The bottom line of the balance sheet is enhanced by a simple integration of “Metahire,” which brought in more money and cut costs.
How to Identify the best talent?
The main purpose of hiring is to find candidates who can lead, serve and perform. According to McKinsey & Company, Competitors who started a year or two after could beat you with a 20% more productive workforce.
Savings of 30% per year in salary can be realized if the company begins hiring on the basis of performance and potential for advancement using the best hiring tool rather than relying solely on past experience.
How can it save 30%?
When a business receives one hundred applications, it will typically conduct interviews with only the top twenty resumes. During this process, they run the risk of missing out on a high-performing candidate who is willing to accept a lower salary because of their lack of experience, as shown in the following image:
The Metahire Process:
- Metahire examines a candidate’s career path instead of only past experience and provides an expert-made, realistic job screening to find the best person for the job.
- In the talent war, good candidates are available for a short period of time. Speed of hire and efficient hiring process matters to hire high-performing candidates.
Saving: Direct salary savings range from $1000 to $3000 per year, per open position.
Reduce Wrong Hire
Wrong hires cost companies approximately 2 months to 12 months of employee salary. Get further details on how to hire best candidates and the cost of wrong hiring.
Reason and Solution :
Reason: Time pressure to fill an open position with a fresh hire.
Solution: Metahire has sped up the process from 41 days to 3 days. We do this by using innovative ways to hire by reducing mundane tasks like resume reading with the help of our Auto-resume reader and following up with candidates using a WhatsApp bot.
Reason: Mis-information on the resume about skills, education, and background.
Solution: Metahire conducts an in-depth screening process with activity tasks, situational judgment tests, robotic interviews, and skill-based assessment.
Reason: Unsatisfied candidate because of expectations in work
Solution: One of the core reasons for dissatisfaction is a mismatch between a candidate’s expectations about work and the actual work. It can be solved by using the Realistic Job Preview feature while conducting the screening process.
Reduce Attrition and Turnover
Businesses incur significant costs when employees leave, including the time and money spent on replacement hires, training, lost productivity, missed business opportunities, and the risk of hiring poorly.
How can we calculate the cost?
It is difficult to determine how much the overall impact will cost. But there is no denying that there is a cost associated with rehiring, onboarding, legal, and training, which amounts to a minimum of two-four months’ salary and a reduction in productivity by fifty percent for the first three months, which costs the company an additional fifty percent of a monthly salary. In total, it will cost them the equivalent of at least 4.5 times monthly salary.
The Metahire Process:
- Metahire predicts a candidate’s job-hopping timeline based on career path.
- Offer candidates a realistic job preview that shows them the tasks, work culture, environment, and tough situations they’ll face. When this happens during the assessment phase of the hiring process, it gives candidates the chance to drop out of the job if their expectations aren’t met.
Saving: $1,000 to $1,500
Saving Recruitment Resources
Recruitment costs the company avg $4000 and 41 days per job position.
How can we reduce the time and cost of hiring?
- Automating mundane tasks like follow-up, resume reading, ranking, telephonic interviews, and reminders using the Metahire system
- The recruitment process not only involves the recruiter but also two-three company employees of senior level for the screening process. These candidates are generally selected by resumes and telephonic interviews.
When the recruiter conducts and provides robotic interviews and in-depth screening reports to senior officials before calling for Face to Face interviews, we have seen the number of interviews and time involved per position reduce to 40%. Out of 10 shortlisted candidates, they invest face-to-face time with only 4 candidates.
Saving: Saves nearly 6–7 hrs of senior employees whose cost to the company is generally $10 to $50