“Employees are the backbone of an organization.” – It is a quite common phrase among businesses. And it is absolutely true!
Companies, irrespective of their size or sector, rely heavily on employees to attain their objectives. If they lack qualified staff or fail to retain them, the workforce ecosystem gets disturbed. It will eventually impact the company’s operations and market growth.
As a matter of course, human resource managers and recruitment consultants conduct market research to strengthen their employee base. Here’s how:
- Understanding Candidate Behavior
To target the recruitment campaign, learning about candidate behavior is crucial. A recent study revealed that female candidates look for job opportunities published on job portals. On the other hand, male candidates count on their personal networks to secure a position.
Moreover, 77% of employees nowadays prefer companies with flexible working options over in-office jobs.
Learning about such candidate preferences and behavior changes is essential for managers to formulate strategies. It will aid in connecting with suitable candidates and onboarding them. Moreover, it will help retain the new employees for a long time.
- Gaining Valuable Insights
Employee onboarding reports and data assist the managers in understanding the candidates as well as how hiring them will impact the organization. Paying attention to employee onboarding statistics helps managers formulate an effective recruitment strategy. It includes the onboarding cost, success rate, retention rate, and more.
Managers can use key performance indicators, surveys, and employee feedback to collect these insights. It will help understand the employee impression of the company; thereby, managers can modify their existing strategy.
Not to mention, the data will assist the managers in making quality decisions and drive employee engagement while reducing the onboarding cost.
- Positive Working Environment
Did you know that effective employee engagement can increase the retention rate by 20%? Organizations that understand their employee’s interest, constantly encourage them, and offer healthy working conditions keeps them invested in the company.
Moreover, it builds a good brand name in the market, encouraging potential candidates to connect with the organization and become a part of it.
The ideology here is pretty simple. The better environment a company provides, the higher the number of happy employees. Quite evidently, when employees are happy, they boost productivity and provide positive reviews.
Before joining or interviewing for a company, the potential candidate collects information about the working culture and employee status. If the turnover rate is high, the company has bad online reviews and less social activity; candidates are less likely to join it. On the flip side, a positive working environment can change the entire game, captivating the candidate’s interest and onboarding them.
Final Words: Market Research Before And During The Recruitment Process Is A Must
Many managers believe that the recruitment process ends as soon as a candidate is onboard. However, that’s not the case. There is no end to the recruitment process, as it is a loop. The HR managers and consultants need to follow the measures discussed above to identify the potential candidates, onboard them, and ensure they stay with the organization.