It’s hard to calculate the true costs of hiring an employee.
There are the recruiting costs: advertisement, time cost of internal recruiter, time cost of recruiter’s assistant in reviewing resumes and performing other recruitment-related tasks, time cost of the person conducting the interviews, drugs screens and background checks, and various pre-employment assessment tests. In 2016 SHRM reported that the average cost per hire was $4129.
Then, once you think you have the right employee hired for the job, you have the training costs. In 2017 Training magazine reported that the average cost to a company per learner was $1075.
And with the average annual turnover rate hovering in the 10% – 20% range, making wrong decisions when you hire someone can get costly quickly.
What if every application that hit your desk came from a job seeker who already understood what it was like to work for your company?
What if they already knew about your culture and values?
I bet that would lower your turnover rate and lower hiring costs.
Well companies like Marriott and GEICO have already found a highly effective way to make sure that a good number of job seekers know this information before they apply.
They are podcasting about it.
If you have read my other articles, then you’ll know that podcasts are the #1 new-media source for people wanting to learn something new AND they are an authentic way to make a deep connection with the listener AND that most listeners not only listen to the entire episode but they then do what you ask them to do.
Marriott and GEICO are using podcasts to publicize their employee value proposition (EVP).
EVP is the benefits an employee receives in return for what they bring to a company. This should include a description of how the company is different than others and its core values. It should share why people are proud to be employees and the vision and culture of the company. Companies who stay aware of EVP in all parts of their business know that it will help attract the ideal job candidates.
Forward thinking HR professionals know that EVP is an essential part of your employment brand. And employment brand is a crucial factor in the decision job seekers make in applying for positions at your company.
Podcasts are a very effective way to broadcast all important elements of your EVP and to also create authentic connections with your company leaders and HR staff before a job seeker ever gets to an interview.
Most importantly, they will weed out job seekers who won’t enjoy your company culture or expectations. Saving you time and money.