As we are all aware, we’re experiencing a time of uncertainty and maintaining a moving business is more challenging than it has ever been before.
This doesn’t mean all business has stopped or that we no longer require new team members to support these challenges, however, it does mean the time spent focusing on business operations that generate and secure revenue are even more essential.
We have already witnessed a shift in many parts of the job market. In January and February unemployment was at a historic low of 3.5%. Now, as we enter May, we are at a near historic high of 18.6% (May 1st 2020).
The unemployment rate we are currently faced with has created more challenges to the recruitment process. A few months ago, the number of job applications were much lower compared to the adverts which are currently posted, receiving applications in the hundreds.
This creates two significant challenges for a business:
- The time-cost to review these applications is significant and consuming
- Managing and maintaining positive brand image is increasingly difficult
Exploring these challenges:
- The time to review every application
There is no short cut for reviewing an application especially when each resume has a slightly different format and the way information is read is subjective person-to-person. A resume is an advert to an individual, but it doesn’t exhibit their personality and the type of culture they will fit into.
Consider that application takes around 5 minutes to review and you receive 250 applications. It will take non-stop 25 hours to review every resume (no breaks), this doesn’t include speaking to applicants. Not forgetting management of the day-to-day business, eating and sleeping occasionally!
To put in perspective, 250 applicants review by line manager at estimated $100,000 salary/$385 per day, could get through the applicants in 2.5 days if reviewing constantly and not doing other work. It is expected that it will cost near to a week of time to review effectively.
The reality is that this process will take over a week and the applicant you want may have been reviewed quicker elsewhere and already in process by this point.
No company or candidate wants to feel they were being the slower to respond than their competitors.
(We have seen applicant numbers as high as 700 for one position).
Managing and maintaining positive brand image
If one individual is managing a singular recruitment process, inundation of applications is inevitable and even more so when hiring for multiple positions. It’s imperative to positively manage your brand throughout the screening process, failing to do so could result in high-quality candidates looking elsewhere and unlikely to apply for future roles due to slow response time and lack of communication.
The bottom line is to be effective in this situation is incredibly difficult. Candidates who are viewed as the most talented by your business will be highly regarded by your competitors too and ultimately hard to secure. Almost impossible if not actioned in a quick turnaround time.
deverellsmith has successfully delivered the candidate qualification service to multiple clients whereby we allocate a dedicated recruiter with real estate experience to filter through resumes according to job profile, screen the candidates, respond to all unsuccessful candidates and finally present a short-list for the line manager. The candidate qualification service is completed efficiently, professionally and in a short space of time to increase availability for other key responsibilities.
We offer this on service on a daily rate basis to assist our clients to present the best way possible as they navigate through the current high volumes of traffic. Click here for more information on deverellsmith’s candidate qualification service and visit our US website.
Hamish Lowe manages our search business across the Southern states. Hamish has worked within real estate executive search in both Europe and the US. Having founded and created multiple executive search business units within real estate, his understanding of dealing with high profile searches is extensive and will provide the detail and support needed to connect individuals into new opportunities.