HR ideas…from Jeffery Giesener – CEO – SourceMob.com
I am sure you are all familiar with the fabulously successful ABC Network hit called Shark Tank. The show provides venture capital funding for great product ideas. Five independently wealthy entrepreneurs provide the funding and listen to aspiring entrepreneurs’ presentations. In the process, the Sharks often skewer the presenters.
So what will Mr. Wonderful, aka Kevin O’Leary, certainly ask you if you stand in the Tank?
Okay, here we go and let’s see if in 10 seconds you could answer any of his questions? If you could you would move closer to getting the money. But not having the answers would most likely get you shown to the door.
- What is your Candidate Acquisition Cost (CAQ)? This is the total cost of spending on talent acquisition, divided by the number of candidate applies. Quick — your answer?
- What is the Lifetime Value of a Candidate (LTV)? You know there are plenty of candidates sitting in your Applicant Tracking System or your expensive Talent Communities. So why do you continue to open new job requisitions, spend more money on job ads and spend on outside recruiter fees when you have the qualified candidates “right under your nose?” Mr. Wonderful is waiting for your credible answer.
- How are you going to make Mr. Wonderful money? Or in the world of Talent Acquisition, how are you going to return money to the treasury kept by your CEO/CFO or CHRO?
So you have 10 seconds to answer each of a, b and c. If you don’t do it in time or your answers are not liked, you are Shark chum. Are you ready to go into the Tank? Or are you continuing to say, “I just don’t have any more room on my plate to know this kind of stuff.” Or, “I don’t see this as a priority for my work.” Or, “I am just not good at numbers, remember I am in HR?” Or, “Our leadership hasn’t asked for me to give them this data yet.”
Well if you think any of these answers would be sufficient for the Shark Tank, you would be sorely mistaken. Take a step back with your team and see how you could figure out how to get the answers to a, b and c above. You would be happy you did when your CEO, CFO or CHRO officers come and knock on your door and asks for these answers, and/or your job is dependent on them.
When you need help working through your analytics just email me at firstname.lastname@example.org, ring me by phone at 952-807-8364 or join one of our Webinars. Check out the SourceMob website in our Events Area on the right side of our SourceMob.com home page.
ABOUT SOURCEMOB: SourceMob links Internet, social, talent community and mobile recruiting solutions to help talent acquisition professionals recruit the very best candidates for tough-to-fill positions. SourceMob software distributes job content and conversations providing a job posting springboard to over 3.5 million candidate profiles on Facebook, LinkedIn, Twitter, Google+ and all of the major search engines. Our solutions also enable Mobile Quick Apply and candidate application management services to create efficiencies and lower recruiting costs.