Is the Race for Talent the New War for Talent?
If it seems like top candidates have all of the leverage, that’s because they do.
If you have any doubt about the war for talent being real, check your candidate pool. Whether in quantity and/or quality, things are changing rapidly. 50 percent of employers reported that it is taking them longer to fill jobs today compared to any other period of time, according to a recent study by CareerBuilder.
With the current employment landscape, it’s no surprise. Employers will continue to struggle to fill open roles quickly unless they can adapt their recruiting strategies. As unemployment drops, passive candidates become the labor market norm as does the longer hiring process that is associated with them. Implementing process efficiencies means you can get to them before the competition, make the first offer and positively impact employee retention as there are benefits of a candidate knowing your company is on the ball. This will also lead to happy (and available) recruiters thus a more positive candidate experience from end to end.
You might be thinking it’s up to your recruiters to hire more quickly - it’s not. Fast is the default speed for recruiting. Integrating technology into the recruiting workflow will enable your recruiting team to be more productive, and can potentially save up to 75% of their time to focus on what matters - building relationships with hiring managers and candidates and closing the loop on company needs. A high-touch, high-tech hiring process can provide an authentic and personalized candidate experience and boost your employer brand.
So how does a business increase their speed to hire without sacrificing candidate quality or experience?
You’ll need to evaluate your current recruiting flow and the efficiency of your team. Use KPI’s like time-to-hire, rather than time-to-fill, to gauge how much time your top candidates are spending in the recruitment funnel from initial sourcing to offer acceptance.
Ask yourself questions like:
- What does each step in the hiring process accomplish?
- Which steps lead to bottlenecks in the hiring process?
- Where do applicants typically drop off in the hiring process?
Long story short, speed in the hiring process = engaged applicant. All it takes is a delayed response to lose the best talent to your competition. And a longer evaluation process doesn’t necessarily equate to a quality hire. As you introduce new efficiencies, you’ll start to see a trickle down effect. The faster you get back to candidates, the better your response rates will be and ultimately you will end up with a higher acceptance rate from the right hires.