After the housing bubble burst in 2007, banks were required to make several changes to address the needs of their customers. One major initiative that stemmed from this crisis was the single point of contact (SPOC) regulatory requirement, announced in 2011. The SPOC required banks to provide any borrower seeking to avoid foreclosure a one-on-one relationship with the organization. In response, banks were forced to make significant hires. To make matters more difficult, prior to 2011, there wasn't a defined career path or pre-existing role that fit the qualifications required for these positions, making them extremely hard to fill.
One example you may remember is Chase's announcement that it would hire 1,000 employees to its mortgage-servicing business in Ohio. Recruiting 1,000 new employees is a difficult task, however, finding financial services talent in Central Ohio made the task doubly difficult. This was no easy task, however challenges like Chase's have become commonplace in recent years.
Chances are, if you work in financial services, information technology, or manufacturing, you've been faced with a similar hiring challenge – perhaps you're in the midst of one right now. But while hiring under these circumstances can be a headache, there are a few tactics your team can employ to streamline your process and achieve success:... read more
What if 30% of applicants that start your apply process don’t finish? What if 60% don’t finish? Do you know how many applicants are lost? This candidate fallout during early stages of the application process can be a serious phenomenon, one we’ve defined in an earlier post. To recap, the Application Completion Threshold is the point at which a candidate does not complete their application. So at this point we’ve covered why candidates don’t complete the apply process. The next step is to measure what its impact is on your business.
In this post we’ll cover how to calculate the percentage of applicants that hit their Application Completion Threshold. This percentage is a benchmark that can be used to track improvements or regressions in the apply flow.... read more
To apply or not to apply? That is the question facing many candidates when coming across a job application for a position with your company. Seven Step internal data shows that up to 40% of applicants that start the apply process don’t finish the apply process. It’s an interesting phenomenon, but why does this drop-off occur? In order to explain why this might happen we broke the candidate’s decision process down into the following formula:
Application Completion Threshold = Application Cost - Perceived Value of Application
The Application Completion Threshold is the point at which a candidate does not complete their application. Essentially what this formula states is that if the cost of an application is greater than the value a candidate perceives the application to hold, then they will not complete the apply process. So first, how does the candidate value their time? Next, what value does a candidate assign to the particular application?
To further understand the formula we can look at the variables that impact both the application cost and the perceived application value. Here’s a breakdown of the variables:... read more
Niche, in a business sense, refers to a “specialized market.” I like to think of sourcing in a niche market as finding a purple squirrel for every job opening. It’s like starting with your back against the wall every time – and it’s hard. Before you feel overwhelmed and frustrated, here are some tips.
Become An Expert
The first step in sourcing in a niche market is to become an expert. Research everything, learn everything, KNOW everything. Become one with your niche. Now this part is crucial: create a sourcing map. This map will list every competitor, niche job board, community, conference, allegiance, Meetup group, personal connection, connection of connections, LinkedIn group, Facebook group, Twitter list, and every-single source that could possibly assist your recruiting effort in any way. Save that list. Study that list. Know where these people come from, what they do, how they do it, and who they do it with. I repeat, become one with your niche.... read more
For companies that fall under the Office of Federal Contract Compliance Programs (OFCCP) umbrella (companies that have 50+ employees and have $50,000 or more in government contracts) every detail is necessary in developing a diversity program, and some may feel overwhelmed. With new government regulations looming and HR tasked with managing programs such as search, attraction and retention, diversity can be a real problem to manage for some companies.
These companies are required by law to have an Affirmative Action Program (AAP) on file every year, which includes intended good faith efforts for the attraction/advertising, measuring and annual diversity hiring goals. While a good faith effort towards attracting diverse talent is a decent start, many companies don't realize that when a diversity programs fails, it’s not always due to a lack of good faith efforts. Often, failure to hit diversity goals can be the result of resistance or failure to change the company culture.... read more