ilogos study shows Fortune 500 three-year adoption rate

Study reports on process improvement, cost savings and improved candidate quality associated with careers website best practices iLogos Research (www.ilogos.com), the provider of staffing economics research and benchmarking, has released Value Creation Through Corporate Careers Websites, a research study that analyzes the three-year adoption rate by the Fortune 500 and reports the inherent value associated with implementing Careers Website best practices, which includes process savings, cost savings, improved candidate quality and opportunity cost savings. An executive summary can be downloaded at http://www.ilogos.com/iLogosVCCW/.

iLogos Research is an independent division of Recruitsoft, Inc. (www.recruitsoft.com), the provider of enterprise staffing solutions for large organizations.

Today 92 percent of Fortune 500 companies have a dedicated Careers website and use a series of best practices to attract, convince, capture and process candidate information, stated iLogos Founder & President Yves Lermusiaux. Although the three-year trends are very positive, there is still a significant opportunity for organizations to achieve cost savings and process improvements as a number of best practices still have relatively low rates of adoption .

He continued, We recommend that large organizations adopt the processes and best practices that offer the highest rates of return, and some of these practices include features and functionality such as pre-screening tools, saved candidate profiles and job agent technology, all of which will help organizations find quality candidates faster.

Value Creation and Corresponding Best Practices
Value Creation Through Corporate Careers Websites is the third in a series of reports on Careers websites of Fortune 500 companies conducted by iLogos Research. In 2000, iLogos identified the best practices for recruiting on the corporate Careers website and measured the levels of implementation of those best practices by the Fortune 500. A subsequent report in 2001 concentrated on a clarification of best practices with high-growth adoption rates. This latest report reviews the current rate of Careers website best practices adoption by the Fortune 500, analyzes the three-year adoption rate trend and reports the best practices creating significant value for corporations. This study reveals how a corporation may achieve a competitive advantage in recruiting the most qualified candidates quickly, and gain financial benefits from direct cost reductions and value creation due to a faster and higher quality recruiting process that results from implementing Careers website best practices.

The best practices iLogos Research identifies as leading in annual growth for 2002 and ranking high in the potential delivery of process savings, cost reduction, improved candidate quality and opportunity cost savings are as follows:

Process Savings
The Careers website best practices that bring about process savings, eliminate labor intensive and non-value added steps in the staffing cycle include:
Saved Candidate Profile - 80% annual growth
Automatic Requisition Tracking Number - 54% annual growth

Sourcing Cost Savings
The Careers website best practices that create savings in the sourcing budget, drive more candidates to the Careers website and into the corporate candidate pool, and enhance the corporate brand include:
Email to a Friend -66% annual growth
Company Culture Information - 40% annual growth

Improved Candidate Quality
The Careers website best practices that increase the targeting and identification of quality candidates on the Careers website and create value for the corporation by improving the overall quality of hire include:
Job Agent - 73% annual growth
Anonymous Job Application - 180% annual growth

Opportunity Cost Savings
The Careers website best practices that streamline the recruiting and talent deployment processes, decrease the length of the hiring cycle to reduce the opportunity cost of open positions and directly impact the corporate bottom-line include:
Pre-screening tools - 104% annual growth
Online Response Only - 24% annual growth
As corporate staffing departments undergo increased scrutiny and process re-engineering, executive management is realizing the impact strategic external recruiting and internal mobility practices have on corporate goals, stated Lermusiaux. We believe that further implementation of these best practices will allow an organization to obtain both tangible and intangible benefits, which will have a positive impact and create value for an organization over the long-term.