abhishreshthaa
Abhijeet S
• Evaluation of Alternative Sources
Companies have to evaluate the sources of recruiting carefully – looking at cost, time, flexibility, quality and other criteria – before earmarking funds for the recruitment process. They cannot afford to fill all their vacancies through a particular source. To facilitate the decision making process in this regard, companies rely on the following:
Time lapse data: They show the time lag between the dates of requisition for manpower supply from a department to the actual date of filling the vacancies in that department. For example, a company’s past experience may indicate that the average number of days from application to interview is 10, from interview to offer is 7, from offer to acceptance is 10 and from acceptance to report for work is 15. Therefore, if the company starts the recruitment and selection process now it would require 42 days before the new employee joins its ranks. Armed with this information, the length of the time needed for alternative sources of recruitment can be ascertained – before pinning hopes on a particular source that meets the recruitment objectives of the company.
Yield ratios: These ratios indicate the number of leads / contacts needed to generate a given number of hires at a point at time. For example, if a company needs 10 management trainees in the next six months, it has to monitor past yield ratios in order to find out the number of candidates to be contacted for this purpose. On the basis of past experience, to continue the same example, the company finds that to hire 10 trainees, it has to extend 20 offers. If the interview-to-offer is 3:2, then 30 interviews must be conducted. If the invitees to interview ratios are 4:3 then, as many as 40 candidates must be invited. Lastly, if contacts or leads needed to identify suitable trainees to invite are in 5:1 ratio, then 200 contacts are made.
Companies have to evaluate the sources of recruiting carefully – looking at cost, time, flexibility, quality and other criteria – before earmarking funds for the recruitment process. They cannot afford to fill all their vacancies through a particular source. To facilitate the decision making process in this regard, companies rely on the following:
Time lapse data: They show the time lag between the dates of requisition for manpower supply from a department to the actual date of filling the vacancies in that department. For example, a company’s past experience may indicate that the average number of days from application to interview is 10, from interview to offer is 7, from offer to acceptance is 10 and from acceptance to report for work is 15. Therefore, if the company starts the recruitment and selection process now it would require 42 days before the new employee joins its ranks. Armed with this information, the length of the time needed for alternative sources of recruitment can be ascertained – before pinning hopes on a particular source that meets the recruitment objectives of the company.
Yield ratios: These ratios indicate the number of leads / contacts needed to generate a given number of hires at a point at time. For example, if a company needs 10 management trainees in the next six months, it has to monitor past yield ratios in order to find out the number of candidates to be contacted for this purpose. On the basis of past experience, to continue the same example, the company finds that to hire 10 trainees, it has to extend 20 offers. If the interview-to-offer is 3:2, then 30 interviews must be conducted. If the invitees to interview ratios are 4:3 then, as many as 40 candidates must be invited. Lastly, if contacts or leads needed to identify suitable trainees to invite are in 5:1 ratio, then 200 contacts are made.