The expression “hire slow, fire fast” influences many talent acquisition teams’ overall attitude towards the hiring process. Is this old adage accurate or should companies hire faster? Currently, it’s a candidate’s market, which is one of the many reasons why hiring speed matters immensely.
Many organizations worry that hiring quickly leads to hasty decisions and lower-quality candidates. But recruiters can hire efficiently, thoroughly, and in an agile manner. In other words, recruiting faster does not mean that companies need to abandon their standards. The longer companies deliberate, the more likely they will lose top talent to a competitor.
According to current reports, “The average nationwide time-to-fill is 25 business days.” Conversely, the best candidates are off the market in 10 days. If organizations want to attract and attain top-tier talent, their hiring strategy must include a commitment to speed.
Benefits of Hiring Faster
When companies improve their hiring speed, they land better candidates and save resources. Here are four reasons why hiring fast matters:
Attract high-quality hires. Companies should move quickly if they expect to attain superstar applicants. Act fast and differentiate your company from competitors!
Enhance candidate experience. Members of the hiring process should communicate with candidates frequently and transparently. A candidate’s experience will improve drastically if hiring managers report decisions as soon as possible.
Save money. Interviewing and covering unfilled positions cost companies tremendous amounts of time. When companies hire fast, they avoid those massive hits to their bottom line.
Experience higher acceptance rates. Reducing time in between the interview and offer gives candidates less time to interview somewhere else or reconsider.
Unique Ways to Increase Hiring Speed
Companies’ hiring processes may experience delays due to limited personnel or resources. The following tips offer implementable ways to speed up hiring decisions.
- Outsource sections of the hiring process.
Recruiting and vetting potential candidates takes up a lot of time. As a result, many companies choose to consult with a recruiting and/or staffing agency. Outsourcing saves companies’ time and administrative costs. As a widely recognized industry name, Career Group Companies makes it our mission to match companies with top-tier talent. Every company is unique, and our team of experts take the time to understand your needs to find the best candidates. If you would like to learn more about our services, contact us.
- Consider a temp-to-hire position.
Think of a temp-to-hire structure as a “trial” with less commitment than a full-time hire. Companies can secure a candidate quickly, but they still have time to ensure it’s a good fit for both parties.
- Think ahead, and eliminate steps that add unnecessary time.
Organizations often ask for references after they’ve chosen a candidate. It takes prospective employees time to gather references, and then human resources must contact those references. In total, this can add a week or more to the hiring process. We recommend that companies use WorkGrades, an online reference tool, as a way to speed up their hiring process. Through WorkGrades, candidates easily request online references from past bosses and co-workers. After candidates receive references, they share them with recruiters and future employees. This is a great option for companies that want to streamline the reference process.
In the candidate’s market, new approaches such as “treat candidates like customers” are increasingly important. While it may go against previous talent acquisition strategies, creating a faster recruitment process may be the secret recipe to hiring the best candidates.