Post #1: Companies are hiring actively and reporting better joining ratios
This is the first post in this newsletter, so let’s begin with a good news.
Hiring activity has rebounded to pre-Covid levels
The Covid-19 hiring freezes are now getting over. As per our data from CutShort, the hiring activity in July has shown a strong rebound:
The number of new candidates is also seeing a strong growth. In July, we had 2x more sign ups than June.
This indicates that either CutShort is becoming more popular or there are more candidates looking for new opportunities aggressively after waiting for 4 months to let things settle done.
Either ways, a good time to start hiring!
The hard problem of joining ratios
If there is one constant problem that troubles most companies today, it’s the last minute drop-outs from the candidates who had earlier accepted the offer letter.
I have discussed this topic several times with startup founders, TAs and HRs and have found some interesting tips.
It seems there is no silver bullet to solve this problem sustainably. I will focus on this problem in near future, but I have some good news.
Companies are reporting better joining ratios
In one of our recruiter meetups, I was happy to hear from a customer (Blackhawk Network India) that reported a huge improvement in the joining ratio. It went from 65% in Jan-March quarter to 85% in the last 3 months.
How did they do it?
Again, as I said, there is no silver bullet. Reduced competition perhaps helped them but it’s largely because of the fact that they designed their hiring process really well. This basically means:
Choosing the right fitting candidates to start the process
Having an objective method to evaluate talent (rather than rejecting people based aggressively based on some issues in their resumes)
Giving the hiring team direct access to interact and schedule calls with the candidates. This led to better candidate experience and relationships.
Do companies only pay a lip service to HR?
I suspect many recruiters, HRs and TA team feel this, but don’t talk about it much.
But I couldn’t stop myself last week. I had to ask - why so many companies talk about employees as their core asset, but don't provide any resources to the People team:
You can find the entire LinkedIn post here.
That’s it for this update. Will get in touch again soon!