Improving Time-to-Hire With These Trends

The job market rebounded enough from the Great Recession to get unemployment steadily below 5 percent by the fall of 2016. The strong job numbers just ahead of Christmas could indicate a continuing strong trend well into 2017. One challenge business professionals face in this climate is improving time-to-hire. Firms must balance thoroughly vetting candidates while trying to land top talent. Here are some statistics and strategies to help mitigate this issue.

Statistics

The U.S. Department of Labor states normal employers take an average of 27 days to hire someone new, as of 2016. That's 3.5 days more than in 2015 thanks to this vibrant job market. Glassdoor says complex jobs take longer to bring someone into the fold, private companies are faster at hiring than publicly traded firms and government agencies have the longest hiring process.

One interesting take from Glassdoor's statistics is that higher-level jobs in IT departments, such as a software engineer, take 35 days to hire someone. However, lower-level positions, including specialized developers who make iOS, Java and .NET applications, only need two weeks to hire someone. These were quick hires because developers are some of the highest-demand positions in the job market for 2016, and employers want to bring top talent into a company quickly before losing competitiveness in a high-tech economy.

On the candidate side, around 39 percent potential employees lose interest in a position if the hiring time takes too long. Staffing agency Robert Half noted that 32 percent of prospective hires formed a negative opinion of an employer regarding the company's decision-making abilities when it comes to hiring. These perceptions can further hinder the job market.

Here are some ideas as to how firms can develop a strategy that goes about improving time-to-hire.

1. Hackathon-Style Competitions

For tech companies, many firms use a hackathon to eliminate viable candidates. Companies hiring for non-tech positions might use the same format. Firms can employ a game-style elimination event during a group interview. Human resources could use a trivia games to test candidates' knowledge. These lightning-quick tests can save valuable time in a crowded job market.

2. Hiring People Convicted of Crimes

Laws took effect in 2016 that limit discrimination against people convicted of crimes in the past. Human resources, business professionals, recruiters and hiring managers must know the "fair chance laws" and how they affect time-to-hire.

3. Employee Referrals

Employee referrals can save tons of time. Hires happen 55 percent faster when an employee recommends a candidate versus going through a career site or job boards.

4. Pre-Recorded Video Interviews

Pre-recorded video interviews save time-to-hire as well. Recruiters can view 10 pre-recorded videos from candidates in the time it takes to conduct one phone interview screening.

5. Recruiters

Recruiters can help by using tricks of the trade. Recruiters peruse social media, LinkedIn and other electronic resources to match the right candidates quickly. Human resources and business professionals might not have time to peruse every candidate's social media presence.

The bottom line is that reducing the time it takes to hire someone saves staff effort, money and energy. In a highly competitive job market, business professionals need all the advantages they can get as they seek to gain an edge on rivals and earn more market share.

Photo courtesy of Stuart Miles at FreeDigitalPhotos.net