Amid the pandemic, companies need to be very strategic when looking to bring in new talent to help revamp their company. Making a new hire that won’t positively impact a company’s bottom line can majorly cause issues for a company down the road (a bad new hire can cost a company $17,000 on average). One way to mitigate new hiring mistakes is to give the company CFO a seat at the hiring decision table. Here are ways CFOs can use past financial data and connect it with candidate résumés to help inform smart business hiring decisions.
Post-pandemic strategy. Companies now are challenged to find new ways to operate smarter and more efficiently, while seeking to re-hire and maintain a safe, productive, and enthusiastic workforce.
However, creating an enticing benefits package is not enough to survive in the post-pandemic world. Employers need to restructure their hiring process to accommodate candidates following Covid-19. The pandemic created a contactless society and therefore eliminated in-person interviews. So to continue to bring in new talent, employers should adopt new technologies and incorporate them into the hiring process. A recent survey said 66% of people would work remotely if given the chance. Companies should strive to normalize online video interviews and train current employees on how to operate technological tools. If companies fail to digitize their recruiting process, they will lose many potential workers along the way.
Mitigating hiring mistakes. The CFO can be a valuable partner to HR teams during a time when hiring comes with numerous challenges and risks. CFOs can provide hard metrics that the HR department may lack, which can be combined with technology to power data-driven recruitment and HR analytics. This creates a more objective hiring process that increases hiring rate accuracy and saves employers thousands of dollars.
With many companies valuing the opinions of the team and HR employees, the hiring process becomes biased with everyone valuing different traits or skills. And for some industries, the pressure to hire, and hire quickly, is on!
CFOs can replace the concept of hiring with your gut feeling with hiring based on hard analytics by providing data. Additionally, CFOs can assist the HR department with budgeting by providing financial data for all the different hiring channels. With the data, the HR department can assess which methods were the most effective and learn to effectively manage their budget.
CFOs can also help the talent organization better balance total costs of staffing. By understanding the impacts of turnover (costs and lost revenue), they can help design better strategies to select and retain the best workforce…
Source: The Staffing Stream