Not only does a lengthy recruitment process equate to more money spent, it may also have a wider impact on the rest of your business – just think about the knock on effect of a skills shortage in one of your departments.
When it comes to hiring a new member of staff, time is critical, especially when you’re in the midst of implementing a direct sourcing strategy. [For more info on setting up your direct sourcing strategy, download our latest eBook the In-House Direct Sourcing Guide].
So, how can you calculate your time to hire?
You can calculate your time to hire by noting the period of time between the date that you first advertise your vacancy and the date that your new employee starts within the business.
For a more accurate representation, try and do this for several different roles within your company and take an average.
But why is calculating your time to hire so important? Webrecruit explores the top three benefits that this figure can deliver to your business:
1) Cost reduction
Decreasing your time to hire can also help to reduce your costs which can be ploughed back into other areas of the business.
There are obvious costs involved with a long hiring process, such as extending the length of time advertising your vacancy and the extra time taken to evaluate and review CVs.
However, don’t forget about all the hidden costs – for instance, if you’re recruiting for a new member of your Sales Team, just think about the additional sales that your new hire could close in that extra time.
2) Streamlining your efforts
If you’re considering, or in the process of, implementing a direct sourcing strategy, calculating your existing time to hire is important in terms of measuring your progress.
Once you have calculated and recorded your initial figure, set yourself a time period in which to measure your progress against. Depending on your strategy and your direct sourcing targets, this could be any length of time, from six months to a year.
After this time has passed, calculate this figure again – this will give you some idea of how far you’ve come.
If you’re finding that your time to hire is still on the lengthy side, think about further steps that you could take to reduce this.
Additionally, if you’re still using recruitment agencies for some of your vacancies, factor in the time that it takes to receive CVs from them – this could also delay your recruitment process.
Consider investing in recruitment software, such as an applicant tracking system. This will help to simplify your vacancy requisition process, making the overall hiring process easier for everyone within your business.
3) Maximise your candidate experience
In a candidate driven market, applicants are less likely to wait around whilst you sort out your hiring process. An overly lengthy recruitment process can lead to frustration and can reflect badly on your business. And don’t forget, happy candidates are more likely to accept when you offer them the job.
It’s easy to get caught up in the numbers and figures when measuring the effectiveness of your direct sourcing strategy but reducing your time to hire can also have a positive impact on your overall candidate experience.
Looking to reduce your time to hire and develop your direct recruitment strategy even further? Why not give Webrecruit Ireland a call. Find out more.