REC's report on jobs for October 2016, revealed that demand for candidates is at its highest since May, offsetting concerns over the impact of Brexit on the UK economy. Not only is hiring up but job seeker interest is down. Applications for open jobs fell by 3% in October, according to CV Library.
At the same time, new research has found that UK HR directors take an average of four weeks (27.59 days) to recruit for a vacancy within their organisation. The lack of qualified candidates and increase in the number of applications per job post are contributing to the delay.
A lengthy hiring process jeopardises HR’s ability to compete in today’s jobs market. While your HR team is trying to decide on a shortlist for interview, your ideal candidate has abandoned your application process and accepted an alternative job offer.
Recruitment Agencies are the easiest and most cost effective way to make a rapid impact on your time to hire. Here’s how the process is brokendown and how agencies will save you time and money:-
Reduce screening time (estimated time according to research is 4.77 days) : Streamlining your screening time with only suitable applicants being forwarded, simply reducing the volume of candidates holding up the hiring process enables you to short list candidates quickly.
Candidate skills testing (4:18 days) : Reduce skills testing during the screening process by asking the recruitment agency to do this for you. With online assessments and gross negative disqualifiers (GND) being pre-requested. GNDs allow candidates to screen themselves out of consideration if they do not meet either job specific or company wide criteria. Incorporating assessments during initial screening ensures candidates who pass through to the next stage possess the basic skills your business needs.
Interviewing job applicants : (4.75 days) : Avoid ‘death by interview’ by limiting the total number of interviews, eliminating repetition of questions and collaborating with stakeholders to minimise delays.
Background checks : (5.19 days) : Background checks are one of the most essential parts of the hiring process but should not delay it. Accredited agencies speed up the process and do this for you!
Collaborating/selecting the candidate for hire (4.40 days) : If it takes HR four days to agree on the successful candidate your offer will be too late. A delay in decision making will result in lost talent and reflect poorly on your employer brand. Aim for no more than 24 hours to inform the successful candidate of your decision.
Negotiating the job offer (4:30) : Reducing this hiring metric is an urgent requirement as job applicant numbers fall. A delayed response from your candidate, or an attempt to renegotiate terms, suggests that they may be ‘job hoarding’. Recruitment agencies know the candidate due to the time spent with them during the recruitment process, they know salary expectations and how the candidate is feeling about the role etc. therefore presenting your offer and gaining a verbal acceptance and then a formal confirmation almost immediately. It’s at this point that onboarding begins.