62 pc firms admit to making hiring mistakes: Timesjobs.Com

Hiring the right talent in the right time makes the difference in today's competitive world, but a significant 62 per cent of organisations admit that they are making hiring mistakes, says a Timesjobs.Com study.
According to the study, while 62 per cent organisations admit they are making hiring mistakes, 53 per cent blame it on lack of proper tracking mechanisms.
The problem lies in the chunk of resumes recruiters receive every day and the pressure to fill a position within a deadline.
The study, which polled 800 companies, said that 78 per cent recruiters spend less than five minutes on reviewing a resume, and in the process, recruiters make mistakes such as unclear job descriptions and ignoring the cultural fit of a candidate.

"The TJinsite study reveals that there is still tremendous scope for optimising the hiring processes in India Inc," Times Business Solutions Head of Strategy Nilanjan Roy said.
Hiring ROI is set to become the benchmark to assess the success rate of hiring. However, it is still a vague statistic for many - 90 per cent employers state it is difficult to determine the average cost of hiring an employee, the 10 per cent, who think it can be measured, said it requires a lot of money/resources to measure.

According to the study, the key internal investments in hiring include interviews, background and reference checks and onboard training.

The external investments include cost of job postings, paying for consultancy services (if opted for), employee referral payouts and cost of relocation (in specific cases).
The top nine metrics to measure hiring ROI as per the survey include, time to hire, sourcing channel, cost of hire, quality of hire, retention, open vacancies vs. Positions filled, offer to acceptance ratio, application completion rates and internal vs external hires, the study said.