As you approach the middle of the year, now is a better time than ever to take stock of what’s working and what’s not with your business – and set yourself up for success in the second half of the year. One segment of your business you should always review is your hiring process. Your people are your most important asset and a proven, repeatable right hiring process can help you attract and hire the best team.
If you don’t have a set hiring process in place or are looking to improve the process you’re already using, take the following metrics into consideration.
Hiring velocity, also known as time to hire, measures the time it takes from posting a job through offer acceptance. The longer a position goes unfilled, the more productivity is disrupted as current employees spend time covering for the open role. And, if you take too long to move candidates through your hiring process, you risk losing top candidates to other jobs – possibly with your competitors. Setting aside time each day to review applicants can greatly improve your hiring process, as Hireology research shows applicants reviewed and acted upon within 12 hours are more likely to be hired.
Understanding your hiring velocity enables you to identify key areas for improvement and speed up the hiring process. Do certain locations or managers take longer to hire than others? Or, do candidates get held up in one step of the process, such as reference checks? By addressing what needs to be improved and implementing an efficient, repeatable hiring process, you can move candidates through the hiring pipeline as quickly as possible.
Following a proven, repeatable hiring process ensures your team completes all hiring steps each time you have an open position. If you don’t follow all hiring steps, you might miss out on star candidates, or make a bad hire by moving too quickly. For example, it’s important to review all applicants, rather than hiring the first standout candidate you see – or an even stronger candidate might slip through the cracks. You can also increase your likelihood of hiring quality candidates by completing multiple rounds of interviews, rather than making an offer after one interview. The best approach is to start with a phone screen, to ensure the candidate is knowledgeable and truly interested in working for your company before inviting the candidate for an in-person interview.
Other key steps your hiring team should not overlook include skills tests, background and reference checks. Each step should be completed every time you have a job opening, to ensure you’re following a consistent process. Similar to identifying which locations or managers are slowing down your hiring process, you can see where hiring steps might be overlooked – and hold locations and managers accountable for completing each step. Not only will this lead to a better candidate experience, but it will ensure your team is following an impactful and compliant hiring process.
A repeatable hiring process is key to building your best team. Hireology’s latest feature, Insights, offers easy-to-understand reporting that provides clear visibility into hiring metrics, including hiring velocity and process adherence. Insights also compares your hiring process to industry benchmarks, highlights the points of strength and weakness in the hiring process, and provides actionable next steps for improvement. Learn more about Insights and schedule a demo today.