Did you know 70% of the global workforce is passive talent? This means millennials and Gen Zs don’t apply for open job positions and are not searching for new jobs.
So, you may not find the best talent using traditional hiring methods, like newspaper advertisements, job fairs, or local employment office postings. This is true, particularly for high-level positions that need a rich skill set for roles like computer developers, creative designers, etc.
That’s why it’s time to rethink your recruitment strategies if you want the best talent with specialized in-demand skills for your projects.
Disadvantages of Traditional Recruitment Methods: Why They No Longer Cut It
The shortest answer – traditional hiring processes lack efficiency, accuracy, and quality. Here are some stats that prove it:
- A bad hire costs up to 30% of an employee’s salary for the first year.
- The average time to fill a vacancy is 42 days using a traditional recruitment method. This timeframe can be reduced to 14 days using the latest recruitment methods based on artificial intelligence (AI).
- On average, employers receive 250 resumes per corporate job post, which makes it time-consuming and hassling to screen and interview candidates and find the best one.
These are just three stats. Recruiters struggle with a lot of other pitfalls and challenges when it comes to traditional hiring processes. Key drawbacks of traditional hiring in the modern world are discussed below:
Limited Access to Talent
Today's workforce has gone remote. Both employers and employees have recognized the benefits of remote global talent. A global workforce gives you access to the best talent from around the world. You can hire individuals with specialized skills needed for your projects. It helps workers maintain a healthy work-life balance, thus increasing their employee retention rate.
But traditional hiring processes limit your prospects by geographical boundaries. Unlike AI-powered digital recruitment methods, there is no algorithm matching the right candidates to fit your job requirements. So, you have scarce options limited to local talent, thus shrinking down your talent pool.
Since you're competing for a small talent pool, prospects often negotiate a higher salary. Also, greater job security makes in-house employees less likely to upskill on the latest technologies than remote workers.
So, you need to move away from the traditional hiring process to expand your pool of skilled talent and reach an untapped candidate pool.
Keeps you from benefiting from a Diverse Workforce
Workplace diversity makes organizations more inclusive of workers of varying ages, races, genders, religions, sexual orientations, and more. This diversity nurtures your company’s culture and has a substantial positive effect on your teams. Increasing diversity in the workplace enhances productivity, creativity, and innovation because of an infusion of fresh and unique ideas.
But when you are not able to hire beyond your local talent pool, you can’t add diversity to your workplace. Traditional hiring processes have structural biases, making them ineffective for organizations that want to benefit from a diversified workforce.
Traditional Recruitment Focuses on Skills, Not Behavioral Drivers
Traditional hiring focuses on matching candidates’ skills needed for the job role you are hiring for. Although reviewing skills is important, it looks at things only at the surface of what makes for a great hire. Studies show that new hires are fired within the first 18 months, and it's due to a lack of skills 11% of the time. Further, it's attributed 89% of the time to attitudinal deficits, including a lack of motivation, low emotional intelligence, temperament, etc.
As a recruiter committed to prioritizing the individuals in your company and making successful long-term hires, it's crucial to comprehend the mindset and motivations of potential candidates in the workplace.
At Brix, we employ a professional data screening algorithm to vet candidates for their professional characteristics like work ethic, enthusiasm, and adaptability. Neglecting these characteristics can lead to bad or unsuccessful hires that no longer work with you.
Time is an asset, and using traditional hiring processes can cost you more than you could even imagine. In addition to the time spent on writing job descriptions and the onboarding process, companies often get stuck in the screening and interview process. Using traditional methods, they keep interviewing candidates that don't fit the job role, resulting in an endless hunt for the right fit.
On the other hand, when you use a modern hiring approach powered by technology, you save a huge amount of time for core activities. For example, Brix can save you huge time not only screening, interviewing, and onboarding. Using this platform, you can save time managing, monitoring, and modifying your teams. Brix helps you hire the best developers in days, not weeks, saving you so much time.
According to the Society for Human Resource Management (SHRM), the average cost per hire was around $4,700 in 2022. This cost includes expenses for career fairs, job advertising, employee referral bonuses, travel expenses, and hiring agency fees. This is a significant amount of money for many businesses, especially for small-to-medium enterprises. And, if you’ve to fill many vacancies, the costs will surprise you.
On the other hand, modern hiring methods help recruit the best candidates at a fraction of the cost. You save on many things like advertising, hiring agency charges, travel expenses for recruiters and candidates, etc. When it comes to hiring developers, you can save these expenses by using platforms like Brix.
Brix offers multiple packages to choose from as per your unique hiring requirements. The platform charges according to three categories, including engineer salary, platform fee, and mandatory fee. Their pricing structure is fully transparent with no surprising costs.
Embrace Modern Hiring Strategies
As you see, traditional hiring methods can be costly, time-consuming, and ineffective. So, it’s the right time to embrace modern hiring methods that are powered by technologies like artificial intelligence.
If you’re ready to use the futuristic hiring techniques, then book a demo today with Brix and let us serve you with our tailored recruitment solution for IT developers. Then, schedule a call with the Brix team to see how we can help you.
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