How to Get the Quick Hire and Shorten Time-to-Hire
They say fools rush in, but in today’s uber-competitive hiring landscape, you have to get candidates through the hiring process quickly, or you’ll risk missing out on the best talent. When done right, speed isn’t bad in hiring, and there are many benefits to expediting your organization’s time-to-hire.
This article will cover some of the dos and don’ts of speeding up your time-to-hire and will give you tips to help you avoid any fast-hire follies.
How Time-to-Hire Affects Recruiting ROI
Time-to-hire measures how long it takes for you to hire someone by counting the days from a candidate’s application date to the date they accept your offer. Time-to-hire establishes a baseline for how efficiently candidates move through your hiring process.
Time-to-hire is one of the most commonly used HR metrics because it’s easy to calculate and track, and it has a perceptible impact on your organization’s bottom line. The longer it takes to hire someone, the higher the cost for your organization. The business loses out on productivity and revenue, hiring managers get pulled away from their work more regularly for interviews, and recruiters lose candidates to competitors by not getting to the offer stage soon enough.
On the other hand, the more efficiently you can hire people, the quicker you can get new hires up to speed, fill the gaps in your workforce, and have new hires contribute to business outcomes. Hiring has to be a balancing act between time-to-hire and the quality of the hire, but knowing your time-to-hire can help you improve your process by tracking trends in your data and refining different parts of the process to maximize your efficiency and the candidate experience.
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What Are the Benefits of a Quick Hire?
The benefits of a short hiring process come from being more efficient—not simply rushing through the process. If you move too fast and cut too many corners, you’ll end up hiring underqualified or unmotivated employees. Hiring faster without sacrificing candidate quality, however, will get you tangible results.
1. Save Money
We’ve already mentioned this, but it bears repeating—one of the main benefits of hiring quickly is saving your company time and money. Who wouldn’t want to spend less time finding the right person? On top of that, leaving a position unfilled can be costly in the long run when it comes to expenses for recruiting and marketing.
2. Hit Business Goals
Improving your time-to-hire and expediting your hiring process can also help you hit business goals faster. The quicker your team can get someone in the door, the sooner that person can get to work and help where help is needed.
3. Win the Competition for Talent
With more open positions than qualified candidates in many industries, there’s no doubt it’s an employee’s market right now. But even in an employer’s market, the best candidates may still be listening to multiple offers. Moving fast will help you remain competitive, attract the most motivated talent, and get them to say “yes” to you first.
4. Support Your Current Employees
Not only does lowering your time-to-hire help your company on an organizational level, it benefits your departments and teams. By hiring people and filling needed positions quickly, you’ll reduce the risk of burning out your current employees .
Learn all about the benefits of fair chance hiring, including higher rates of engagement, retention, and diversity.
Ways to Speed Up the Recruitment Process
We put together a list of our top tips on how to hire faster and smarter.
1. Audit Your Process
The first step in revamping your time-to-hire is to begin within—identify all the different phases of your hiring and see where the biggest lags are happening. For example:
- Are you waiting too long to reach out to a potential candidate?
- Are there too many cooks in the interview kitchen? In other words, are all the internal team members included in the interview process directly responsible for the position or critical to understanding it?
- Do you have a standard process for gathering candidate and new hire feedback?
Every company has its own hiring process, so exactly what you tinker with will be unique, but if you earnestly look for rough spots to smooth out, you’ll find them. Keep in mind that even incremental changes can make a difference. A few minutes or hours of admin time here and there can add up to days in saved productivity.
2. Leverage Automation in Your Applicant Tracking System
Having the right applicant tracking system (ATS) can decrease your time-to-hire significantly, and one of the easiest tools a good ATS can offer you is automation. You can save time by automating tasks like:
- Posting job openings
- Updating applicants on their status in your hiring process
- Sending reminders to hiring managers
- Filtering resumes to find the most qualified applicants
- Sending offer letters
3. Standardize Your Interviews
Look for ways to streamline how interviews are conducted. For example:
- Decide in advance how many rounds of interviews you’ll be conducting before the offer stage. This will keep hiring managers on track and help candidates feel more comfortable knowing what to expect beforehand.
- Limit the number of interview rounds to what’s strictly necessary.
- Instructi interviewees to ask the same basic questions to each candidate, giving you an easier basis for comparison.
4. Bring on a Recruiting Agency
Not to be misunderstood as a last resort, working with an external recruiting partner is one of the easiest ways to speed up your time-to-hire. A recruiting firm doesn’t have to be an outsourced partner that replaces your efforts—they can be used to double up your outreach.
If you’re overloaded, let an agency vet candidates first, then send you the cream of the crop. Especially for higher-level roles, which generally do take more time, this investment can pay off big.
Tinker, Test, Repeat
As with any adjustments in workflow, these suggestions won’t be the same for every situation or organization. That’s why the initial hiring audit is the first step—see where you can be more efficient, and test to see what works.