Improving Your Talent Acquisition Strategies by Reducing Time to Hire
30 days. Is that your typical time to hire or more than that?
Yes! Hiring is tough with a lot of processes involved and if you do not achieve your target for hiring it can hamper your productivity and efficiency.
Filling out a position with a potential candidate is a costly affair for the company. Even though the hiring managers leave no stone unturned to hire the right candidate in a reduced timeframe. But there is always a risk in getting the best talent onboard.
Time to hire is a metric that calculates the days right from when the candidate applies for a job till the time, they accept a job offer. Shorter the period, the better.
What Is the Time to Hire?
To define precisely, time to hire is a metric to measure the number of days from when a candidate applies for a job position till he or she accepts the job offer. Generally, the hire depends on industry to industry. Some metrics are lower as 12 days while some take up to 40 days. The average time to hire across industries is 34 days to 36 days. Yet there are ways to outperform and decrease the hiring process in your industry.
Why Reducing the Time to Hire Is Important?
The main goal of your talent acquisition team is advancing the recruitment cycle and lowering the time to hire. That said, the whole process must be done quickly so that new employees can join the organization which can drive growth.
Taking too much time for hiring a candidate not just increases the cost per hire but may also lead to losing potential and high-quality candidates. So, to game up the recruitment process we will cover some of the actionable insights that you can implant in your recruitment process.
Though it is crucial to downturn time to hire quality of hire shouldn’t be compromised. Different companies use methodologies like performance reviews, hiring manager satisfaction, and target achievement to measure the quality of hires.
Reasons To Reduce Time to Hire
1. Filling Position
Reducing time to hire will effectively reduce your company’s overall time to fill that measures the time frame required to fill a position.
2. Outline a Hiring Structure Plan
A clearly defined structure plan will help you lay out goals and objectives for hiring. Not having a structured hiring process will end up starting from scratch to fill a new role. Plus, it will also increase the company’s cost to hire.
To hire any candidate, it is vital to create a structured plan because if the recruitment strategy is not candidates may find it difficult to content you and you get sweet nothing. The recruitment plan may include:
- The objective of your recruitment
- The qualities of an ideal candidate that you require
- The use of technology for recruitment
- The company’s onboarding process
- Marketing approach and value proposition to source the right candidate
- Your recruitment budgets
3. Build a Sufficient Talent Pipeline
It is evident that a well-developed talent pipeline saves from the hassle of advertising jobs and finite background checks of candidates. It is said that posting a job takes 40% of the time. Building talent pipelines automates the work. It also gives your recruitment strategy a positive push by reducing the time to hire.
4. Streamline Your Stages to Speed up the Candidate Evaluation Stage
- Use assessment to eliminate a candidate who does not fulfill the requisite, especially in the case of technical roles.
- The initial phone screen will abide you with the interview saving time and expedite the hiring process by evaluating each factor.
- Use an AI tool that auto-disqualifies applicants who do not match the minimum requisites of a job role.
5. Invest time in ATS (application tracking system)
At every stage of the hiring process, ATS is crucial. Posting jobs in numerous portals and posting job ads will alert you immediately when any applicant comes in. The process includes scheduling an interview, streamlining applications, assessment integrations, talent pipeline building, and automation capabilities.
While deciding ATS and run down through it to check if it matches the company's needs. Always test before buying one.
6. Keep Yourself Aligned with the Hiring Team
Sometimes the hiring team gets carried away with unrealistic expectations because they are maybe unaware of the minute details of hiring. To hire or even screen the right candidate for the hiring team you must be aware of what an ideal candidate looks like. Provide the hiring team with data to elucidate them with realistic expectations. Collective awareness will amend your sourcing process by attracting the best candidate, and reducing the time to hire.
7. Use Assessment Software
In the case of high-volume hiring software is your best rescue. The software will drastically reduce your time to hire by shifting applicants. Software that reduces the screening process, evaluates a candidate’s skill set, behavior, and culture fit in the real context. These tools can be used to assess their cognitive intelligence and conduct aptitude tests.
Hiring a candidate is a strenuous process and calls for a significant effort to onboard them after a protracted process. If unmanaged this process can increase your time to hire to such an extent that the whole process can cost the company. The important key steps listed above, without affecting your quality to hire can help you identify bottlenecks. It takes a lot to screen the right candidate before finally onboarding them.
After reviewing this guide, we are sure you will understand what is time to hire and why should you reduce it to save your business. By now you also know the steps taken to reduce the time to hire without sacrificing quality. In case you do have enough manpower in your company to carry out the recruiting process, there are many automations software that makes the process smooth. As a candidate always select a company that understands the hiring process so that it is easy for you to work in a company with a smooth workflow.