We don’t mean to start a war amongst your human resource staff, but the results are officially in and hardworking recruiters everywhere should be doing their happy dance: recruiting is the most impactful HR function! The Boston Consulting Group (BCG) recently released the results of an investigative research project that effectively quantified the various HR functions and processes. In other words, they determined the impact of individual HR efforts on profit growth and profit margin.
Recruiting was found to generate 3.5 times the profit growth and 2.0 times the profit margin, generating a total 5.5 performance improvement. Can you believe it? We can!
Wondering what other HR functions are especially worth your time, even though they don’t quite measure up to recruiting? Here are the remainder of the top ten:
2. On boarding and retention
3. Managing talent
4. Employer branding
5. Performance management and rewards
6. Developing leadership
7. Mastering HR processes
8. Global people management and global expansion
9. Enhancing employee engagement
10. Providing shared services and outsourcing
And on the opposite end of the spectrum are the other necessary, but least impactful activities including:
1. Transforming HR into a strategic partner
2. Health and security management
3. Managing flexibility and labor costs
4. Restructuring the organization
5. Managing work-life balance
6. Managing an aging workforce ***This one actually resulted in a reduction in revenue growth
Needless to say, if your HR department hasn’t been paying heed to this critical process, it’s time to get moving. Start streamlining your efforts and the hiring process by incorporating automation that assembles predictive candidate data efficiently. Technological opportunities like ChequedFit and ChequedReference make gathering and sharing recruiting information infinitely less complicated. And obviously, it’s worth it! Interested in learning more? Try ChequedReference with a 30-day free license and start improving the power of your recruiting today! Just click here and in minutes you’ll be well on your way.