They say, “Time is money”. How much time and money is your slow recruiting process costing you?
There are 4 key areas to evaluate your company’s hiring speed:
1) Time to Hire – How many days, from the date your search was launched to the day the recruit signed on the dotted line, did it take to fill the position? Our data indicates that when a job goes unfilled things get messy. Responsibilities get dropped, hours get stretched, people get burnt out, and eventually they underperform in the role you hired for in the first place.
What would be the business impact of reducing your average “time to hire” from an average of 105 days to 67 days?
2) Interview Efficiency – For each search you conduct, how many hours are spent interviewing candidates? When you actually add up the money used you pay employees to leave their posts and interview a new candidate, you’ll be surprised how much money you are actually losing! Each hour one of your team members spends interviewing is an hour that they spend not being productive at their job. To create a leaner process, think about conducting more thorough assessments earlier in the process such as email, phone interviews, or written assessment tools.
What would the results be of going from a 7:1 in-person interview/hire ratio to a 4:1 ratio? What if your phone screen calls were 30 minutes instead of 60 minutes?
3) Role Clarity – Interviews take longer and veer off-track when the role is not clearly defined. What key assessment questions can you ask to maximize your time?
What if you had a short-list of interview questions that could assess a candidate’s competency and culture fit in only half the time?
4) Quality of Hire – Turnover is painful. It’s a total “restart” with months of work completely lost in search of the “better fit”, Turnover in the first year is a sign that there was something missed during the recruiting process on role expectations, skill assessment, motivation, or culture fit. And you better believe it affects morale. Often, people hire competency but fire for culture fit.
What if your new employee turnover was half of your competitors’? How could you reinvest that time and money saved?
NEXT article: “Inspire Talent”
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