Increased competition and talent shortages have made hiring difficult for many companies recently. With the best candidates reportedly off the market in as little as 10 days, hiring quickly and effectively is crucial. Compounding the problem, long hiring processes increase recruiting costs and reduce focus on filling other roles. In order to sign the best candidates, you need to decrease the time to fill and optimize your hiring process.
One of the top metrics your recruiting and Talent Acquisition teams needs to track is time to fill - or the time between opening a position and receiving an offer acceptance. Knowing this information provides a baseline to measure against when testing out improvements. Once you know your historical time to fill, you can start looking into how to optimize your hiring process.
Why Hiring Often Takes Longer
While many factors play into the length of time it takes to fill an open role, these are some of the most common reasons we see:
- Poorly written job descriptions - Job descriptions need to be written in a way that attracts the right personality for the job while also being inclusive, accurate and concise. Poorly written job descriptions lead to either not enough people applying or the wrong people applying to your job. One study found that removing gendered words and phrases from job descriptions increased applicants by 42 percent.
- Slow interview process - the most common reason candidates turn down an offer is because they have already accepted an offer from someone else. To reduce this, review your interview process for efficiency and aim to cut the overall time candidates spend interviewing. Are there any stages that could be removed or that take too long? Can scheduling be automated? Can the first interview be held by phone or video?
- Long decision making process - review each stage of the process to see how long a decision takes and look for areas that can be improved. Once a candidate has been submitted to the hiring manager, do they respond quickly? After an interview, is how long does it take to decide to move people on or reject them? Once the decision to extend an offer has been made, how long does it take to actually do so?
- Considering too many applicants - every candidate you add to the pool increases the overall time required to complete all interviews. Aim to move 3-4 candidates through the entire process in order to reduce time requirements.
Ways to Speed up the Hiring Process
Once you have completed your review of the above areas, you are sure to find a few areas that can be improved upon. Here are a few additional tips to help speed up the hiring process:
- Collect data - in order to know if your changes are having an effect on your time to fill, you need to know where you started as well as where you stand. Tracking stats such as time to fill (internally and versus industry average), time candidates spend in each stage of the interview process, and the quality of applications can reveal additional areas to focus on.
- Pre-build talent pipelines - when possible, your TA team should be pre-building their pipeline for upcoming roles - especially ones that they hire for on a consistent basis - by staying in contact with past candidates and proactively reaching out to new ones.
- Align on priorities - before posting a job description, ensure that both the recruiter and hiring managers know what they are looking for in a candidate. This is especially crucial for roles that may have multiple responsibilities - knowing wich are more important helps speed up the selection process.
- Use the right job boards - tracking the quality of applications for each job board can help you determine where to focus your efforts for different roles. While some job boards cost more than others, you may find that it is worth the cost due to the quality of candidates you receive.
If you’re ready to start improving your time to fill, TruePlan can help speed up the process by removing unnecessary hurdles, improving communication between recruiting and hiring managers, ensuring only approved hires make their way to the recruiting team and providing insights an analytics for your team to work off of. Schedule a demo to learn more.