Why Speed Hiring is Becoming the New Normal in Recruitment and How HR Leaders can Practice it Effectively?

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Job seekers govern the hiring process in a candidate-driven market today, and if yours takes too long, top talent will look for work elsewhere. 

It’s no surprise that the companies hire quickly the best candidates the fastest, usually within ten days.

Given the magnitude of recent employment losses, it may seem contradictory to claim that speed will be an essential factor in future hiring. After all, the talent market is currently overcrowded.

The average time to fill in the United States has recently increased. According to John Zappe, the national average is presently about 25 days, the highest level since 2001.

The Secret to Hiring Faster: Why Speed Matters

The most acceptable applicants are in high demand and will almost certainly receive many offers. You may lose out to your competitors if you are unwilling to be decisive.

You don’t have to sacrifice your hiring standards to recruit faster, but you do have to act quickly. This may require you to reconsider your procedure.

Here’s why it’s worthwhile to put in the extra effort:

1. Increases Focus on a More Positive Candidate Experience

Being decisive in your hiring process can help you stand out from the crowd and improve the candidate experience.

You’re not making applicants return for interviews regularly or wait for feedback. Responding quickly to in-demand talent and making quick hiring judgments is so unusual that prospects will undoubtedly notice it.

2. A Higher Rate of Acceptance

Candidates have less time to contemplate joining your organization if the period between the interview and the offer is cut short.

It also means they have less time to interview elsewhere or listen to counteroffers from their existing bosses, which means they’re less likely to be poached.

3. It Appeals to Your Recruiters

While a lengthy hiring process consumes a significant amount of recruiter time (to plan interviews and calls), hiring swiftly allows them to complete requisitions, meet deadlines, and remain satisfied.

4. It Appeals to Your Hiring Managers

Short recruiting timelines ensure hiring managers get access to the talent they require immediately. It also helps companies figure out if they’re generating delays in the hiring process, which they can fix to boost efficiency.

Slow vs. Fast Hiring 

According to HR expert Dr. John Sullivan, every extra day spent making a hiring choice can reduce on-the-job performance by a full percent.

For example, “on-the-job performance” at Amazon may drop by 10% if its hiring department took ten days longer than typical to fill positions. The loss of $75,000 per new hiring amounts to a 10% decline in average revenue per employee ($750,000).

This figure represents a monetary loss that cannot be recovered and is usually never adequately accounted for in accounting.

‍On the other hand, delivering rapid and effective talent acquisition can significantly boost revenue.

According to Boston Consulting Group, companies identified as top recruitment providers had 3.5X the revenue growth and 2X the profit margin of companies listed at the bottom of recruiting delivery.

A midsized corporation with average recruiting skills has $500 million in revenue and $50 million in profit. They can increase their yearly growth from 5% to 17.5% by becoming a leader in talent acquisition, tripling profit to $100 million.

‍There are definite advantages to recruiting faster; it will help you attract, convert, and hire better talent while also saving you time and money. Let’s find out how.

How to Start Hiring Faster

Step 1#: Examine and Condense Hiring Procedures

Many critical processes have multiple steps that require downtime in between, which is why talent acquisition appears to take so long.‍

To simplify the hiring process and acquire talent in a much more respectable time frame, limit the number of interviews, conduct interviews digitally to eliminate scheduling difficulties and travel-related delays, schedule all interviews on the same day (or days) every week, and avoid time-consuming general agreement hiring.

According to a study, most respondents believe that recruiting software and tools are significant assets that can help talent acquisition teams understand candidates more profoundly and intelligently and may prove helpful to hiring managers to examine and condense hiring procedures faster.

Step 2#: Wherever Possible, Plan Ahead

The fact is that many of the market’s displaced applicants are highly qualified. Recruiters will have to do more than discover suitable people in an applicant pool that is substantially greater than it has been in recent history as stay-at-home orders climb and our economies improve.

 They’ll have to find experts with the necessary talents before their competitors do. Why not be proactive and plan when a candidate’s next step is approaching?

If you know an applicant is a strong contender for the position, get a background check and contact their references. This will reduce the time spent waiting for outside sources to confirm your hiring decision.‍

According to an SHRM 2019 study, only 6.3 million people were looking for work, despite jobs available in the United States. Still, with the current market’s widening skill gap, it’s becoming increasingly challenging to maintain a pipeline of individuals ready to be employed whenever needed.

Ask yourself whether you have a department that makes regular hires. Maintain a pipeline of pre-qualified candidates to reduce the number of steps you’ll need to do when an opportunity arises.

Step 3#: Streamline Low-Value Talent Acquisition Processes

Examine each step of your talent acquisition process to find and eliminate any steps that consume more time than they’re worth.

Determine if you’re spending time on routine questions during an introductory interview when you could be assessing a candidate’s job acceptance criteria and asking other pass/fail questions to utilize the interview process as an example once more.

High-priority talent acquisition tasks should be given more or better resources.

Choosing where to devote your best resources in your talent acquisition process will be simple once you’ve prioritized the processes based on their importance.

To begin, select “expedited” opportunities and focus your recruiting efforts there. Rather than attempting to enhance speed on every assignment, concentrate on those where recruiting will have the most significant impact.

Step 4#: Make Accepting Job Offers Simple for Candidates

In most cases, the top 10% of prospects become unavailable in less than ten days. Speed reigns supreme once more.

Reduce time spent creating and accepting offers by learning the candidate’s job acceptance criteria, making a compelling same-day offer, and eliminating friction throughout the offer’s sharing and signature.

Getting rid of paper and replacing it with a fully digital, mobile-friendly workflow that fits smoothly into your talent acquisition process with little to no coding is a powerful method to minimize friction.

According to a poll conducted, one of the most crucial recruiting challenges for recruiters and hiring managers is hiring speed.

By compressing processes, anticipating and executing future steps, focusing on high-priority tasks, and integrating the necessary tools to automate and eliminate friction in the offer stage, we believe you’ll be able to speed up hiring substantially.‍

Follow these steps to establish the correct mentality, expertise, and toolkit to accelerate hiring, get to productivity (and profit!) faster, and develop a culture of speed that starts with new hires. 

Suppose you want to improve the effectiveness of your recruitment process and promote effective collaboration in your firm. Contact Recruiter.com today to streamline your recruitment needs. Whether you’re a small business or a startup, we’re here to help you out!

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The original article can be found at: Recruiter.com