Hiring the right person for a job can save thousands of dollars in opportunity costs. When hiring new employees, there is a correct way to approach the process. Errors in hiring decisions consume lots of time and money and have a much bigger impact on a company’s bottom line than anyone ever considers. Often times I hear that these poor decisions are “simply a cost of doing business.” However, the better way to hire quality individuals requires a well-thought out plan, yet quick and easy to execute. This in turn contributes to companies finding and hiring high quality candidates as well as saving time and shortening the hiring cycle.
Four-step approach to Shorten Hiring Cycle without Losing Quality Talent:
Step One: Streamline Your Hiring Process
An effective process would be to have the entire hiring cycle managed by a single point of contact (usually within your recruitment team). This person should be responsible for reviewing and qualifying the high potential candidates, looking for additional internal talent, and also managing the external search process. In most cases, this approach would cut the hiring cycle time at least in half. Simplifying the process by having a specific hiring manager will lower the risk of miscommunication and restrict missing out on quality candidates.
Step Two: Build Pipeline of Passive Candidates
Passive job seekers are an inventory of possible candidates which can sometimes fill a sudden demand of open positions. As they are not active job seekers they will not be present on any conventional job boards. A recruiter can build and maintain their talent pool by networking with passive candidates with diversified backgrounds and experiences. Networking makes it easier to make your job postings viral which increases both reach and visibility. An employee referral program can also be a method of recruiting passive candidates, because they reach out to their friends first. It is also a great tool for getting active candidates who often ask their friends for referrals, as well as for passive candidates who may be swayed by their friends. Make your employee referral program social so it’s easier for your employees to find and refer great candidates to you.
Step Three: Relationship Recruiting
Relationship recruiting is about building lasting relationships with prospects. And if you want to break through to the next level of candidate pipelining to create a true talent community, you must find a way to engage your members so they develop a sense of trust and willingness to connect with you. Build a community, drive conversation through meaningful content & provide a better candidate experience.
The use of video and interactivity also provides something candidates are looking for – an engaging experience where they have access to “good, relevant information” quickly and easily. Structured video-based online simulations and interviews are quickly becoming a quality way to begin the relationship with a candidate earlier in the recruiting process. Click here to see an example.
Step Four: Automate Your Sourcing Process
Present web-based applications offer enterprise-level social recruiting platforms with small business-sized price tags. Many platforms use filters to help scale down hundreds of online applications to a manageable short list on the basis of skills, experience level, organization & much more. Along with keyword-based filters, systems should also test applicants on technical, interpersonal skills and industry expertise. By using the tool, one can perform an in network search and dig into a candidate’s network to find similar candidates in his network. This ability to dig into a network of candidates not only increases reach but also increases probability to source quality talent and thereby saving a lot of time spent in the hiring cycle.
Hiring for quality is different than hiring for quantity and provides much more value than the latter. A well thought of plan executed properly can guarantee maximum quality in much lesser hiring time. To learn more about sourcing qualified candidates, visit our recruiting & hiring site.
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