One of the most important metrics for recruiting departments to track is the time it takes to fill open positions. Surprisingly, just 30% of businesses find a suitable candidate within 30 days. The rest take only one to four months to fill a position.
It might be difficult to track how long it takes to fill an open position, but you can start making changes with the right numbers.
Then why is it important to try to minimize the time it takes to find and recruit new employees?
An increased cost per employee is one of many downsides to a drawn-out hiring process; you also run the danger of missing out on in-demand, quick-to-respond individuals.
Therefore, here are several efficient methods to shorten the time required to acquire new staff members (and locate the best individual for the position quickly).
1. Speed up the hiring process by gathering relevant information.
When we discuss measuring anything, it is evident that data is involved. Therefore, statistics play a central role in determining how long it takes to employ a candidate and, hopefully, how to cut that time in half.
Therefore, as a first step in improving your time to hire, you should aim to learn the following:
- The current duration required to fill a position.
- The duration of each step as candidates go through it (for example, from the application stage to the phone interview stage, from the phone interview stage to the in-person interview stage, and so on).
- The ratio of your company’s hiring time to the average hiring time in your field.
- The calendar days between making the final decision and making the employment offer.
- The usual quality/quantity ratio of applications received (this will help you diagnose if the slowdown is happening in the sourcing phase).
After collecting all the information, prioritize the most problematic figures and investigate strategies to fix them.
As an illustration, consider this. Suppose applicants take an average of two days to supply information and submit their CVs, but it takes your recruiting managers a full week to respond. In that case, you may automate some manual activities to ease their burden.
It is possible to automate several aspects of the hiring process, including the screening of applicants, the analysis of their resumes and the results of any pre-employment exams, and the scheduling of interviews with the most qualified individuals.
Candidates will profit from a shortened application and interview process, while recruiters and HR managers will appreciate the extra time they’ll have to focus on other tasks.
2. Establish a systematic hiring procedure.
The time it takes to fill a position increases when there is no established procedure, and you have to start over from square one every time an opening arises.
Get a large sheet of paper and draw out your procedure, even if you already have one. What does the whole candidate process include, how long does each phase take, and what does it look like from the applicant’s perspective?
Since you’ll know precisely what to do at each stage of the recruiting process, you’ll save a lot of time and avoid delays thanks to a well-documented procedure.
“A structured recruiting process is cost efficient and will expedite how you locate and qualify applicants,” explains Adam Robinson, CEO, and co-founder of Hireology, on the need to document the hiring process. On top of that, it may help you save money and time by preventing losses due to poor hiring decisions.
3. Plan to create a pipeline of talent
One of the most effective strategies for speeding up the hiring process is to build a talent pipeline of potential employees who have already been vetted and evaluated.
You may save time and effort advertising a job opening, reviewing applications, and screening potential hire if you already have a list of suitable individuals ready to call. You need to contact them to inform them of the position’s availability.
Here are five easy ways to begin developing a strong pool of prospective employees:
- Determine the positions you often employ for.
- Find out what is needed for those positions (skills, cultural fit, etc.).
- Figure out where you could meet your dream employees (conferences, industry events, social networks like LinkedIn, referrals, etc.).
- Find potential employees who will be a good match and reach out to them.
- Please keep in contact with them by sending them relevant articles and tailored messages (maybe even coffee once in a while!)
Creating a talent pipeline is often the most efficient method of finding applicants. However, this becomes a challenge when you have to hire several people at once.
Again, relying on technology and automating as much as possible is the answer.
Applicants’ profiles and the jobs they would be a better match for are still visible to recruiters even if they have yet to be chosen for available positions. If HR managers or recruiters need to increase their capacity for recruiting, they may easily get in touch with the appropriate individuals.
Consider making an offer after you’ve located the right person. You may be shocked to learn that the other offer is the most common reason applicants decline a job offer. You don’t want this to happen to your preferred choice.
Be open to negotiating if the applicant offers a counteroffer or discloses information about a competing offer. Since you already know much about the prospect, you should utilize that knowledge to your advantage and come up with some attractive benefits beyond just the salary.