The word “stakeholders” has come to be an umbrella term, defined as anyone who holds some sort of stake in a certain company or project. This can include everyone from million-dollar investors, to entry level employees, and even community members that a project or corporation serves. Basically, anyone who has some sort of vested interest in the success of a business can be qualified as a stakeholder.
And stakeholders often like to have their voices heard regarding any and all major company decisions. This means they might want to be involved in every aspect of the hiring process.
But should hiring managers really be expected to listen, and give equal weight, to the thoughts and opinions of every single stakeholder in their company before choosing which candidate to hire?
Yes… and no.
It is very important for hiring managers to communicate with the stakeholders in their company throughout the hiring process, but it would be unrealistic and unfair to expect a hiring manager to receive everyone’s sign-off, every step of the way.
That’s why transparency and organization are key when it comes to unifying your hiring process. Before we get into tips on how to do that, however, it’s important to break down the different groups of stakeholders, and figure out who should be directly vs. indirectly involved in these sorts of decisions.
There are two different categories of stakeholders:
Because your company may have anywhere between a couple hundred to a couple thousand stakeholders, the task of discussing the hiring process with all of them may seem daunting. But there’s a time and a place to talk to the various types of stakeholders, and we’ve outlined a basic framework of who should be consulted and when.
But before you even cultivate your job posting, or set up any meetings with investors/higher-ups, it might be a good idea to implement an applicant tracking system. Having access to a quality tracking system will help you stay organized, and can provide transparency for stakeholders, so that they can be as involved as they want to be.
Because most of the individuals included in these first two categories of stakeholders are internal, they could easily be given access to an applicant tracking system once a company account is made. This will cut down on the amount of time hiring managers have to spend in meetings and answering emails, since most, if not all, of the information stakeholders might want can be found in the ATS.
If you’re still not convinced that unifying the hiring process, or signing up for an applicant tracking system (IsoConnect is free by the way, for those who are still on the fence), let’s take a closer look at what can happen when stakeholders are not included in the hiring process.
Ever heard of Shift Shock?
Experts over at The Muse have defined ‘Shift Shock’ as a feeling of shock or regret after starting a new job and realizing it’s not the type of position you thought you were singing on for. According to their research, a feeling of Shift Shock can have a devastating effect on employee retention.
Considering it is estimated to cost a business an average of 33% of a worker’s annual salary just to replace one employee, hiring managers should be doing everything they can to avoid ‘Shift Shock’ in their new hires.
What better way to do that than to make sure everyone in the company is on the same page before bringing in someone new? Make sure there are no surprises by communicating with individuals at every level of the company before even uploading a job posting, that way the workplace portrait you are painting for candidates is as accurate as possible.
As we’ve already stated, implementing an applicant tracking system is probably the most efficient way to start unifying the hiring process with an external recruiter. IsoTalent’s hiring platform—IsoConnect—for example, not only provides full visibility for stakeholders and contributors, but the IsoConnect system also gives hiring managers access to an easy-to-use, well-organized ‘hub’.
This centralized hub can help you keep track of all open positions, applications, and interview schedules. IsoConnect also provides you with access to top-tier, international talent pools, and can immediately connect hiring managers to recruiters or EOR experts if assistance/advice is needed.
Investing in an applicant tracking system and unifying your hiring process now will likely save you time and money in the form of turnover and recruitment costs. Really, you have nothing to lose and everything to gain. Reach out for more info today!