As an HR or Talent Acquisition professional, you likely understand the importance of filling open positions quickly and efficiently. You know, better than most, that a long time-to-fill can lead to decreased productivity, increased recruiting costs, and missed opportunities to hire top talent.
According to recent surveys the average time-to-fill in the United States is 49 days (ranging from 14-63 depending on industry).
The knowledge that low time-to-fill is critical in order to turn that top-tier finalist into your next new hire is only half the bottle. Most companies understand that in this current climate, you have to react quickly in order to attract, engage, and hire the top talent their seeking.
The competition is thick, so the question becomes: how do you get your time-to-fill under 45 days?
1. Walk Your Process Backwards
What does your recruitment process look like now? If it takes you two weeks to identify talent, two weeks to schedule and interview candidates, and two more for finalists to receive and accept offers, you're at six weeks time-to-fill, already.
To achieve a low time-to-fill you have to start well before you are in need, prior to a job posting and opened req. To identify talent quickly you need to have a workforce planning strategy in place so you know who you need well before actually needing them.
Understand fundamental Talent Acquisition methodologies to help build successful workforce planning strategies.
2. Streamline the Recruitment Process
A lengthy and complicated recruitment process can deter top talent from applying and increase the overall time-to-fill.
To streamline the process, identify talent quickly, simplify the application process, reduce the time to schedule/perform interviews (no more than 48 hours), and extend offers quickly and with purpose. This will make the process faster and more efficient and increase the number of qualified, interested, and engaged candidates.
Along with a streamlined process comes the ever-important, change management. Make sure that everyone, including Hiring Managers, "buy-in" to the time frame. If everyone involved isn't committed, then your new strategy will fall apart in practice.
Once you have a standard strategy in place, you can adjust it to fit your needs.
3. Enhance Your Employer Brand
A strong and attractive employer brand can attract top talent and increase the pool of qualified candidates.
Invest in creating a positive employer brand image that accurately represents who your company is to prospective employees. Including offering competitive compensation and benefits packages, fostering a positive workplace culture, and promoting the company's mission and values.
4. Partner with Recruiting Experts
Working with a recruiting firm can increase the number of qualified candidates and reduce the time-to-fill.
Companies that specialize in recruiting have a vast network of contacts and the expertise to identify top talent in a competitive market.
This step is crucial, especially if your in-house team is overwhelmed by multiple open requisitions due to a long time-to-fill. When choosing a partner make sure that they understand your specific needs, will work with you to identify a solution designed to produce results, and will partner with your company using your infrastructure so you don't have to learn new processes and technologies unnecessarily.
Related Read: RPO vs. In-House Recruiting: Can You Use Both?
5. Utilize Social Media
Social media platforms can be powerful tools for advertising job openings, reaching a wider audience, and attracting passive candidates. Utilize platforms like LinkedIn, Twitter, and Facebook to promote job openings and increase the visibility of your company as a great place to work.
6. Offer Competitive Compensation
A competitive salary and benefits package can attract top candidates and reduce the time-to-fill. Consider conducting a compensation analysis every few years, and ongoing salary surveys that match your turnover rate. This ensures that your company is offering salaries and benefits that are competitive in your industry.
7. Encourage Employee Referrals
Employee referrals are a valuable source of qualified candidates. Encourage your employees to refer qualified friends and family members by offering incentives, such as bonuses or paid time off. Employee referrals account for 30-40% of all hires.
45% of all referral hires stay longer than four years (compared to only 25% of job board hires).
8. Foster a Positive Workplace Culture
A positive and inclusive workplace culture can reduce turnover, retain employees, and reduce the need for frequent hiring.
Invest in creating a culture of trust, respect, and open communication to attract top talent and increase employee satisfaction.
By implementing these strategies, you can significantly reduce your time-to-fill and improve your overall hiring process. A short time-to-fill is a critical indicator of success and a competitive edge in today's job market.
The key to success in reducing your time-to-fill below 45 days is identifying talent quickly, moving candidates through your process efficiently, and having total buy-in and commitment to the timeline from everyone involved.
Your time-to-fill is critical to the success of your business. By streamlining the recruitment process, enhancing your employer brand, partnering with recruiters, utilizing social media, offering competitive compensation, encouraging employee referrals, and fostering a positive workplace culture, you can get your time-to-fill below 45 days and attract top talent to your company.
Ready to lower your time-to-fill but not sure where to start?
The seven steps listed above are the key to attracting, engaging, and hiring the top talent you need quickly and cost-effectively. But not all companies are able to handle the workload internally. Our team is dedicated to providing sourcing and recruiting support through strategic solutions dedicated to your exact needs.
Contact us today to learn more about how we can help you improve your hiring process and reduce your time-to-fill.