Reducing Time To Hire In 2023/24
44 days. That is the current average time to hire an employee, an all-time high, according to a report. Findings of the Global Talent Climate, released by the Josh Bersin Company and AMS, revealed that time-to-hire rates in the first quarter of 2023 alone had extended by a day across all industries
All too often, an extended hiring timeline can result in missed opportunities and escalating costs per hire. Savvy hiring managers are keenly aware of the risks associated with drawn-out hiring processes, especially when top-tier talent is on the line.
As we begin to step out 2023 and look ahead to 2024, the competition for talent shows no signs of waning. This blog explores various strategies, including the use of psychometric assessments and video interviews, to expedite the hiring process while ensuring quality hires. Beyond these tools, we’ll delve into optimising sourcing channels, leveraging data, practicing targeted recruitment, and fostering internal growth.
Enhancing Talent Acquisition with Diverse Sourcing Channels
To gain a competitive edge in hiring, it’s essential to cast a wide net and tap into diverse sourcing channels. Many recruiters have their preferred approaches for sourcing candidates. A substantial 52% of respondents turn to their professional networks as their initial choice, while another 28% opt for LinkedIn first, as per Lever’s findings. However, today’s candidates may be more receptive to outreach efforts on unconventional platforms, and profiles on these sites could yield valuable, unique insights for personalised engagement.
For instance, exploring the potential of various social media platforms like Instagram, Facebook, and TikTok for sharing job openings and connecting with a broader audience can be highly effective. Additionally, leveraging online job boards such as Indeed and Glassdoor can significantly expand your candidate pool. The key lies in gaining a deeper understanding of your target applicants, allowing you to anticipate their online presence.
REDUCING TIME TO HIRE WITH PSYCHOMETRIC ASSESSMENTS
Psychometric assessments are a powerful tool in modern recruitment. They provide a structured and scientific way to evaluate various aspects of a candidate’s suitability for a role.
- In-Depth Candidate Evaluation: Psychometric assessments delve deep into a candidate’s cognitive abilities, personality traits, and skills. These assessments are carefully designed to assess attributes that are often difficult to gauge through traditional interviews and resumes alone.
- Objective and Consistent Data: The beauty of psychometric assessments lies in their objectivity. They provide standardised questions and scoring mechanisms, ensuring that every candidate is evaluated under the same conditions. This eliminates biases and subjectivity that can creep into traditional hiring processes.
- Efficiency in Decision-Making: With the time-to-hire metric continuously creeping up, hiring managers need to make quick decisions. Psychometric assessments expedite this process by providing a wealth of data in a relatively short time. This allows hiring managers to identify the most promising candidates promptly, reducing the time-to-hire significantly.
- Enhanced Predictive Validity: Research has consistently shown that psychometric assessments are strong predictors of job performance. By analysing a candidate’s cognitive abilities, personality traits, and skills, employers can make more informed decisions about their potential success in a given role. This increased predictive validity means fewer bad hires and, subsequently, reduced turnover rates.
UTILISING DATA, A NECESSITY
Harnessing data is a game-changer in the pursuit of reducing time to hire. Leveraging data to inform and enhance the hiring process allows organisations to achieve a twofold benefit: speeding up the time required to fill job openings and elevating the caliber of candidate acquisition and assessment.
The analysis of critical performance metrics not only expedites the hiring process but also uncovers trends and insights in applicant qualifications and backgrounds. Additionally, vigilantly monitoring hiring trends to adapt recruitment strategies in response to evolving job market dynamics can significantly contribute to the reduction of time to hire.
FOCUS ON BUILDING A TALENT PIPELINE
Developing a robust talent pipeline offers a practical solution to minimise wait times and ultimately accelerate the hiring process. A well-structured talent pipeline not only alleviates the hassles associated with job advertising, candidate sourcing, and extensive background checks but also amplifies your employer brand, facilitates future talent planning, and attracts candidates genuinely interested in joining your organisation.
Cultivating relationships with potential candidates enables the creation of an enduring talent pool that can be tapped into as job opportunities arise. With an efficient pipeline in place, you can consistently engage and retain top-tier talent who resonate with your company’s culture and values.
STREAMLINING WITH VIDEO INTERVIEWING
Video interviews have evolved into an indispensable tool for modern recruitment processes, primarily due to their ability to effectively assess candidates’ communication skills and personalities remotely. This transformation has substantially reduced the necessity for time-consuming and often logistically challenging in-person meetings.
- Communication Skills Assessment: Video interviews provide a dynamic platform for evaluating candidates’ communication abilities. Recruiters can gauge a candidate’s verbal articulation, clarity, and their ability to express ideas concisely. This is particularly crucial for roles that require effective verbal communication, such as sales, customer service, or leadership positions.
- Remote Accessibility: Video interviews break down geographical barriers, enabling organisations to access talent pools from different regions or even across the globe. It not only widens the candidate pool but also expedites the hiring process by eliminating the need for candidates to travel for interviews.
- Time Efficiency: Traditional in-person interviews can be time-consuming for both candidates and employers. Video interviews offer a more time-efficient alternative. Scheduling is flexible, and interviews can be recorded and reviewed at the recruiter’s convenience. This can significantly reduce the time-to-hire, especially when multiple rounds of interviews are necessary.
- Enhanced Candidate Experience: Candidates appreciate the convenience of video interviews, which can contribute to a positive candidate experience. Applicants often prefer the flexibility of recording their responses at a time that suits them, reducing interview-related stress.
CULTIVATING GROWTH FROM WITHIN
Employee referral systems are powerful tools that not only tap into an organisation’s existing employee networks but also serve as accelerators for the recruitment process, effectively reducing the time it takes to hire top talent.
One of the most influential strategies within an employee referral program designed to attract highly qualified candidates is the provision of referral bonuses. These incentives, which can take the form of cash rewards, motivate employees to actively refer potential candidates from their professional circles. Additionally, offering competitive salary packages and comprehensive benefits is instrumental in swiftly attracting exceptional talent. This not only aids in attracting candidates promptly but also significantly trims down the hiring timeline for filling critical positions.
Reducing time to hire remains a top priority as we navigate the challenges of next year’s competitive talent landscape. Success lies in a holistic approach. Optimising sourcing channels, utilising assessments and interviewing technology, leveraging data, building a talent pipeline, and nurturing internal growth are all essential strategies for organisations striving to streamline their hiring processes. As we move forward, these multifaceted approaches will empower businesses to secure top talent efficiently and effectively in the years to come.
GET IN TOUCH
If you want to talk to one of our experts about streamlining the recruitment process in your organisation, get in touch with our team here, or call 03 9040 1700 to learn more.