How to hire smarter - get key time back!
Posted recently (2/18/2019)
As I'm here to be your problem solver, something is probably wrong with your hiring process. Whether it's not attracting the right candidates, or the good ones you advance along the hiring process suddenly ghost you (Yes, it is DEFINITELY a job seeker market).
The starting point to figuring out a solution is tracking, specifically in two main areas: The hiring process and the candidates
The Hiring Process
Cost per hire is always a key metric for which to be concerned. Of course with the more cost per new hire, the less employees you can hire or less money for other areas of your organization, be it product development, new software and hardware, or even financial operational stability. Given that every "dud" candidate that you're spending time reviewing resumes or even worse hanging on "the phone screen to nowhere" is valuable money that could be spent elsewhere, this is a key area to review.
Especially in the current four-percent-unemployment climate, time to hire is even more important. How often have you come across a great candidate after many MANY "not so great" ones only to find that the candidate was snatched up quickly by a competitor. Reducing time to hire positively affects cost to hire, so it's a key factor to also monitor and do analysis (industry average is 52 days from prospect to new hire - definitely a good benchmark to obliterate in order for you to score the best talent).
As noted by key recruiting specialists, the quality of the hire decreases by 1 percent for every day you delay hiring. Needlessly adding another ten days to a hiring position decreases that new hires’ productivity by ten percent. That’s because the best candidates have been hired away, and you’re left with the ones others didn’t want. Slow hiring hurts your brand through social media sharing and review sites.
Tracking and assessing candidates, through self-serve, organized, consistent, sharable and storable AI and automation tools such as automated phone interviewing platforms with FirstScreen
, are vital to choosing well. According to the National Bureau of Economic Research, the use of algorithms in hiring boosts employee retention rates by 15 percent.
Did you know that application drop-off is one of hiring’s biggest headaches? It’s a key issue today with an estimated 89 percent of job candidates now searching via their mobile devices, and only about 30 percent of employers mobile optimizing the application process. It's so critical to have a beyond easy application process for candidates given the current market.
Other areas to monitor include interviews completed. Monitor how many people applied to each position, how many interviewed (e.g. using an automated AI interview service such as FirstScreen
) and of the latter how many declined or didn't complete. A smart assessment includes not only the number of folks who complete, but the points at which any drop out and why. Even futher along in the interview process - did they decline or fail to show for the first interview, did they complete the first interview and decline subsequent, did they complete all and decline the offer? Maybe you didn't have strong engagement or communication between each stage, etc.
Beyond the initial assessment and interview, you definitely should track candidate progress through each stage of the interview and eventual hiring process (with the timing measured for each step). Even with automation, it's key to infuse a personalized, human aspect- after all, you are hiring humans and not computers. These tools are here to help you save time to re-dedicate that time into building the strong relationships with your strong candidates (and eventual employees).
Finally as we spoke about earlier, measuring time to hire is also a key monitoring item to determine if you're getting the best talent for the spend. You can calculate a separate figure for each source, for example, that candidates referred by current employees are hired within eight days of applying, but those responding to a Monster job post are hired 18 days later helps assess candidate source strength..
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