10 minute read
Posted by Chris Platts on 6 July 2020
Let’s face it, we all want to reduce time to hire. Taking too long to fill jobs increases our cost per hire and comes with the risk of losing top talent. 57% of job seekers lose interest in a vacancy if the hiring process is long [1] so it’s really important we don’t drag our feet when we find people we like.
Recruiters are under increasing pressure to simultaneously cut recruitment costs and hire the best talent, fast. All set within a context of economic uncertainty means that many candidates feel nervous about moving jobs.
Once you have the data, you can determine which areas need to improve. So, to push you in the right direction, here are 12 proven ways to reduce time to hire:
According to SHRM’s Talent Acquisition benchmarking report, it takes an average of 36 days to fill a vacancy.
This time is broken down as follows:
But of course, time to fill benchmarks can vary by industry. Jobvite’s 2019 Benchmarking report gives us the following breakdown:
Here are our 12 proven tactics to reduce time to hire.
Are you wondering how your hiring process compares to other companies?. Is it time to figure out where your weak spots are? Take our quiz, click the button below.
The starting point in reducing time to hire is to figure out what the data points are.
You need to figure out things like:
Acquiring these numbers will show you where inefficiencies lie. Which numbers are alarming? What might be the reason for this?
Knowing which metric you are targeting to improve before you change your recruitment process is essential.
An example, a large retailer recently approached us about using a pre-hire assessment to reduce the number of phone screens they were conducting by 40%. They (correctly) estimated they could achieve this by using an assessment to identify their best candidates before the phone screen stage which enabled them to quickly see which candidates to prioritise and thereby improving their phone screen to interview ratios. Want to know more? Get in touch with our team.
A candidate’s recruitment journey should feel effortless. From start to finish, think about the different steps in the process: job advert to application to phone interview, and so on. Be clear on how much time each stage takes and what information candidates might need at each stage.
A structured hiring process prevents unnecessary bumps in the road and reduces time to hire dramatically as you’ll know exactly what to do at each step [2].
If you want to reduce time to hire, one of the best things you can do is to build out a talent pipeline way before you need it. As a recruiting professional you should be on the lookout for top talent at all times. A designated talent CRM like Beamery or TalentLyft can help.
Example: Shopify saw great results from focusing on talent pipelining. The team scaled from 550 to more than 2,000 employees in only 3 years [3].
Quick tip: have an open form on your careers site where candidates can submit applications for future positions or receive job alerts.
How can you expect to attract suitable candidates if they’re not clear on what the role entails? Contrary to popular belief a successful job advert is not one which attracts the most candidates, it’s the one that attracts the most relevant candidates.
This has the power to reduce your time to hire because it will discourage inappropriate candidates from applying. It’s the first step to filtering candidates.
Keep it concise and engaging and outline some of the key benefits of working for you. You can read more on crafting the perfect job description here.
Your careers page is an essential tool to get right when attracting candidates. It’s usually the first time they get an impression of the business and will be a page they go back to when considering the job.
You’ve got to sell it enough so that it generates interest in applying, or candidates will drop off and time to hire will suffer as a result of fewer applications and less suitable candidates.
Quick tip: You should be looking at the conversion rate of your careers page from visitor to applicant.
Candidates need to be engaged throughout the whole recruiting process. If your candidate experience is poor, they’ll jump out of it and many will bad-mouth you to the peers in your industry.
Think about how each stage works for candidates and make sure it’s an experience that highlights the engaging nature of your company.
The average time from a candidate entering a recruitment pipeline to when they’re hired is 34 days [4]. You’ll need to keep in regular contact with the candidate over this period and provide feedback quickly when required to. Once the application process is finished, it’s good to ask the candidate about their experience so you can find ways to improve the process.
An example: KPMG New Zealand managed to simultaneously enhance their candidate experience and decrease their time to hire by a whopping 35 percent [5].
A good quality ATS is important at each point of your recruiting process. It will help you increase efficiency and reduce time to hire by posting your ad on numerous job boards and notifying you immediately when an application comes in.
It should include interview scheduling, application streamlining and sorting, talent pipeline building, assessment integrations, compliance-checking, and automation capabilities
Think carefully when deciding on an ATS – it depends on company needs and try and test it before you buy, we don’t recommend any providers in particular but we integrate with a bunch so if you want to know which ones – get in touch.
Many hiring teams will use a number of different tools in the hiring process. You’ll want to reduce the number of systems for your recruiters or managers to log into. Most ATS providers have an ecosystem approach and are willing to integrate with partners for free, however some ATS’s try and do everything, usually quite poorly.
As a result, you need to make sure that each software tool you’re using works with one another; trust us, it’s easy to get muddled and lose track of how they all fit together.
Map the different tools you use at each stage of the hiring process. If everything is seamlessly integrated you’re good to go. If not, your time to hire may suffer as a result of manual processes and workarounds. Yuk!
In order to send hiring teams the best candidates possible from the start, you’ll need to be crystal clear on what your ideal candidate looks like. Hiring teams and managers can get carried away with unrealistic expectations, it’s your job to manage them and provide them with hard data on whether they’re being realistic or not.
Collective awareness will enable you to fine-tune your sourcing process, attract the best calibre candidates, and reduce time to hire.
For high-volume hiring, pre-hire assessment software will reduce time sifting applicants significantly. But for low volume hiring assessment software also has the function of potentially adding to your time to hire as it adds an extra step in the process.
Look for tools that enable the screening of candidates skills, behaviours, and cultural fit preferably in a real-life context. Widely used assessments such as psychometrics and cognitive ability tests fall short of this goal by assuming that behaviour can be decoupled from context. Overwhelming research into ecological validity proves that it can’t and shouldn’t which means that off-the-shelf solutions are unlikely to predict success in your unique environment.
Make sure you can find an assessment provider that can tailor an assessment to your specific needs, job roles and company culture.
Measuring the effectiveness of candidate sourcing channels will indicate whether there might be an issue in the sourcing phase. Overlaying a simple quality of hire or employee attrition metric with where a candidate was sourced can help you identify where to invest your recruitment efforts. If you’re yet to establish a robust quality of hire metric, you can use your pre-hire assessment data as a proxy of candidate quality and cross-reference this with where candidates are sourced.
Once you know the most effective sourcing channels you can improve your talent acquisition in a number of ways using:
Another factor to consider when looking to reduce time to hire is your talent brand. Without an impressive employee value proposition, you’re going to fall behind when attracting the best people to your company.
Unfortunately, this isn’t something that will come at the click of a finger. It takes time. If you’re not doing it yet, work hard to figure out what makes your employee experience unique. Why would candidates want to work there? Try and go beyond values and into the day-to-day realities of your colleagues, what makes it special.
If left unmanaged or unmeasured time to hire can have a significant detrimental effect on your hiring quality and recruitment costs. but although it remains one of your key recruiter metrics to track, it’s best not to look at it as your only indicator of recruitment performance.
Above, we’ve taken you through 12 key steps to reducing it without affecting your quality of hire. Be sure to systematically identify bottlenecks at each step of the recruitment process before making any changes to your recruitment process and who knows, this time next year you could be the most efficient and effective recruiters in your sector.
There are lots of things that determine a successful recruitment strategy. Is it time to figure out where your weak spots are?
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ThriveMap creates customised assessments for high volume roles, which take candidates through an online “day in the life” experience of work in your company. Our assessments have been proven to reduce staff turnover, reduce time to hire, and improve quality of hire.
Not sure what type of assessment is right for your business? Read our guide.
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