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In 2023, a Report by Fiverr Pro and Lightcast found that open positions cost the US economy a jaw-dropping $1.08 trillion a month.
With that number in mind, it becomes imperative for companies to reduce their time to hire, especially in today’s turbulent job market, where the competition for top talent has been growing progressively since the Great Resignation.
Killer Ways to Reduce Time to Hire & Attracting Candidates
However, trying to fill an open position quickly comes with its own set of risks too. For instance, it can lead to some hasty hiring decisions, which opens up a whole another can of worms, especially if it turns out to be a bad hire.
But, prolonged hiring processes are also one of the greatest causes of employers missing out on top talent, considering the best talents are off the market within 10 days. Therefore, your recruitment strategy has to be streamlined strategically to maximize efficiency without imposing greater risks.
Here’s 9 ways HR teams can reduce time to hire without compromising on the quality of potential hires:
1. Create a Concise Hiring Roadmap
HR teams can create a hiring process with clear hiring stages and achievable time frames. Consider the role in question and set up clear prescreening, assessment, and interview stages that defined by the operational functions of the job. Introduce a candidate scoring system for efficient evaluation throughout the different stages. Candidate scoring is one of the most effective ways to cut down on hiring time while also improving the hiring process. You can then break up your hiring process into 4 stages:
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Prescreening
Leverage technology to skim through the candidate profiles and eliminate candidates who don’t qualify in the pre-screening stage itself. Use tools like questionnaires with deal breaker questions. This can help you weed out incompatible options early on. You can also automate this process, by using bots to send out an automated response with the questionnaire every time you receive a new application.
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Assessment
Depending on the candidate response to your prescreening, you can conduct skill-based assessments to evaluate the proficiency of the qualified candidates. This will greatly reduce your hiring time process as you will receive a strategic insight into the candidates’ skills and can determine if they’d be a good fit for the role.
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Interview
This is the stage where you can determine the soft skills and cultural fit of the candidates. Use a mix of performance-based, opinion-based, and behavioral questions to evaluate candidates with maximum efficiency.
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Negotiations and Onboarding
This is the last stage in most recruiting processes and the most crucial. At this stage, prompt communication is key to reducing hiring time. Clearly communicate your offer package and be open to negotiation. This is also a great time to display your company values by offering competitive benefits. You should also create a detailed and customized onboarding plan to ensure a new hire isn’t overwhelmed.
2. Write Compelling Job Descriptions
An attractive job description is the first thing that tempts a candidate to hit the ‘apply’ button. It’s important to make it clear, concise and engaging.
Interestingly enough, only 36% of candidates say they’re provided with a clear job description. On the other hand, 72% of hiring managers say that they do provide concise job descriptions.
This mismatch can stem from a lot of factors. Hiring managers can often frame a description from a recruiting perspective, instead of a potential candidate’s viewpoint. That’s why using clear and precise language is important when it comes to a job description. Organizations should also include a brand brief that reflects the company’s values and mission along with the primary roles and responsibilities.
3. Identify the Ideal Candidate Profile
The ideal candidate profile is a blueprint for your potential hire. You can make a list of must-haves and good-to-have skills and qualities to evaluate candidates. Make sure you factor in organizational values and objectives to determine a candidate beyond their degrees and work experience. What’s more, keeping this candidate’s persona in mind can also help you write an informative job description.
4. Choose the Right Job Boards
Did you know that approximately 77% of recruiters rely on LinkedIn for their recruitment efforts?
Job boards like LinkedIn, Indeed and Glassdoor take up a significant chunk of candidate sourcing efforts. So, choosing the right job board is instrumental in reducing hiring time. To maximize the impact of your hiring campaigns, you must do your research about the prospective candidate pool. Also consider the most used keywords and the possible reach for your target audience before running a job ad.
5. Invest in an ATS
Applicant tracking systems can not only reduce time to hire but also provide better talent matches. Most ATS integrated with AI have features that can scour through job boards and can create a passive talent pool. Integrating AI with ATS is one of the most common ways to implement AI in HR functions.
ATS can further drive efficiency by parsing through resumes within minutes and ranking them from most suitable to least. This can make it significantly easier for recruiters to engage promising candidates sooner.
Besides, ATS can also be used to efficiently utilize a talent pipeline. You can source candidates suitable for potential positions within the company in advance and engage with them when a requisition arises. This way, an ATS can help recruiters create a hiring strategy that can be customized for individual candidates. This will improve candidate engagement and have a higher chance of success than a cookie-cutter strategy.
6. Prioritize Candidate Engagement
The most nerve-wracking period for both the recruiter and the candidates is the time between application and onboarding. Both parties are uncertain of the outcome. But with proper candidate engagement, this situation can be avoided. Establishing prompt and clear communication channels for candidates can greatly improve their experience.
A positive candidate experience is not only essential for attracting the best talent, but also impacts your brand as an employer. It can play the cards in your favor, especially if candidates have multiple offers.
A survey also found that 60% of candidates left a positive review after a hiring experience went well. But despite this, a 2021 Indeed survey found that 77% of candidates were ghosted by recruiters even after an interview.
Ghosting candidates deters them from applying to your company in the future. It can also damage your employer brand as dissatisfied candidates can discuss their experience with their peers which can dissuade them from considering you as a potential employer as well.
7. Automate Wherever Possible
Today with the advent of HR technology, automation can significantly reduce time to hire. Integrated solutions like Akrivia HCM can be used to track everything from raising a requisition to onboarding and beyond. Recruiters can employ ATS to not only find better talent matches but also conduct background checks, document management and even conduct skill-based assignments. Interview scheduling can also be automated, while chatbots can be used to keep candidates engaged without recruiters having to invest time in person for these tasks.
8. Leverage Employee Referrals
Employee referrals directly translate to brownie points for your brand image as an employer. Your present employees’ endorsements serve as positive reinforcements of employee-centric company values which can help in attracting potential candidates.
Besides, employee referrals can open a more promising talent pipeline.
A LinkedIn survey found that referral programs significantly reduced the time to hire.
The number of days a position remained open went from 55 to 29 through employee referrals. On top of that, referred employees stayed in the company longer and brought in more referrals as well. This also boosted retention numbers while simultaneously reducing cost-per-hire.
9. Use KPIs to Finetune the Hiring Process
There’s no way to craft a hiring strategy that is full proof in the first try itself! There will be many trials and errors. But what you can do as a recruiter is set up quantifiable metrics to identify what can be improved. Say, for instance, 6 out of 8 qualified candidates sign offers from rival companies even after going through the final interview stages at your company. That might be an indication that you need to up your candidate engagement game.
Similarly, suppose you’re receiving applications for a fresher position from a much older age group of candidates. That could mean your hiring ads aren’t reaching the right target audience. Perhaps you could try promoting the position on social media instead of job boards which a fresher might be a little intimidated to navigate.
To summarize
A faster hiring process is a win-win for both employers and the candidates. To the candidate, it highlights prompt decision-making and efficiency. This ultimately makes them feel valued as prospective employees. It also reflects upon your company culture as an efficient and organized work environment which can add to the appeal.
For recruiters, a streamlined hiring approach will bring down the cost per hire, as the longer a position stays open, it will incur more costs, both financial and otherwise. A faster hire will also contribute to overall productivity and enhance operational workflow. By reducing your time to hire, you also cushion yourself from the impacts of the turbulent job market.
Which of these factors would you consider to reduce your hiring time? Let us know in the comments!
