Is your cost-per-hire affecting your bottom line?
You post a job opening with bated breath and wait for the applications to start rolling in. You’re hopeful that you’ll find the perfect candidate soon. But days, weeks, and months go by — the position is still open.
You’ve chalked it up to a lack of talent, but there’s more going on. Your recruiting process is wasting time, and it’s costing you money. Research from Bersin by Deloitte found that companies spent close to $4,000 per hire in 2014. And if there are bottlenecks in your process, it could cost even more.
Here are four common time wasters and how to avoid them:
1. No Talent Pipeline
The old model of recruiting is reactive. A position opens up, and employers start the hiring process. But this wastes time. When you need talent most, you’re stuck in what seems like a never-ending recruiting process.
When a position opens up, you need to have talent on hand — that’s where a talent pipeline comes in. Building a talent pipeline and fostering relationships with talent, even when you’re not hiring, is the key to filling positions with top talent, fast. A 2015 survey conducted by the Talent Board found that 50% of candidates have a previous relationship with employers. To compete in a candidate-driven recruiting market, you need to start building those relationships earlier.
Adopt a proactive approach to recruiting by building relationships with talented professionals on an ongoing basis. Create a pipeline of talent so that when a position does become available, it isn’t sitting open for weeks or months. Instead, it’s part of an ongoing process.
2. Lack of Prioritization
Let’s say you have more than one position open at a time. Do you post all your jobs at once and try to fill each job as you find talent? Or do you put all your time and resources into filling one job at a time?
If you’re trying to fill multiple positions at once, you’re wasting time. As it is, positions sit open for an average of 28 working days, according to the most recent data from the DHI-DFH Mean Vacancy Duration Measure published in May. If a key position is open for that long, or longer, it can spell disaster — every day that a position is open, you lose money, productivity, and employee morale.
Instead, prioritize which jobs are the most important to fill. Then focus on hiring for that position first. That way, employees are hired faster and essential jobs are covered.
3. Loose Deadlines
Important projects have deadlines that need to be met, and hiring is just as important. Without a strict deadline and time frame, you could be on a never-ending search for the perfect unicorn candidate.
Instead, set a deadline for filing an open position. Establish a reasonable timeframe for each part of the recruiting process and hold yourself accountable to it. For example, you might give yourself two weeks to review applications, one week to interview candidates, and a few days to extend an offer and work out employment details.
Whatever your deadline is, stick to it to avoid wasting time.
4. Too Many Candidates to Interview
The interview process is getting longer and longer. A 2015 Glassdoor survey found that on average, U.S. companies take about 22 days to interview candidates.
Narrowing down the number of candidates you interview can cut that time down significantly. Before reviewing applications, tighten up your qualifications and focus on exactly what you’re looking for.
Put together a list of essential skills and abilities. These are the bare minimum requirements for the job — what you absolutely need. Automatically eliminate candidates who don’t meet all these requirements. Share this list with everyone involved in the recruiting process. This way, everyone knows what to look for, and you don’t waste time interviewing too many candidates who aren’t right for the job.
The recruiting process can be a long and costly experience, but finding and fixing inefficiencies can help you find the right candidate faster, saving time, money, and aggravation.
What’s holding your recruiting process up? Share in the comments below!
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Tim Cannon is the vice president of product management and marketing at HealthITJobs.com, a free job search resource that provides health IT professionals access to more than 1,000 industry health IT jobs at home or on the go. Connect with Tim and HealthITJobs.com on LinkedIn.