20 Jul Speed. Get Faster or Lose Big.
Looking at our Bullhorn ATS it would appear those candidates who remain in a live recruitment process for longer than 45 days are 62% less likely to secure or take up a position with that particular client than candidates who have been in process for less than 20 days. Almost two thirds of candidates in a process of 45 days plus will evaporate like a genie in a bad pantomime. He’s not behind you. He’s exited stage left.
I have spent hours with many companies installing the virtue of a fast and effective recruitment process both within RPO and traditional contingency recruitment models. Technology and innovation is important. Testing and appropriate interview approaches are vital. However in our talent ‘bear market’ right now, across every sector, nothing beats speed to secure the best and brightest.
I know of one client where the time to hire has been reduced to one day because ‘talent bleed’ during the old process was literally breaking the clients ability to run and grow their business. In this particular scenario this IT client decided, that to take on the big boys, a revolution was required and the following approach was adopted:
- Three stage practical skills testing in the morning
- Tests scored and successful candidates proceed to interview in afternoon
- Three interviews in the afternoon including a final interview with the business owner to further ‘sell’ the opportunity to the candidate.
- Decision to offer or not made before the candidate leaves the building
Guess what – they increased their conversion rate by over 50% – the savings across Management time, HR, Recruitment, Marketing, Admin were, quite simply, awesome. More importantly the big players like IBM, Microsoft etc all operating as local talent competitors couldn’t possibly compete.
It is massively frustrating to watch talent evaporate due to a lack of speed. Agencies working at risk lose motivation and focus. Clients miss out due to processes that often haven’t changed much in 20 years. Its time to find your talent turbo – better still lets go for nitrous and really leave your competitors in a talent haze.
Drop me a line if you want a free Talent Diagnostic on your current Recruitment Processes. We can and will help.