New Fountain and Boston Consulting Group Report Describes Factors Associated with Hiring Success Amid a Challenging Job Market – PR Newswire | Region & Cash

SAN FRANCISCO, March 3, 2022 /PRNewswire/ — Today, the global consulting firm Boston Consulting Group (BCG) and Spring, the world’s leading all-in-one applicant tracking system for high-volume hiring, unveiled new strategies companies can use to attract more applicants while improving hiring conversions. BCG’s reporttitled “Surviving the Great Resignation,” notes that in today’s intense competition for talent, the winners will be those who can renew a job offer in days – not weeks – and those whose applications are mobile-friendly.

Employers face a formidable hiring challenge: 4.5 million people left their jobs last November and there are 10.6 million active job openings in the US, along with a net labor shortage of 4.3 million workers. In 2020 and 2021, the vast majority of sales were made in the hourly service sectors such as hospitality, retail and food service. In response, many companies have gotten creative to compete in the hiring war for hourly workers, motivating potential employees with sign-on bonuses, higher wages, and additional PTO. However, this latest BCG report finds that to truly attract more applicants and improve hiring rates, employers need to take an analytical, data-backed approach to their pipeline.

Businesses need to accelerate hiring processes to be competitive
BCG’s analysis of Fountain’s proprietary data found that employers who present job openings in less than seven days attract 80% more new hires, on average, than companies with longer deadlines. Additionally, each tag removed from the hiring process improves that rate. The best job seekers apply to multiple positions, and the employer who makes the first offer to the job seeker is more likely to attract that talent.

Employers need to upgrade their screening skills
BCG’s analysis found that candidate quality can vary widely across job boards, and with myriad options to choose from, employers who explicitly balance hiring volume and revenue will improve business outcomes. With 84 percent of applicants saying they applied to a job using their smartphone, companies need to ensure they are targeting candidates more strategically. Location is a common screening tool employers use when searching for candidates. While 70% of applicants are looking for a job less than 15 miles from where they live, BCG found that applicants who were willing to travel further were hired at an equal or greater price.

Job postings should articulate company benefits in order to stand out
According to BCG’s report, 46% of the job postings analyzed did not mention benefits. However, analysis showed that offering certain benefits improved applicant yields and led to higher quality applications. The benefits that most significantly increased hiring rates included bi-weekly pay (34%), 401k (34%), sick leave (27%), tuition reimbursement (25%) and PTO (25%).

Companies that reevaluate or revise job requirements have an advantage
BCG found that employers must continuously analyze certain criteria throughout the job posting process to increase the likelihood of improved hiring outcomes. For example, jobs without explicit age requirements generated more applicants but resulted in a lower hiring rate than jobs with age requirements. In addition, BCG found that companies attracted more applicants when they relaxed work experience requirements, but doubled hiring rates when they specified that experience. Finally, educational requirements like a GED or high school diploma have reduced applicant pools by 40% without improving hiring rates.

“Our analysis shows that many successful companies take a ‘test and learn’ approach to hiring. Having the right data, accessed by the right people, is critical to success,” he said David WalchManaging Director and Senior Partner at BCG.

“So many companies are struggling to hire hourly workers, which number around 82 million and make up more than half of all wage earners in the US alone,” he said Sean Ber, CEO of Fountain. “Fountain’s solutions enabled companies to hire more than two million people in 2021 by simplifying, streamlining and automating as much of the candidate journey as possible to reduce time to hire.”

About wells

Fountain’s all-in-one high-performance hiring platform empowers the world’s leading companies to find and hire the right people through intelligent, fast and seamless recruiting. Candidates can apply anytime anywhere in minutes directly from their phone. Automated and customizable processes streamline the candidate experience and save time for recruiting teams to scale as hiring needs grow. Advanced analytics provide end-to-end process visibility so managers can make fast, data-driven decisions. Throughout the candidate journey, the openly integrated platform enables companies to find, qualify and convert more applicants. Fountain’s global customers hire over 2 million people annually in 78 countries.

Learn more about fountains website or connect via Twitter, LinkedIn or the fountain to blog.

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About the Boston Consulting Group
The Boston Consulting Group works with business and community leaders to address their most pressing challenges and capitalize on their greatest opportunities. BCG pioneered business strategy when it was founded in 1963. Today, we work closely with clients to pursue a transformative approach that aims to benefit everyone involved – empowering businesses to thrive, build sustainable competitive advantage and create positive societal impact.

Our diverse, global teams bring deep industry and functional knowledge and a range of perspectives that challenge the status quo and inspire change. BCG provides solutions through leading management consulting, technology and design, entrepreneurial and digital ventures. We operate in a unique collaborative model across the business and at all levels of the client organization, driven by the goal of helping our clients thrive and enabling them to make the world a better place.

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