Recently we put together a white paper about using video for recruiting, specifically for trade labor and manufacturing. We thought it would be a great tool to share with everyone and we have posted it below in its entirety.
With unemployment at record lows and a decreasing supply of skilled trade labor being introduced into the market, companies must further continue to recruit, train, and retain skilled trade labor in means outside of continually increasing wages of workers. Claims suggesting that increased wages drive the expansion of qualified candidates in recruiting and the retention of those hires fail to address the most reported reasons that employees apply and stay at a job: job satisfaction, sense of purpose, and connection to their employer. (Time)
Having reviewed recruiting practices and retention efforts, it has been shown that simply offering higher wages, increased benefits, and more personal time is not adequate incentive to recruit strongly qualified skilled trade labor that will work for a company for a long period of time. This paper addresses with data our position that using high-quality video productions crafted for specific jobs will effectively increase the number of qualified applicants and increase the rate of their retention, thus saving a company an ever-increasing amount of money in further recruitment, training, and turnover expenses in the future.
Companies of all sizes are plagued with many of the same human resources problems:
Attracting Qualified Applicants
Companies are having such a hard time finding qualified applicants because of a record low unemployment rate, an aging skilled trade labor population, and a resistance to adopting new methods of employee recruiting (Atlantic)
Cost and Lost Productivity of Training
The cost of on-boarding and training new employees is a large expense per employee and has many hidden costs. The cost of the job postings, the pay of the employee not at productivity yet, supervision by senior employees, and new employee mistakes all cost companies large amounts of money and lost opportunities (Forbes)
For each employee that is not retained at a company, it is estimated that their departure from the company causes a loss of 20.4% of the employees yearly earnings (Center for American Progress)
Skilled Trade Labor Jobs in the Past vs Present
Historically, the challenge of recruiting skilled trade labor was a lot easier of a task. Before 1991, fewer than 50% of all jobs in the United States required skilled labor but by 2015 over 76% of all of the job openings required highly skilled labor with special skills required in science, engineering, math or technology. Simply put – the amount of skilled manufacturing and trade labor present in the United States have a lot more options of where to work. (Forbes)
Data & Statistics
Lost Tradesmen Cost Companies Huge Sums of Money
The Center for American Progress reports that for each employee that a company does not retain, that the company loses 20.4% of an employee’s yearly earnings. This information illustrates the devastating impact that recruiting low-quality employees with poor retention has on a company.
Job Postings With Relevant Videos Are More Effective for Recruiting
Research from HireRabbit and their sources shows that using quality videos about the job positions that companies are recruiting for creates a situation that not only increases the number of views that a job posting will get by 12%, but will also increase the number of applications by 34%.
Using job postings for recruiting that are accompanied by relevant high-quality videos about the job lead to 12% more views on those postings. Job postings with the high-quality videos about the corresponding job lead to a 34% increase in applications. An increase in applications means an increase in qualified candidates. More qualified candidates that have watched a targeted video about the position and company culture leads to the hiring of better employees that want to be employed there, higher retention rates, and reduced expenses in lost employees and other financial losses associated with retention problems.