
By exploring the latest digital tools available to them, SMEs can overcome the challenges around hiring millennials, as well as more traditional hiring obstacles.
Although SMEs represent 98 per cent of European business owners, they can struggle to attract the right candidates. When they do, they often do not have the time or structures to process applications adequately.Recruitment can then become a costly process, in terms of both time and money. According to a study by the Centre for Economics and Business Research (CEBR) and the UK’s Federation of Small Businesses, the cost of hiring for SMEs is high: the process of appointing a first employee will cost a business on average £35,500, while a company with 20 to 40 members of staff will spend on average £25,100 on employing a new one. This is too expensive for the smaller business, and many simply cannot afford it. Not only this, but they are in competition with large companies, which may offer increased benefits, financial or otherwise, and often have a better-defined recruitment process. This makes it even harder for SMEs to attract high-quality candidates. These problems for the smaller companies are exacerbated by the current challenges that millennials present to traditional hiring practices. They make up one third of today’s workforce, and will constitute one half by 2020. This new generation has different expectations compared to their predecessors. Instead of focusing on job security, millennials are more interested in a career that suits their needs and personality, and which allows them a life outside of work.- Mum-friendly gift service ensures you buy anything but flowers
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This can be especially useful in sectors which have a high turnover of staff, such as hospitality or retail, and thus need to find and hire high-quality workers quickly. By being tech savvy, companies can easily reach their target market.
These tools include location technology – the ability to contact potential candidates with vacancies relevant to their location; video interviews; internet sourcing; applicant tracking systems (ATS) integration platforms that connects tools and services used in the recruitment process- and gamification. The latter refers to applying game mechanics to non-game environments, such as recruitment, and in doing so, improving engagement. A large part of engaging with the new generation of candidates also consists of embracing the rise of mobile technology. As smartphones and tablets continue to grow in popularity, recruiters have access to a previously unimaginable number of candidates.Additionally, when it comes to millennials, your business should know about these five myths and six personality traits surrounding the demographic.
Polina Montano is the COO of Job Today, a mobile platform for recruitment Image: ShutterstockShare this story