Time to hire captures the time the candidate spends in your database and is one of the most important recruitment metrics. Time to hire is the amount of time between candidate sourcing and offer letter acceptance. Recruitment statistics like time-to-hire provide actionable insights on optimizing the recruitment process by working on the elimination of bottlenecks for a better candidate and recruitment experience.
The industry average of 40 days for time-to-hire. Time to hire affects the cost of hire adversely. According to Gartner, when recruitment is accelerated, it might lead to a 32% reduction in cost to hire. In industries with high employee turnover or high growth, delay in acquiring talented candidates leads to adverse effects on business performance. Fortunately, there are ways in which time-to-hire can be reduced without compromising on the quality of hire.
3 Ways To Reduce Time-To-Hire
1. Implementing Multiple Channels For Candidate Sourcing
- Internal Recruitment
Organizations are increasingly recruiting for the senior roles from their employee pool as they are cost-effective. Promoted employees do not require retraining and their organization knowledge is a huge asset as well.
Thus, for filling any senior role, it would be beneficial to look for employees within the organization looking for role change or promotion with the required experience and performance history.
- Rediscovering Candidates From Database
Companies collect thousands of resumes over the years which are not reutilized. An effective way of reducing time to hire would be rematching the existing candidates from the resume database for a new job posting before the promotion. Candidate Rediscovery enables recruiters and enterprises to find great candidates from their own resume databases. With enhanced recruitment tools, it is becoming increasingly easier to arrive at candidate-job match scores to find best-fit candidates on the basis of skills, experience, and other requirements.
- Social Recruiting
An increasing number of recruiters are using social networking sites to find talented candidates. 75% of potential hires are not actively searching for a job but would be open to fielding great opportunities. After identification of ideal candidates, effective engagement of candidates with related team members can lead to a successful hire.
- SEO-friendly Career Page
The career page is the first touchpoint of a candidate with the company while applying for the job. Career pages play a vital role in enhancing the employer brand and easy visibility leads to an increased number of applications. Using SEO best practices, and keeping your job postings up-to-date will bring in consistent web traffic and lead to increased engagement of qualified candidates. Therefore, make sure that career pages have all the important information related to the job listing.
2. Establish A Structured Hiring Process
In 1998, two researchers published an extensive meta-analysis of studies into job performance assessment techniques, spanning the previous 85 years of research. What they discovered was that unstructured job interviews only predict about 14% of an employee’s actual on-the-job performance. Structured interviews, on the other hand, were found to be the third-best predictor of performance, explaining about 26%.
A structured hiring process is designed to provide a consistent recruitment process experience for all parties involved and works in reducing anomalies and reduces time-to-hire. The structure increases the chances of identifying ideal candidates systematically and reduces biases.
3. Use Analytics And Automation For Better Performance
According to LinkedIn Survey, 73% of HR say people analytics will be a major priority for their company over the next 5 years. 64 % of heads of recruiting have difficulty acquiring talent to support a change in strategy according to Gartner. In the digital age, with the emergence of specialized roles, data can help recruiters in making better hiring decisions.
Data can aid in the effective identification of recruitment bottlenecks by tracking recruitment metrics ad KPIs. Additionally, it can aid recruiters to make better decisions by complementing the candidate information with data analysis. An efficient ATS can help in streamlining the recruitment process, automate manual tasks, and generate impactful reports while reducing the time required for candidate sourcing by 67% and candidate screening by 75%.
TurboHire Is Helping You Make Your Hiring Process More Efficient
There is no one size fit all approach for hiring future employees but using data to drive your recruitment process always pays off at the end. Your company can have an in-person hiring approach or are comfortable with online processes but the process of perfecting these processes takes time. Feel free to Sign up for Demo to enquire about how we can help you in your hiring process or join our newsletter to stay informed about the latest trends in the recruitment trends, employee management strategies and more.