires ongoing attention and effort.

By implementing these strategies, you can significantly improve the recruitment process, leading to increased retention rates, higher employee engagement, and a stronger brand reputation.

Contact us to keep your job recruitment tactics efficient and up-to-date.

Improving Your Recruitment Process: Best Ways & Practices

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