Screening Process, Selection funnel , enhancing TAT and productivity using analytics
Organizations that analyze and improve their selection systems can quickly realize a high positive return on investment (ROI). While this can seem daunting, organizations that take the time to lay out their costs of selection will find it easy to estimate the overall value of any proposed improvements. Improvements in selection procedures can incorporate both direct and indirect benefits. Making the system more efficient produces an immediate direct benefit by reducing costs to replace employees. Indirect benefits appear when the system does a better job of choosing the right candidates (i.e., higher validity), thus reducing turnover and improving the quality of hires.
Assuming that that we are hiring 5 new people due to vacancies in the organization, All cost estimates must consider the fact that you will screen and interview many more candidates than will actually be hired. An organization may need to process 100 resumes to find 5 new hires. It might have to interview 10 final candidates to yield the final 5. Replacing lost employees or selecting candidates for new positions can be very costly. Of course the thoroughness of the selection process varies greatly across organizations and positions, but most systems have room for improvement.WPFL can help you to set up basic improvements that can yield a significant ROI over time for your selection system.