There is no more crucial aspect to any organization’s long-term success than hiring. Just one stat: a top-performer at a company, on average, is worth at least 14 times their salary while a terrible employee can cost 30 percent of theirs.
That’s more than a $700,000 difference between just one great $50,000-a-year employee and one bad $50,000-a-year employee. Multiply that total over your whole company, and obviously it is a tremendous amount of money.
And yet a recent report by the Society for Human Resource Management states that the average human resources professional spends less than five minutes reviewing a resume. Less than five minutes to decide if the applicant should go forward or if their resume should be thrown away.
What makes this particularly troubling is that, according to ERE, 80 percent of resumes contain misleading information and 53 percent of them contain outright lies. Think about that – spending less than five minutes on a resume that is likely not accurate to determine if an applicant should move on in the process.
The Real Problem
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Really, if you think about it, the less-than-five-minute number isn’t overly shocking – there just isn’t much information on a resume. It is generally a one-page self-reported history that lists a few of the applicant’s greatest accomplishments, some of which never actually happened. As this article points out, it just isn’t a good way to screen someone.
The solution is to conduct screening interviews, but those are time consuming and costly. Technology has helped fill the void, as you can use automated phone screening software to get some real information about your applicant pool before you start disqualifying applicants.
All told, the resume never was and still isn’t the best way to screen candidates. The solution is using technology to quickly gain real insights into these candidates to find out who really is the best for the job.