Broken Hiring Funnel? How to Repair & Refocus Your Hiring Efforts
A flawed hiring process can lead to delays, poor hires, and lost opportunities. This blog helps you identify common issues in your hiring funnel and provides actionable strategies to refocus your efforts, ensuring you attract and retain the right financial talent. Contact our staff at PrideStaff Financial to help support your team’s needs.
Everything starts with the diagnosis:
First, you must diagnose where the issues are stemming from before you can refocus and repair your hiring process. Start by gathering data. It’s impossible to make improvements if you don’t have a clear picture of your results. At a minimum, you should know the number of active candidates at each stage of the funnel, how those numbers change over time, and the quality of the candidates at each stage of the funnel.
Look for drop-offs:
Are your talent pool numbers low? As you review the data, keep an eye out for any glaring drop-offs in your number of candidates. For example, do you tend to have low numbers during the sourcing stage of the funnel? Do you do quite well until the candidate selection process, where most of your qualified candidates end up leaving? Narrowing the problem to one (or more) specific funnel stages can help you zero in on what’s wrong.
Be part of the solution:
Bring everyone together to be part of the solution. Get your entire HR/recruiting team together to brainstorm new processes and approaches for problematic stages of the funnel. Try to bring together a diverse set of opinions, as this is likely to generate the most innovative solutions. Employees from different segments of the team will see things from different angles, and all those perspectives combined can lead to a solution no one could come up with alone.
Hiring community kick-off meetings:
This enables you to clearly define and confirm everyone’s understanding of the role requirements, any target companies they want to see candidates from, outline the part each person has to play in the hiring process, what you and they are assessing (as well as when and how), and be specific about expectations on feedback timeframes. Another great idea is to create 10 – 20 example candidates together with the hiring manager in real-time. This allows us to quickly calibrate what “great” looks like for the role in question.
Experiment:
You can’t fix a broken funnel by keeping things the same. Make it a point to try new tactics in every stage of the funnel where you’ve detected a problem, then measure the results of your new approaches. One by one, you’ll be able to replace the tactics that aren’t working with tactics that are.
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