Time to hire is one of the most important metrics for recruiters to measure hiring success. The average time to hire across a range of job functions is 41 days (LinkedIn).
Using the right approach at each point of the recruitment process, you can significantly reduce your hiring time without compromising on the quality of hire.
1. A structured hiring process
Without a structured hiring process, you will have a longer hiring time. You will fail to define your recruitment objectives. And lack clarity on qualities of an ideal candidate, a perfect time to hire and budget.
Also, it will affect candidate experience. A subpar candidate experience negatively impacts hiring time. It leads to:
- Candidate drop-off during the application process
- Low offer acceptance rate
Both increase the time to hire. While drop-off during the application process means fewer candidates, a low offer acceptance rate means you have to find and make an offer to another talented candidate, which can take time.
Structure your hiring process, from defining a role to making hiring decisions. Make a structured hiring plan that consists of the following:
- Definition of an ideal candidate that matches the business objectives
- A careful and unhurried process of candidate assessment
- A set of instructions for consistent interview experience
With a structured hiring process, you will make consistent decisions throughout the hiring process and reduce hiring time.
2. Internal recruitment for senior roles
Recruiting for senior roles is challenging. You need someone who can lead a team, think out of the box, and have experience doing similar things that your organisation requires. Even after you have sourced enough candidates, you must assess them for various skills and competencies.
To significantly reduce hiring time for senior roles, look to fill job vacancies from your existing workforce through promotion. You will save time spent in sourcing applicants, screening and interviewing.
3. Employee referrals
According to a Jobvite study, it takes 29 days to hire a referred candidate, compared to 39 and 55 days, respectively, for job boards and career sites.
Use your existing employees as your brand ambassadors. Use employee referrals and ask them to recommend talented candidates from their network.
4. Build an effective talent pipeline
Without a talent pipeline, it will be a long process if you have a vacancy. You will spend days sourcing enough good candidates and screening them for interview rounds.
Building an effective talent pipeline will save a lot of time in sourcing and screening candidates, decreasing the hiring time. Interviewing a group of pre-screened candidates and making hiring decisions will make hiring faster. Steps to building an effective talent pipeline:
- Strengthening your employer’s brand
- Prepare a consolidated database of potential candidates
- Engage with the candidates
5. Improve collaboration
According to a Stanford study, teams that work collaboratively stick to their job 64% longer.
Emphasise collaboration within the recruitment team, hiring manager and other team members to educate each other on things that add to increase the hiring time. You will have a well-managed recruitment process and overcome top recruitment challenges that negatively impact hiring time.
6. Use an applicant tracking system
A good ATS will contribute to structuring your hiring process and reduce the overall hiring time. It will help you at every point of the hiring process:
- Publishing jobs on popular job boards
- Importing resumes and storing information under unique profiles
- Screening candidates using smart filters
- Scheduling and conducting interviews
Candidate rediscovery: Use the talent pool of an ATS to review old resumes and look for candidates who reached the final stages in your previous hiring process.
You don’t have to post a new job, source candidates and filter CVs for screening candidates. It will significantly reduce your hiring time.
Taking too long to close a vacant position has various disadvantages. It increases hiring costs and comes with the risk of losing top candidates. Use analytics to evaluate your recruitment process and measure hiring time. Consider adopting an applicant tracking system like PyjamaHR, which lets you see reports on crucial recruitment metrics.