Welcome back! As we discussed in our first post Part 1 of Recruiting Strategy, we’re going to breakdown the three corners of the recruiting Trade off Triangle (ToT) and provide real-world examples of companies who have won by making intentional decisions.
Today, we’re talking about Cost – bands, buckaroos, chedda!
Benjamins spent on recruiting can take many forms including salaries, sign-on bonuses, relocation packages, referral bonuses, recruiting and assessment tools, and additional recruiting horsepower in the form of more recruiters, contractors, search firms, or outsourced support.
Read on to learn about one company who spent $0 and increased their close rate.
Amperity – Increased Close Rate, Not Costs
Amperity was in an all too familiar position – trying to be cost-conscious while experiencing a lower offer acceptance rate. Throwing money at the problem isn’t always the right solution, and it wasn’t for Amperity because the problem they were trying to solve required repackaging what they had versus buying something new.
Amperity attacked the challenge of increasing their close rate from all sides.
They dove into their recruiting data, interviewed their team, and found two key deficiencies.
- Candidates didn’t understand the career trajectory and growth opportunities at Amperity, and
- The team was failing to effectively communicate the compelling equity value proposition.
While their recruiters partnered with managers to develop the narrative around career growth at Amperity, we dug into creating the process and tools to help highlight the potential value of their company, and through that, their stock.
In addition to these tools and processes, the team also started catering their closing timeline to the candidate’s decision making timeline, and using the time between interview loop and offer presentation to strategically engage the candidate with leaders and members of the hiring team, increasing excitement about Amperity.
After a couple weeks of work with the Amperity finance, legal, and HR teams, we developed easy-to-use tools to support the recruiter talk track around compensation and equity, increasing their confidence and competence when talking about Amperity’s potential. The tools have been so helpful that they also use them internally to help existing employees understand the potential value of their stock.
Amperity took multiple approaches to increasing their offer accept rates, each of which had a profound impact on their close ratio. More than six months after identifying and implementing these different approaches, Amperity has improved their close rate by 38%. A single solution wasn’t the reason for success; it’s the collection of these changes that made the difference.
Whether you have nothing or something to spend, you can find ways to optimize your Cost corner of the Trade off Triangle.
Next up, we’ll tackle Complexity and how companies have addressed diversity and their hiring bar.