When employers have jobs to fill and want to hire the best talent, taking months to make their decision can delay their success. This is why many employers are accelerating their efforts with speed hiring to recruit and onboard candidates for faster results.
Speed hiring is a way to streamline the process to find the right candidate while also saving time and money. According to SHRM, on average, it costs $4,700 and 36 days to place each new hire. Although this length of time can vary depending on the need of the company and if it’s an entry-level or executive position.
According to Indeed, each step of the hiring process can take several days or weeks depending on the urgency to fill the position, and the time needed to complete each step. This workflow generally includes:
There are many options to speed up the hiring process that will make it easier for HR professionals to reduce their workload, and for the candidate experience to be more enjoyable. Some of the tools and techniques to effectively manage this timeline, include:
Applicant Tracking System (ATS) - When an applicant tracking system (ATS) is used it can quickly process applications to screen out unqualified candidates based on their experience. The ATS will often give applicants the ability to download additional information such as cover letters, resumes, and references.
Pre-employment assessment - Once the candidate meets the basic requirements for the position, they could then be given a pre-employment assessment. This would give employers more information about their specific skills, the length of time they worked in each area, and how closely they match the position requirements.
Automated calendar links - After HR receives the information about the candidates that pass the initial screening, they can automatically send a calendar link for scheduling a first interview via phone or video. This avoids long email exchanges and many calendar applications will include automated confirmations and reminders.
Interview parameters - Another way to save time is before conducting any in-person interviews is to establish parameters to streamline the process, such as:
Typically, the more complex the process, the longer the hiring will take before a decision can be made. For example, more than three interviews, with larger interviewing panels, and several discussions can add additional weeks. While finding the best fit is the ultimate goal, often top candidates will accept offers from other companies who make faster decisions.
Improved candidate experience - When an applicant has a good candidate experience they often will feel like their time is valued. Most applicants like following their progress through the ATS system so they can respond quickly to the employer. A good candidate experience will also give them a positive impression of the company.
Better feedback and transparency - Job candidates generally want ongoing communication and transparency that allows them to make well-informed decisions. According to Jobvite, 49% of job candidates want a recruiter to send an email directly to them or receive an automated response. Also, knowing the job requirements and salary range upfront is important as well.
Repetitive actions are limited - Unnecessary repetitive actions that are time consuming is frustrating for most job seekers. Such as requiring applicants to copy the same information from their resume onto an application, which according to Jobvite, is disliked by 64% of job candidates. Also, reducing the total number of interviews, especially if they are meeting the same group, is often preferred by most job seekers.
Unemployment rate is low - According to the U.S. Bureau of Labor Statistics, with the April 2024 unemployment rate at 3.9%, unemployment is still low. This means that top talent has many opportunities available to them. They could choose to go with their second choice if the offer is forthcoming instead of waiting for their top company to make a final decision.
Creates a stronger brand - A reputation as an employer of choice versus one that takes too long to make hiring decisions, doesn’t encourage top candidates to apply. Most job applicants who have in demand skills want to work for a company that doesn’t hesitate to hire them. This demonstrates they are leaders in their industry who value having a reputation of excellence.
Saves time and money - Reducing the recruitment time helps to hire faster, which can prevent backlogs to get projects done sooner. The longer a position remains open, requires the rest of the staff to manage that workload, which makes the organization less efficient. In addition, an extensive recruitment process means more money is spent on filling one position instead of allocating resources more evenly for several job openings.