Talent Acquisition Case Study
In this talent acquisition case study, the client saved $310,000 in the first six weeks using Honeit and moved candidates from a new req to a signed offer in less than five business days.
Stephen Owens is the VP of Talent Acquisition and Planning at a multi-million dollar insurance company. As with any Talent Acquisition leader, Stephen was looking to manage costs and create long-term relationships between his people and the managerial levels. In short, the creation of both personal and financial efficiencies. Stephen’s team started using Honeit in mid-2019 at about $8,000/annually.
$310,000 Cost Saving in Six Weeks
Between December 1, 2019, and January 14, 2020, Protective hired 106 operations employees — over the holidays.
“That’s nuts! We’ve never done that. We wouldn’t have hit it in previous years, and probably would have run half of it through an agency. A standard agency fee is about $6,000 per hire across our partners. Let’s say we did 53 of the 106 hires through agencies. 53 times $6,000 per hire is $318,000 for just those hires over the holidays.”
“Honeit helped us double the number of hires we could handle in-house, that’s an insane cost savings. By increasing recruiter productivity and throughput, in just six weeks, we saved over $310,000 in external recruiting agency fees.”
Hiring Manager Time Savings
“What I can show is that for every Honeit we share with managers, it takes five minutes for them to listen to the answers we shared. Now I just cut a manager’s time from a minimum of 30 to five minutes.”
“25 minutes of a manager’s time times the number of interviews we share in a year times the manager’s hourly rate is a huge number. It’s a no-brainer. I’m saving hiring managers 25 minutes per screen. Yes, I’m able to get more consistency, but that’s a HR-y thing.”
“This is about saving time and not sacrificing quality.”
Job Offers at Warp Speed
In two recent cycles, they’ve moved candidates from a new req to a signed offer in less than five business days.
“We’d receive a requisition on Monday and have offers out by Friday.
“The speed to offer is incredible. It sells itself.”
A Better Interview Experience
They’ve been able to shift hiring events. The old model was that TA reduced the pool of resumes to 50. Twenty became calls, the calls became notes, and five were sent to the hiring manager, who typically selected three. Out of the three, one or two were brought on-site and eventually got an offer.
The new model targets 25 hires per new “class,” and Stephen’s team has submitted 40-45 Honeit profiles to hiring managers. They can listen to all 40 in a little over an hour and decide which 25 they want to offer. Now, instead of coming on-site for interviews, the candidates come on-site for a “meet and greet” rather than a standard hiring event. An entire stage is cut out, and in terms of candidate experience, the candidates are coming in with an offer—not to be further vetted.
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