In fact, the average time to hire a new employee was 39 days in 2016. Also, 46% of recruiters say that the time between the first interview and a rejected offer was between five and eight weeks.
Now, there's a big problem with this, considering that the best candidates are off the market within 10 days. This means when you need high-quality, in demand talent, you'll have to move quickly and speed up your hiring processes.
Sure, you still have to give every candidate the necessary consideration to make sure they’re a perfect fit for the role, and, sometimes more importantly, that they'll fit in with your company culture. And you can achieve this balance by using the right approach that includes proper planning and continuously improving your approach to make your hiring processes more efficient.
When you do, you’ll unlock several benefits. With this post, we’ll look at some of these benefits in more detail and why hiring faster is hiring better.
So, it makes sense that, as you shorten your hiring process, you'll save money and resources that could be used elsewhere. This is simply because your hiring managers and HR spend less time recruiting, researching, and screening candidates. Once a candidate has been chosen, it also limits the time that hiring managers and team members need to spend directly with the candidate on interviewing.
And what about the time in between when that role is not filled? Here, you’ll have to increase the workloads on other employees, get freelancers to do the work, or even push back the release dates on products or projects. This then costs you revenue and money.
So, it's vital that you shorten your hiring process to get the best talent. A common problem that’s often encountered is that, by the time the decision is made and the candidate is fully vetted and approved, the candidate is no longer interested or available mostly due to better opportunities in the meantime.
In other words, you must streamline and limit your interview process to a few days or, at most a few weeks to ensure that when you're done, the high-quality talent is still available.
66% of applicants said that they would only wait two weeks for a call back after which they’d move on to other opportunities. This means that, if you speed up your hiring process, you’ll get far higher response rates.
In this way you keep candidates tied in and avoid losing them to other opportunities.
Think about this. In general, the longer someone has time to make a decision, the more time they have to ponder over it and change their mind. By reducing the time from interview to offer gives candidates less time to reconsider and reduces the possibility that they’ll look elsewhere. In fact, according to recruiters, 32% of job offers are rejected because the candidate accepted another offer.
While a longer hiring process will give hiring managers and other decision makers at your company more time to agree on a hire, it could lead to more back and forth between the hiring team and the candidate in terms of negotiations. This could, ultimately, lead to a rejected job offer. You should therefore achieve that perfect balance between your team agreeing and the time to make the hire.
Remember, you don't want a vacancy open for too long. As we've said, an open vacancy costs you extra money and revenue because you have to increase the workload on your other team members or hire freelancers to do the work.
Besides, by hiring quicker, you get high-quality, in demand talent as soon as you need it, rather than months after the position becomes available. This is especially crucial when hiring for positions that require expert skills or have deadlines with no room for delays.
Put yourself in the shoes of a candidate for a moment. Would you prefer waiting ages for feedback and being called back several times for interviews, or would you rather prefer an efficient and streamlined hiring process where decisions are made quickly and decisively?
It's obvious that candidates would prefer the latter. So, by being decisive in your hiring process, you’ll not only improve the candidate experience, but you’ll also differentiate yourself from your competitors who still use slow and archaic hiring processes. This, ultimately, improves the possibility that the candidate will accept your job offer.
It's not only the candidates that would prefer a shorter hiring process, your recruiters and hiring managers like it too.
Recruiters like it because, unlike a lengthy hiring process that takes up a lot of their valuable time to schedule interviews and calls, hiring faster helps them close more requisitions, hit targets, and makes them more productive overall.
Hiring faster also means your hiring managers spend less time on interviews and negotiations, which increases your company’s hiring efficiency. Besides, it also gives hiring managers the best talent when they need it and not months down the line.
Hopefully, this post showed you what benefits you can enjoy when you speed up your hiring process. So, it makes sense to develop a process that's much faster than the current state of affairs.
Remember, you don't have to implement the perfect process all at once. You can start by taking small steps, planning what you want to do, use it as a trial on a new hire, and get feedback to improve the process. Through iteration you build an efficient and streamlined hiring process that nets you the best talent every time.
Now we'd like to hear from you, which of these benefits do you find most appealing? Let us know, we'd love to hear from you.