Did you know that few companies have a consistent hiring process? Unfortunately, many companies fail to see the necessity of having a uniform hiring process. The truth is that many companies report hiring the wrong person for the job, which can cost them tens of thousands of Rands. The main reason why companies hire the wrong person is because their hiring process lacks consistency. Too much variation in the hiring process leaves room for blind spots. Still not convinced? Here are the top 5 benefits of having a consistent hiring process:
A uniform hiring process is extremely cost-effective. By having a consistent strategy, your company can reduce its average cost to hire while recruiting better candidates than ever before.
When a hiring process isn’t streamlined, it leaves room for bias. For example, one candidate may be asked a completely different set of questions than another candidate, which wouldn’t be fair. Perhaps the second candidate was asked less important questions that they didn’t know the answer to, while they would have been able to correctly answer the first set of job and industry-specific questions. A consistent hiring process eliminates bias, ensures fairness, and provides transparency.
Ensures that you hire the best possible candidates
Because a consistent hiring process effectively eliminates bias, it can be used to find the best possible candidates. In a streamlined hiring process, candidates are evaluated by the same metrics and asked the same questions. If a hiring process is random, it can seem like you’ve found a great candidate, but when they are asked different questions or evaluated in an alternate way, they don’t seem as good of a fit.
Hiring process can be properly reviewed and improved
It’s impossible to improve a process that isn’t standardised. Without consistency, it’s hard to tell what strategies are or aren’t working and what should or shouldn’t be changed. Therefore, a consistent and streamlines process can be properly reviewed, analysed, and improved upon.
Positions company as a leader in their industry
There’s no doubt that a consistent hiring strategy both helps your company hire the best possible candidates and provides transparency to applicants. This can help your company become a leading authority in the financial services industry.
While a consistent hiring process is absolutely crucial, the majority of companies don’t know where to start. They know that they need to develop a uniform hiring plan, but have no idea how. That’s where NewDam Tech (Pty) Ltd comes in, Writing a hiring plan that includes our Job Board Careerdam.com which serves the financial services industry by providing the best candidates possible for the job, we can write a hiring process plan that outlines the best practices that are also aligned with FSCA Regulations and employment act regulations for any financial institution.