Last week, OpenView’s Talent team was proud to share our biggest how-to guide yet — Get More Talent! How to Build the Talent Factory Your Company Needs to Scale.
Our portfolio companies are at various stages when it comes to their internal recruiting teams— from hiring managers taking on all open roles themselves, to one-person recruiting teams, to what we consider high-functioning “talent factories.”
We developed this eBook of best practices for determining whether you’re ready to build a talent factory, who should manage it, how it should be managed, and the primary functions and responsibilities of the team itself. It is a comprehensive guide to building the in-house recruiting team that growing companies need in order to lower recruitment costs, drive higher ROI, and create a better, more visible, and highly credible company culture. I’ll give you a sneak peak into Chapter 1 of the eBook below…
Are you ready to build an internal recruiting team at your company?
We have found that an in-house team is worth considering if your company meets a few key criteria:
- Your company is at the expansion stage, which means that you have a product offering, a set of satisfied customers, and are executing a go-to-market strategy. You are also growing at a rapid rate, which creates a need to hire employees quickly.
- You have at least 75 employees and/or are forecasting extreme growth. If you are too small, or are not projecting hiring for enough positions, the ROI will likely not be enough to justify setting up a talent factory.
- You are hiring at a steady rate. Generally, this is 10 to 20 hires per quarter, or about one every one to two weeks. If you are not, the money you spend on resources and salary to employ a recruiting team will likely be higher than what you are currently spending on talent acquisition.
If your company meets at least two of the criteria above, it’s worth doing a cost-benefit analysis to determine whether building a talent factory makes sense for you.
While the main function of a talent factory is to recruit and hire top talent for your company, this encompasses a variety of responsibilities, including:
- Meeting with hiring managers to discuss the needs of their teams
- Creating job descriptions and providing salary information
- Screening resumes of inbound applicants and responding appropriately
- Attending career fairs and building relationships with colleges and universities
- Proactively sourcing candidates through a variety of mediums, including social networks
- Conducting initial phone screens to determine qualifications
- Acting as a project manager to move candidates through the interviewing process
- Implementing interview and evaluation best practices throughout the company
- Completing reference checks and extending offers
- Assisting in the onboarding of new employees
To learn more about determining whether you should build an in-house recruiting team, and how to do it, download our free eBook. In it, we share how to assemble and manage a talent team, execute the six phases of an effective recruiting process, leverage the best recruiting tools for your team, and establish key metrics you need to measure to regularly improve your talent factory.