There has been considerable debate among talent acquisition experts about the importance of hiring speed. How critical is it? Has it become an overly-inflated measurement that leads to rushed decision-making and possibly poorer quality hires?
That would be a “no.”
You need to recruit smartly, efficiently, and in an agile manner. It pays to be thorough when evaluating a candidate. You can’t cut corners. But the longer you deliberate, the higher the risk you might lost top talent to a competitor.
- According to recent reports, the average nationwide time-to-fill is 25 business days. The problem with this number is that the best candidates are off the market within just 10 days. It simply doesn’t add up to a successful hiring strategy.
Reevaluate Your Process
Hiring faster doesn’t mean you have to abandon your recruitment standards, but it may be worthwhile to reassess your process at this point. There are clear benefits to improving your hiring speed. It will help you attract and land better talent, and save valuable resources as you do so.
- Save money. Consider the expense of continually taking managers away from their core functional work for interviews, not to mention the cost of unfilled positions. Hiring faster lets you minimize these hits to your bottom line.
- Attract higher-quality hires. Top talent doesn’t wait around . It’s a candidate-driven market, and if you offer doesn’t reach a superstar soon enough, another one will.
- Build a better candidate experience. Being decisive with hiring helps you to differentiate yourself from competitors and build your candidate experience and employer brand image. Again, you simply can’t expect applicants to continually return for interviews and wait indefinitely for your feedback.
- Achieve better response and acceptance rates. Prompt follow-up dramatically enhances candidate response rates. It’s a surefire way to keep applicants tied in to your company and avoid losing them from your talent pool. And reducing the time from interview to offer gives candidates less time to reconsider, interview elsewhere, or listen to counteroffers from their current employer.
The factors that slow time-to-hire are typically related to such administrative tasks as resume screening, interview scheduling, profile and background checking, and messaging. Up to 65 percent of a recruiter’s time may be devoured by these essential, but labor intensive, tasks.
Having extra, expert hands on deck can relieve your HR team of these logistical duties, as well as provide access to in-demand candidates that you may not find on your own. Consider partnering with a niche staffing agency to optimize your hiring speed, skill and success. In the engineering, accounting, finance, marketing, supply chain, cybersecurity and logistics industries, contact TRC Professional Solutions today.