New Year, new hiring process? Doesn't quite have the same ring as New Year, new you, but when you consider that 80% of employee turnover is due to bad hiring decisions, it's worth taking a second or even a third look at. And, just like those extra holiday pounds, you can trim down the time-to-hire with a little hard work, discipline and collaboration.
Why Time-to-Hire has Slowed Down
Let's start with the cold hard facts. The time-to-hire slowed down to near epic proportions in 2014. The Wall Street Journal reported that employers in the United States are taking an average of 25 days to fill vacancies. If you’re part of a company with 5,000 or more employees you might want to sit down for this next fact. Enterprise-level organizations experienced an average hiring rate of 58.1 working days. Wowsers!
Just like finding the perfect diet, every organization comes with its own set of unique hurdles. With that said, here are the top three reasons the time-to-hire has slowed down.
- Job postings are flourishing, but executive leaders are afraid to hire for fear that their headcount will suddenly plummet or rise, they will sign off on the wrong hire, or they simply don't have enough trust in their teams.
- Hiring managers have become extremely picky, and as a result have raised the qualifications for jobs and even intensified pre-hire screenings.
- Companies are continuing to operate with thinner staffing in HR and recruiting departments but are asked to increase productivity to match the new job demand.
Hiring Trends for 2015
What trends from 2014 will hold true for 2015? To answer this question we turned to this Forbes article on workforce hiring trends. There are a few noteworthy predictions that you should absolutely consider as you develop or review your hiring process in the New Year.
- The skills gap will continue to widen making specialty or niche positions increasingly competitive and difficult-to-fill.
- Job seekers and passive candidates alike will consistently be on the hunt for a new position. In fact, the article reports, "86% of employees are already looking for work outside their current occupations."
- The use of mobile among candidates will explode.
How to Speed Up Hiring
The combination of new technologies and behaviors might be enough to revisit your existing hiring process. To move the needle on hiring in 2015, you have to measure the effectiveness of your hiring process from end-to-end. Understanding what to look for and where to spot inefficiencies is mission critical. But before approaching it like a fad diet, realize impulsive decisions with little to no research will produce short-term lackluster results, if any at all.
Putting organizational diplomacy aside, we understand this exercise sounds easier in theory than in practice. That's why we've created this short checklist of what you should look for during the evaluation process. These talking points are sure to get the conversation going in the right direction with your hiring team, senior managers or top brass. Good luck and happy hiring in the New Year!
- Evaluate every step of your hiring process. The hardest step is often the first one. But evaluating each step in your recruiting process is imperative to identifying the weak spots. Remember to leave no stone unturned. By questioning every detail, you ensure that you fully grasp the process and can articulate the stop gaps to senior managers or leadership.
- Get everyone on the same page. If you hear too often that hiring quality stinks (and agree), then call a meeting to address the issue head on. Are resources spread too thin? Are recruiters missing the mark? Is the bottle-necked system causing too many applicants to drop off? Getting all of the reasons on paper allows you to think strategically about what to address first.
- Drive your ATS and not the other way around. Awhile back, we wrote this blog on whether your ATS was the downfall of recruiting process. We addressed the many reasons why your ATS could be the cause of missed hiring opportunities; including user error, overlooking ideal candidates, and poor candidate experiences.
- Dive into the data, and own it. Assuming your organization is collecting data, the next logical question to ask yourself is what are you doing with it. In today's digital age, each form field is a data point. Plotting the points is only helpful when you understand what to look for. In a recent webinar we hosted on building a business case for contingent labor, a number of attendees noted one of their biggest organizational challenges as reporting and metrics.
This blog was written by Alexandra Calukovic-Deck, aka the Marketing Guru, a data-driven marketer. Growing up in the traditional marketing era, this Inbound Marketer has experienced first-hand the shift to a more digital world. Versed in email, social and content marketing, Alexandra Calukovic-Deck drives the strategy behind Yoh's international sales and marketing divisions. Claims to fame include the longest possible last name ever, certifications in Strategic & Inbound Marketing practices, and lover of all things Philadelphia (especially the Philly food scene).