Recruitment Funnel is a widely used recruitment strategy used by many businesses. This funnel helps businesses break down each stage and application process in detail, thereby finding the most promising candidates. In the following article, Viindoo will introduce the concept and how the recruitment funnel works.
1. What is Recruitment Funnel?
What is Recruitment Funnel? The recruitment funnel represents the entire recruitment process. At the top of the funnel are all the candidates involved in the recruitment process. The bottom and narrowest part of the funnel is the successful hires. In the middle of the funnel are all the steps in the hiring process that aim to weed out candidates who don't match the business's standards.
Recruitment Funnel helps track how candidates move through each recruitment channel. Simultaneously, the recruitment funnel provides detailed information on what needs to be done to make the recruitment process more efficient.
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2. How the recruitment funnel works
During the recruitment process, the HR department will evaluate the candidate's performance through each round to select the best personnel. A complete Recruitment Funnel consists of 5 stages. The interaction with candidates will take place through rounds, from which businesses will be able to select the most promising ones.
Specifically, the recruitment funnel acts as a framework in the recruitment process of an enterprise. This framework includes detailed steps of the recruitment process, thereby allowing the HR department to accurately evaluate candidates. Moreover, employers can gain valuable insights to improve the process thanks to the recruitment funnel.
3. 5 stages in Recruitment Funnel
Recruitment funnel is a powerful tool that helps businesses improve their recruitment process. As a result, the HR department can evaluate and select candidates more effectively. Usually, in every business, the Recruitment Funnel includes 5 main stages. Let's delve deeper into each of these stages with Viindoo.
3.1 Stage 1 - Creating awareness
Posting job requirements solely is not enough to attract talented candidates. Therefore, businesses need to combine recruitment marketing to attract talented and experienced personnel to apply for positions.
In stage 1, the recruitment funnel focuses on building candidates' awareness of the business by highlighting benefits and compensation policies. Through the company's promotional images and videos, candidates have the basis to determine whether the position is suitable for them or not.
In addition, the company also needs to interact and carry out activities to motivate employees to apply for jobs. At this step, businesses can use recruitment marketing and understand what is employer branding. This will bring long-term and sustainable benefits to the business.
3.2 Stage 2 - Searching and screening candidate profiles
After promoting the company's image on the job posting page, the business should begin searching for candidates on many different information channels. Some effective job search channels are LinkedIn or social networks such as Facebook. Besides, the HR department should also refer to and collect available data sources from previous recruitment campaigns.
Capturing and drawing experience from the company's previous recruitment campaigns will help the HR department find suitable and talented candidates. Once a source of candidates is found, the company needs to go through a quick screening process to eliminate resumes that are not suitable for the position.
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3.3 Stage 3 - Conducting interviews and selection
Stage 3 of the Recruitment Funnel is when the company starts the interview process. Typically, each company will have different interview rounds such as competency testing, group discussions, HR interview, team leader interviews, etc. to evaluate the candidate's suitability.
3.4 Stage 4 - Selecting talented candidates
In stage 4, employers and managers will jointly select potential candidates for the business. Specifically, future employees need to be enthusiastic, passionate about learning and easily adapt to the working environment. The panel will look at the available criteria and make an assessment based on the candidate's performance. Then the best one will be shortlisted.
3.5 Stage 5 - Job offer
The final stage of the Recruitment Funnel is sending job offers and onboarding new employees. This is not the end of the recruitment funnel. Businesses need to wait for the candidate to accept the offer for the cycle to be marked as complete. After a background check and receiving a job offer, the candidate has the right to accept or refuse to become a full-time employee. If the candidate agrees to the job offer, the recruitment funnel will end.
4. 6 metrics to evaluate the effectiveness of the Recruitment Funnel
What are the metrics to evaluate the success of Recruitment Funnel? Analyzing data is crucial for businesses to identify weaknesses and gaps that need to be addressed and resolved, resulting in a more efficient hiring process. Specifically, companies can use the following six metrics to evaluate recruitment effectiveness in general and the recruitment funnel in particular:
Relying on data for analysis will help businesses identify weaknesses as well as vulnerabilities that need to be remedied and handled. As a result, the recruitment process will be more efficient. Specifically, the company can use the following 6 metrics to answer the question of How to measure recruitment effectiveness in general and the recruitment funnel in particular:
- Recruitment quality: This is the most important aspect that businesses need to monitor in the recruitment funnel. The HR department should focus on the quality of employees rather than the quantity.
- Conversion rate on recruitment page: This metric allows businesses to determine the effectiveness of their recruitment page and what changes need to be made.
- Time: Businesses need to track time required to recruit a candidate and fill a position. If it takes too long to recruit for a position, the company needs to reconsider the effectiveness of its Recruitment Funnel.
- Overall candidate experience: Listening to the candidate's feedback during the interview process is essential. By doing so, businesses can identify what needs to be improved to ensure a better recruitment process.
- Recruitment source: Enterprises need to understand which source potential candidates comes from. From there, the company can come up with recruitment strategies as well as choose the right recruitment channel for the business.
- Proportion acceptance and rejection rate: If the rejection rate for job offers is too high, the company needs to look to know the reason and avoid wasting resources.
In conclusion, this article has introduced readers to the concept and stages of the Recruitment Funnel. Viindoo hopes businesses can utilize it correctly to enhance their recruitment brand for better talent acquisition!