How to Reduce Time To Hire
The time to hire your organization is averaging could hurt attracting quality talent. How can you reduce time to hire and keep your organization staffed with high-quality candidates?
What is time to hire?
Time to hire is when a candidate hands in their application to the moment that the offer is accepted. But in reality, it stretches beyond both ends of that. It starts when you first create the requisition and ends when the new hire starts their job.
Regardless of how you measure hiring time, an extended process costs your company good talent.
A slow recruitment process leads to well-qualified, desirable candidates dropping out of the running or accepting other offers. Vox notes that a top complaint among job seekers is unresponsive employers.
According to a Robert Half survey, 62% of professionals lose interest if a company doesn’t follow up within two weeks of an initial interview. That number rises to 77% at the three-week mark.
How long is your time to hire?
Time to hire can vary based on industry and company size. According to SHRM, the time to engage across all sectors is an average of 36 days. Every day a position is left empty, your company loses productivity. The higher the level of the employee, the more damage it does to your bottom line.
Highly skilled technical jobs are at the top end of the spectrum for time to hire, including Information technology (44 days), business development (46 days), and engineering (49 days – up to a staggering 82 days, according to LinkedIn). However, the bigger the company, the longer the time to hire; enterprise companies with 5,000 or more employees have an average span of up to 58 days.
Reducing time to hire
You can reduce your time to hire by being proactive about your recruitment and hiring strategies. These four tips can help you speed up your hiring process while finding the best candidate for each position:
Integrate and automate
Embrace technology and everything it can bring to your recruitment process. Censia can help reduce your time to hire by up to 50%, through our Talent Intelligence Platform.
Censia uses AI and advanced search models to deliver a ranked and scored talent pipeline. Within minutes, you can start reaching out to qualified, and more diverse candidates who have the skills you need to secure and avoid lapses in productivity due to unfilled positions.
Create and maintain a talent pipeline
A mix of sourced candidates and cold applicants gives you the best hope of not only finding the ideal employee, but finding them fast. Review which positions and departments you hire for most frequently, and start keeping tabs on highly qualified candidates that may have been silver medalists in an earlier round of hiring.
Optimize your job listings
Make your job listings as clear, comprehensive, and open as possible. Watch for gendered language, unclear details, and murky timelines. A straightforward job posting close date and a “hire by” goal helps candidates know you are serious.
Use data analytics to identify opportunities for improvement
Where does your hiring process break down? If you track your candidates through the hiring process, you may find an obstacle at a particular stage. Finding and addressing these roadblocks can help reduce time to hire and minimize the risk of losing good candidates to a slow process.
Contact Censia to set up a free demo today.