Do you know your average time to hire? The missing metric that could be losing you candidates.
One of the nifty features of the Talent Propeller recruitment software is that you can generate a report on your average time to hire. Many of our clients are shocked to find out just how long the process really takes.
We crunched the numbers, and found that the average time to hire for our clients is 50 days in New Zealand and 63 days in Australia. Two months may not seem like a long time to appoint a new hire, but the fact is, a lengthy recruitment process means you may be missing out on the best candidates.
According to LinkedIn – the average time to hire is 24-26 days. If your process isn’t speedy, you risk missing out on the best candidates, who will accept an offer from an organisation that moves faster! In fact, the top 10% of candidates are often off the job market within the first 10 days. And according to LinkedIn a candidate is more likely to take the first of two equal offers because the risk of losing both feels worse than the benefit of getting both.
As well as the risk of missing out on the best candidates, a long time to hire can leave applicants frustrated and unengaged. Research found that 57% of job seekers lose interest in the job if they consider the process to take too long and that that 39% of job candidates say 7-14 days is too long! Two months is starting to look like an awfully long time.
How can you improve your time to hire?
1. Use screening questions to help identify the best candidates quickly
If you are still managing your recruitment in your inbox, give us a call! Our software gives you the ability to automatically rank candidates based on their suitability for the role. You can also strategically use questions to automatically shortlist or decline candidates. There’s no point reading a hundred CVs when only twenty of them fit the bill.
2. Use skills and aptitude testing to save time verifying candidates’ suitability
Once you have your shortlist narrowed down, use online skills and aptitude testing to quickly weed out the candidates who won’t be able to perform in the role, before wasting time interviewing them.
3. Manage candidate expectations
If you find your time to hire really can’t be sped up, manage candidate expectations. All candidates should receive an automated email thanking for their application – use this to set expectations around when they should expect to hear from you next. If there are delays in the process, make sure you send out emails notifying them and keep them engaged.
4. And don’t forget to manage internal expectations
Everyone involved in the recruitment process needs to be aware of the importance of a fast turnaround and prepped to play their part in a timely manner.
5. Finally, if it’s all too much, just call in our experts!
Our Shortlisters team can take care of everything for you, handing over a Shortlist of pre-vetted candidates in just two weeks. Clients who use the Shortlisters service have reduced their average time to hire to just 20 days!
For more free recruitment advertising advice, check out our other blog topics at:
New Zealand: talentpropeller.co.nz