In today’s competitive hiring market, most quality candidates are off the market within 10 days. This means if your team has an inefficient hiring process in place, you’ll lose top talent to other job opportunities. So it’s critical for your team to have an understanding of what might be slowing down your hiring process, and how to improve your hiring efforts across the board.
Many hiring solutions don’t provide the reporting your team needs to improve your hiring efforts over time. By partnering with a recruitment CRM platform like Hireology, your team can boost hiring efficiency using our Insights solution.
Hireology Insights, easy-to-understand Q&A analytics, provide visibility into recruitment marketing and hiring data, and empower your team to outline actionable next steps for improvement. Armed with this data, you can also hold your team accountable to efficiently following the hiring process you have in place. Below, we’ve outlined a few tips for you to make the most of Insights and, as a result, hire quality candidates before they’re scooped up by competing job offers.
Measure and Reduce Your Time to Hire
According to data from the Society for Human Resources Professionals (SHRM), the average time to hire for businesses across industries is 36 days. Not only does a lengthy hiring process mean you risk losing quality candidates to other job opportunities, but it also causes productivity on your team to take a hit. Hireology data found that the average business loses $1,000 in gross profit for each day a role is open.
By leveraging Hireology’s Velocity Insight, your team can measure and improve time to hire with a clear understanding of:
- Percentage of applicants reviewed
- Overall time to review
- Time spent in each hiring step
Armed with this data, your team can determine when candidates are getting held up in the hiring process – and identify steps to improve. For example, one or more of your hiring managers might have a low applicant review rate. To address this issue, you can consider tapping into prescreen surveys to automate initial candidate review – and ensure all candidates are being reviewed. By speeding up steps where candidates tend to get held up, you can decrease your overall time to hire, driving profitability.
Follow a Consistent Hiring Process
Aiming to speed up your time to hire doesn’t mean your team should skip steps in the hiring process. Doing so can pose a compliance risk for your organization or might result in hiring candidates who aren’t a fit for your open roles.
Hireology’s Adherence Insight helps your team follows an impactful, compliant hiring process by holding team members accountable for completing all steps of the process. The Adherence Insight breaks down the following:
- Percentage of hiring steps completed
- Percentage of hires who completed all steps
- Percentage of candidates with skipped steps.
Your team might be well into the hiring process with a quality candidate and want to rush to extend an offer. But this can lead to missing critical steps in the hiring process – such as completing reference and background checks. The Hireology Adherence Insight helps you hold hiring managers accountable to following to each step in the process.
Following every step each time you make a hire is critical maintaining compliance and ensuring candidates are truly a fit for your team before extending an offer.
Set and Strive to Meet Goals
Once your team has an understanding of where you stand in terms of your overall hiring process health, you can set goals and outline an actionable plan for improvement.
Research shows that goal-setting can improve employee performance by 25 percent and the same is true when it comes to holding your team accountable to following an efficient hiring process. In November 2018, Hireology launched Insights Goals, which enables Hireology users to set a hiring velocity goal based on their industry average or a specific time frame.
Following the launch of Insights Goals, Hireology customers have seen several key success metrics, including:
- Time to review is twice as fast for organizations who set goals
- Time to hire is 10 days faster for organizations who set goals
- Insights users who set goals review applicants at a rate 20 percent higher than those who don’t set goals
With measurable goals in place, you can encourage your team to review applicants regularly, which will ultimately help decrease your time to review and time to hire and, as a result, secure quality candidates.
Start tracking your hiring efforts – and set goals for improvement – to ensure you’re building your best team. Log in to Hireology and navigate to Insights.
If you’re not a current Hireology customer, get a demo to learn more about Insights.
