As we emerge from the pandemic and businesses begin ramping up operations to meet demand, there will be a renewed focus on hiring. The competition for quality talent will increase, and companies will be looking for recruiting advantages that are effective and cost-efficient.
For companies involved in high-volume recruiting, the need for smart, economical solutions to attract top talent can make or break a company during this tenuous time.
So what challenges do companies face when embarking on a high-volume recruiting initiative? And how can companies meet the challenges that arise with hiring efforts at scale?
To begin, a new research study conducted by HR.com’s Research Institute on high-volume recruitment clearly illustrates the challenges recruiters face. Among those include the following:
Time Is Money
According to the HR.com study, the biggest challenge in high-volume recruiting is reducing the time to hire. In the survey, only one recruiting challenge is cited by almost half of the respondents: reducing the time to hire. It’s no surprise that organizations emphasize getting vacancies filled as quickly as possible when so many jobs are open. The time to hire can directly affect the number of vacancies, and that number of vacancies can directly affect operations.
Identifying Ways to Save
Not surprisingly, the data from the HR.com study show that successful high-volume recruitment leaders place a priority on cost-related metrics. The study surmises that many recruitment leaders are still struggling with the fundamentals of high-volume recruiting, which means they must pay more attention to simply getting the jobs filled rather than worrying about cost. The successful ones, with better control over the core recruiting deliverables, are in a position to look more closely at the financial metrics, as well.
Today’s candidates expect to be able to search for jobs just as they search for food or order a car. The ability to recruit via mobile devices is seen as much more important than any other technology in high-volume recruiting. The HR.com study reveals that more than 7 in 10 jobseekers indicate this is of high importance.
How prevalent is high-volume hiring? Overall, two-fifths of respondents in the HR.com survey say the pandemic has made their organizations more likely to engage in high-volume recruitment. So how can they tackle these three potential challenges?
A Simple Solution: On-Demand Pay
Hundreds of forward-thinking blue-chip companies have already incorporated an on-demand pay (or earned wage access) solution into their tech stack that can address these issues head-on. By offering an on-demand pay benefit, companies give themselves a critical advantage when high-volume recruiting.
Recent research shows that 1 of 6 jobseekers indicated they are seeking employment at companies that offer an on-demand pay benefit. Because an on-demand pay benefit is no cost to the employer, simply offering this to prospective employees provides an immediate advantage over the competition and speaks to the challenges cited above. This also addresses the issues of timing. Research shows that by offering on-demand pay, employers witnessed a 50% increase in the time it took to fill a position.
The Zero-Cost Benefit Employees Love
For CFOs prioritizing efficiency, on-demand pay is the perfect cost-saving tool when conducting a mass hiring. According to recent research, employees who use a daily pay benefit stay 45% longer at their jobs, with 59% saying it motivates them to go to work and 75% saying they are more productive. And a more productive workforce can help drive revenue.
Digitization Is Key
On-demand pay went from a nice benefit to have to an essential one in the past year. Having access to your earned pay and visibility into your daily earnings with the simple click of a button is part of the contactless revolution. Employees expect to have this power, choice, and control over their pay from their phones—and it’s a critical benefit to offer in high-volume hiring.
High-volume recruiting is a complicated and potentially costly undertaking for any company, as the recent HR.com study details. However, a simple step such as offering the on-demand pay benefit, free for the employer, can help bring down costs and attract and retain the top talent you are seeking—a win-win for all.