As we approach the new financial year, it’s important to avoid getting caught up in the recruitment whirlwind and making rushed hiring decisions.
With this time of resetting and reevaluating, many organisations also use this time to bolster their teams with a recharged hiring budget and new goals for the year.
In order to come out on top of this competition, we’ve come up with 6 EOFY recruitment strategies that will help you get ahead of the new financial-year rush and optimise your hiring process.
By following these tips, you’ll be in a much better position to find the right person for your organisation.
Why Hire at the Start of the New Financial Year?
Hiring people at the beginning of the new financial year can offer several advantages. While it may not be universally applicable to all organisations, here are some reasons why it is often considered beneficial:
Budget allocation: The new financial year typically marks the start of a new budget cycle. By hiring at this time, organisations can allocate their budget and resources more effectively with a clearer picture of available funds.
Strategic planning: The beginning of the financial year allows businesses to set their goals and objectives for the upcoming year. Hiring at this time enables them to align their recruitment efforts with their strategic plans.
Time for onboarding: Hiring early in the financial year allows ample time for onboarding and training new employees. Starting fresh at the beginning of the financial year ensures employees have the entire year ahead to contribute to the company’s success.
Talent availability: Many individuals actively search for new job opportunities at the start of the financial year. It is a time when people reassess their career goals, look for new challenges, or seek better compensation. By initiating the hiring process early, businesses can tap into a larger pool of potential candidates, increasing the likelihood of finding top talent.
6 Hiring Tips for the New Financial Year
1. Start Early and Gain an Advantage
Kickstart your recruitment process as early as possible to maximise your chances of securing the best talent. The earlier you start your recruitment process, the better. This will give you more time to find the right candidates and avoid rushing into a decision.
Scrambling to find any suitable candidates can lead to bad hires and a quick turnover, so it’s best to take your time and find the right person for the job. In fact, you can start having conversations now about roles you are planning to hire in the new financial year. On TalentVine, payment is not due until a candidate starts their first day, meaning you are able to get ahead of the competition by posting a role now and having those early conversations with the right recruiters.
2. Be Clear About Your Goals
Before diving into the planning and preparation for the upcoming recruitment season, it’s essential to review your current results. Take stock of the number of interviews conducted, the placements made, the size of your pipeline, and the overall placement ratio. By establishing a baseline of your hiring activity and results, you can gain valuable insights into your performance and make informed decisions moving forward.
Understanding your past recruitment metrics provides a solid foundation for planning ahead with certainty. It allows you to identify areas of strength and areas that require improvement.
TalentVine recognises the importance of data-driven decision-making and can assist you in analysing your recruitment metrics. With a clear understanding of your past performance, you can set realistic goals and develop strategies to achieve them effectively.
3. Work with Trusted Recruitment Consultants
Collaborating with trusted recruitment experts can provide an important advantage. Not only do you gain access to their talent pool, but you also gain access to their deep market knowledge and insights.
A recruiter who specialises in the area you are recruiting will be able to provide guidance on salary expectations, market depth, time-to-hire, and much more. TalentVine can help you find the best recruiters in your industry, based on reviews, ratings, statistics and more. By hiring with TalentVine, you’ll save valuable time and effort, with the added clarity and expertise of a trusted recruiter.
4. Keep Your Options Open
When you’re recruiting for a new role, it’s important to keep your options open. To broaden your search, consider candidates from diverse backgrounds and industries. This can mean considering candidates from different backgrounds, industries, career paths or more.
Think outside the box and explore the unique skills and perspectives that individuals from non-traditional sectors can bring to your organisation. By embracing diversity, you increase the likelihood of finding exceptional talent that can drive your organisation’s growth and success.
5. Think Creatively and Utilise Technology
The new financial year is the perfect blank slate to be able to improve and innovate your recruitment functions. Have you considered implementing video interviews or psychometric testing, for example? When seeking to get ahead of the end-of-financial-year recruitment rush, thinking creatively and leveraging technology can give you a competitive edge.
In fact, TalentVine will soon be releasing 6 unique AI integrations to streamline and supercharge your recruitment process. This includes AI-powered job descriptions, candidate scoring, role summaries, interview questions, and more.
By embracing creative thinking and leveraging technology, including AI, you can streamline your recruitment process, improve candidate assessment, and ultimately secure the best talent for your organisation’s success.
6. Take Your Time
As the end of the financial year approaches, it’s common for hirers to experience a sense of urgency in filling open positions. However, it’s important to resist the temptation to rush into hiring decisions. Taking the time to thoroughly evaluate candidates and ensure their alignment with your organisation’s long-term vision can lead to better outcomes and long-term success.
Take your time to find the right candidate, and you’ll be glad you did in the long run.
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As we approach the EOFY, it’s important for hiring teams to avoid getting caught up in the scramble and making rushed recruitment decisions. Gaining a head start, establishing clear goals, working with industry specialists, keeping an open mind, utilising technology effectively, and taking the time needed are just some of the ways to prepare.
TalentVine is here to support your recruitment efforts as the new financial year grows nearer. Take advantage of our comprehensive recruiter marketplace to leverage their expertise and start the year off right.
If your company has any unspent recruit budget, we can help you preserve this and invest it in your future hiring. Give us a call on 1300 940 459 to discuss how we can set this up and get your hiring started on the front foot in the new financial year.