In our previous blogs, we talked about how employee turnover rates are having a deep impact in reducing organizations growth. Worldwide, average employee turnover rates over the next five years are predicted to rise to 23.4% and the number of global departures in 2018 is expected to be at 192 million. Also in India, the average attrition rate across sectors for FY 2013-14 was 13.4%, 0.8% points lower than the previous FY 2012-13 (14.2%). Its time when organizations in India must give serious thought to what drives employee commitment & an improved retention rate.
Over the years, recruitment has transferred its operational base from job portals to social media, preferably professional networking sites like LinkedIn. However, recruitment scenario is changing and Facebook, backed with its huge number of users, is overpowering LinkedIn and other social networking sites for recruitment. When hand-picking for executive positions, recruiters prefer interacting with students and graduates via Facebook rather than LinkedIn.
So how Facebook hiring reduces attrition? What attributes of Facebook hiring encourage recruiters to go for it? Basically, it all happens in two stages – pre hiring stage (where sourcing via Facebook is vital) & post hiring stage (where employee engagement is important).
Pre Hiring: Facebook – One stop for right talent
Hiring the right people from the start, most experts agree, is the single best way to reduce employee turnover. If right talent is sourced right at the start of the process, there is a high probability of the new hire to stick to the job for a longer period of time. Once sourcing is done, Interviewing candidates carefully, not just ensure they have the right skills but also that they fit well with the company culture, managers and co-workers. Recruiters can also showcase work culture to attract quality talent which may or may not be looking for a job change at present. Numerous tools provide users the ability to utilize the large user base of Facebook for sourcing talent. (For ex. MyParichay social retargeting allows recruiter to dig into the network of each candidates and source profiles bearing similar candidature through them.)
Post Hiring: Facebook for engagement
Organizations across sectors attribute Better Career Prospects and Personal Reasons as the top two reasons for attrition. Personal reasons are definitely not something a recruiter can control as it varies among individuals. On the other hand one can always reduce attrition if an organization has successfully portrayed them to be place of better career prospect than others. Employees tend to spend a longer time in an organization if they feel attached to the organization provided there is a synch in their values and beliefs with the organization. Recruiters can highlight positives of their employee, showcase their good work and highlight the work culture to increase association on Facebook. Employees always need social interaction and a rewarding work environment. They need respect and recognition from managers, and a challenging position with room to learn and move up which can be granted best via Facebook.
MyParichay offers powerful technology solution to fully automate and boost your social recruiting experience. Take a test drive of MyParichay solutions