Time to hire is getting out of hand. Use these four tips to speed up your company's hiring process.
Time to hire has gotten out of control. According to a 2016 CareerBuilder survey, on average, it takes a company 26 to 34 days to fill an open position. That means spending a month’s worth of time and resources every time you need to find a new employee. Not to mention that the longer it takes to make a job offer, the higher the odds that another company will snatch up the best choice first.
While it’s important to be thorough when vetting candidates, you also need to be efficient. However, if you rush through the hiring process, you risk letting bad hires slip through the cracks. You have to find a balance.
Here are four tips on how you can speed up time to hire without sacrificing the quality of your hiring process:
1. Nurture talent pipelines
Having reliable sources to look for qualified candidates makes it easier to find talent quickly. Knowing exactly where job seekers are and how to reach them means spending less time searching for them. However, a 2015 report from the ManpowerGroup found that only 10 percent of employers are developing strategies to tap into new talent pools.
Consider starting an internship program that will create a pipeline to young talent. Your organization can also get involved with charities that reflect your company mission so you can build a relationship with people who have similar values. And don’t forget to stay connected with previous candidates who were the second choices for other jobs. They might be perfect for another position that opens in the future.
Remember that it’s also important to know as much about different talent pools as possible. That way, you can know where to turn depending on the specific needs of the role you’re currently looking for.
2. Use videos for the initial round of interviews
There are a lot of logistics that go into scheduling interviews with candidates — plus the costs of flying in candidates who live out of town. All of that can make the hiring process even longer if it’s wasted on numerous candidates who turn out to be terrible fits.
Using video interviews for the initial round of interviews is a quicker and more efficient way to get to know candidates before the in-person interview. That’s why a 2015 study from Futurestep found that 50 percent companies use video interviews to narrow down their choices.
Instead of spending hours -- or even days -- trying to find the right time in everyone’s schedules to meet, you can just send them an email with a link. Then after watching just 15 to 30 minutes of their responses, you can learn if it’s worthwhile to continuing with them.
3. Form hiring teams
There’s only so much one hiring manager or recruiter can accomplish in a day. To keep one person from getting overwhelmed, and to speed up the process, try forming a hiring team. Having four people review a stack of resumes means getting through it in a quarter of the time.
Not to mention that more heads are better than one. When it comes time to narrow down the final candidates, having different perspectives can help create a fuller and clearer picture of who the right person for the job is.
Just avoid putting too many chefs in the kitchen when creating your team. If you have too many hiring managers working together, it can end up taking even more time for everyone to come to a decision. Having three to five people should do the trick.
4. Tracking hiring metrics
Unfortunately, not all hires work out. A 2015 report from LeadershipIQ found that 46 percent of new hires fail within 18 months. Mistakes happen, but if you learn from them, all is not lost. You just need to collect information and data about your hiring process and see where improvements can be made to make things more efficient.
Measure quality of hire at regular intervals during an employee’s first year at the company. When you identify your bad hires -- and your rockstars -- look at what similarities they had during the interview process.
Perhaps all of the low performers did particularly well on a certain skills assessment. That’s a sign that removing that step from the hiring process will make things more efficient. Over time, through looking at the trends in quality of hire, you’ll be able to spot great candidates more quickly, improving your time to hire.
The hiring process doesn’t need to drag on for weeks or even months. Truly great processes have a quick time to hire and help you identify the best candidates. You just need to know what’s slowing you down.
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