The evolution of hiring practices accelerated to warp speed levels during the past year. Employers moved quickly to remote work and video interviews became the norm, which brought both opportunities and challenges. Certain industries slowed hiring, while others ramped up. In short, all the old rules have been thrown out, and the most successful employers have learned to pivot and adapt quickly.
Nowhere has this change been as pronounced as the traditional “speed to hire” norms. Many HR pros are familiar with the adage, “slow to hire, quick to fire” as a recipe for success. However, the last year has shown that a critical error employers can make today is being too slow to hire – and this is especially true in the white hot tech industry.
The days of lengthy review cycles are gone. Highly qualified candidates are in demand, and are not willing to wait for weeks for a hiring decision. A survey by a large national recruiting firm found that 62% of professionals said they lose interest in a job if they don’t hear back from the employer within two weeks — or 10 business days — after the initial interview. That number rises to 77% if there is no status update within three weeks. In Seattle, that candidate would probably be lost by the end of the first week to a more competitive offer.
One complaint we often here is about communication. Candidates want to be kept in the loop. This is where having a recruiter as an intermediary is a tremendous advantage.
Tips to hire fast:
- Remove the bottlenecks. Make sure any internal roadblocks are removed. All stakeholders should be onboard about hiring for the position before any interviews take place. If there are key approvals needed, make sure those are secured first. If a key decision maker is headed out on PTO, make sure this is wrapped up first.
- Establish “dealbreakers’ upfront. Salary ranges, start dates, position titles – make sure you know the limits before you start the process. This will move negotiations along fast. Be clear on how much room you have to move on any sticking points.
- Communicate! If there is an unforeseen situation, like a hiring decision maker who is unexpectedly unavailable due to an emergency or a sudden pause in hiring that has nothing to do with the candidate, let them know. Set clear expectations on when they will hear from you.
Hiring velocity matters in a tight job market. We know that 34% of job candidates say that a 7-14 day process is too long. If your organization has a process that takes longer, it’s time to revisit it. An experienced recruiting firm like TalentReach can streamline the process and take over many of the tasks that lead to bottlenecks, while keeping competitive candidates engaged and eager to start. In 2021, don’t make the mistake of hiring too slow – your competitors won’t.