When It Comes to Hiring, Wasted Time Is Wasted Money

when-it-comes-to-hiring

Companies with the competitive edge are those who thoroughly assess every job candidate, yet move efficiently through their hiring process. Hiring delays are extremely costly, as business-critical positions go unfilled and you leave top talent wondering where they stand.

In 2015, the average time to complete a new hire in the U.S. was 27 days, the highest level since 2001.  Among vacancies not filled within that time frame, close to one third stayed open longer than three months. Research showed that 60 percent of companies were concerned about slow hiring trends. While skill shortages were part of the problem, it was largely attributed to inefficient hiring practices.

How to Improve Your Process

Your hiring process is the most important strategic planning that your company does. Take a hard look at your current approach and then formulate a plan to make it more effective, efficient and competitive.

  • Start with your cost of vacancy (COV): This metric monetizes the actual financial impact of an open position. Look at the last 18 months of new hires, noting the number of days from post to fulfillment, and how many of those individuals are still employed at your company. Then, set a goal to improve your time-to-hire. Consider using temporary employees to fill lengthy gaps.
  • Build your bench strength. Develop a pipeline of qualified candidates who are already engaged with your organization and are easily accessible when you need them.
  • There is no exact science to hiring, but make it easier and better with a standardized approach. This includes robust and current job descriptions, clear candidate evaluation criteria, structured interviewing, quick follow-up and ongoing communications. Have a plan that encompasses an employee referral program, a strong social media presence, and streamlined vetting and reference checking steps. Top talent stays on the market for only about 10 business days, so don’t risk losing them due to a haphazard, less-than-clockwork process.

Partner with a Specialized Staffing Firm

Working with a specialized staffing firm can supplement and improve your existing hiring efforts. Your staffing partner will offer market intelligence, candidate databases, networking opportunities and access to elusive passive talent. They also can provide temporary help as needed. To learn more, contact the CPS Recruitment team at 315-457-2500 or sales@cpsrecruiter.com today.

 

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