Being fast isn't just important when you're running a race. It's as, if not more, important in the hiring process. The ability to hire quickly has morphed from a nice-to-have into an essential requirement, especially as talent shortages deepen and candidate expectations shift. It's tough out there, but finding talent before competitors through a streamlined recruitment system helps not only your own productivity goals, but also your internal culture. Although speed in hiring is important, it must be paired with precision. Fast shouldn't imply a lack of quality, and hires will still need to bring the skills and values you're looking for to the table. Below's a quick exploration of why time to hire is more essential than ever, and how to speed up your own hiring process.
Time as a Competitive Edge
If the hiring landscape was a battlefield, time would be your greatest weapon. A 2024 SHRM survey revealed that 77% of HR professionals struggle to fill roles due to talent scarcity and widening skills gaps. Top candidates who receive offers fast are snatched off the market within days, especially in high demand roles in tech and digital. 28 days is the average time-to-fill, but within that time, competitors can snatch away your best candidates, especially those with sharper processes in place. A swift and efficient hiring process gives you a decisive edge, ensuring you secure the best talent, whilst others are still scheduling interviews.
Balancing Speed with Value
Speed without strategy is a recipe for disaster. It's important that a new hire aligns with skills required, values and the company culture itself. Getting it wrong can lead to extreme costs, with Gallup estimating that replacing an employee costs up to twice their annual salary. Speed shouldn't replace quality, that much is a given. From using skills-based assessments, or automated pre-screening interviews, companies can find great candidates, all while minimising time. By focusing on what matters most, which is whether talent will have the skills they'll need to thrive and be able to add to your company culture, you can avoid long hiring cycles and find quality candidates quickly.
The Skills Gap Challenge
Fast hiring doesn't just make things easier for talent acquisition teams, it also is an urgent issue, amplified by the growing skills gap in the UK. IDC forecast that by 2026, 90% of organisations will face a staggering $5.5 trillion in losses due to shortages in IT skills like AI, cloud computing and cyber-security. Traditional hiring methods just aren't going to keep up with rapid pace that is needed to keep up. Resume keyword hunts, degree requirements or experience needs are cutting out groups of talent who may be perfect for a role. LinkedIn's 2024 Workforce Report says that 64% of employers prioritise skills over credentials, but many lack the tools to be able to assess them quickly. Companies that adapt can simultaneously close their skills gaps and ensure they find quality talent fast.
Recruitment as a Service (RaaS): The Tech Advantage
You might be wondering- all this is true, but how can I create a faster hiring process? Technology. It's that simple. From using AI-driven tech to source and screen candidates, to using innovative algorithms that match your role with candidates with the right skills, to assessing skills quickly and fairly, Recruitment as a Service (RaaS) tech is truly the way forward. Totaljobs' 2024 Hiring Trend Index suggests that AI can boost targeting and engagement, cutting time to hire by up to 30%. It's not a tool to replace you- but one that can remove the time consuming, administrative tasks and allow you to focus on what truly matters- people.
Actionable Tips to Slash Time to Hire
Inspired to make a change? Here's five quick fixes to shorten your recruitment time.
- Refine Job Descriptions: Being vague gets you nowhere. Define exactly what skills you're looking for and what your company is like. This will help weed out the candidates who aren't the right fit for your company.
- Use Skills Assessments: Sometimes, actions speak louder than words. Allow candidates to show off their skills, allowing them to feel empowered and you to feel confident in their ability to have an impact from day one.
- Leverage Technology: Adopt RaaS technology solutions. With all the tech you'll need in one place, you can source, verify and match with talent you're looking for, in days, not months.
- Streamline Interviews: Skip the endless rounds. Automate pre-screening interviews with technology that can feedback to candidates and give you some time to interview those who can truly contribute.
- Build a Talent Pipeline: Have talent at your fingertips. Curating relationships with talent from all areas ensures you'll not only have access to a wide range of potential, but also that you'll always have talent close to hand.
The Bottom Line
A quick time to hire isn't a vanity metric- it's about finding quality candidates that will help you make a difference. With 78% of companies improving their quality of hires through skills-based assessments (Toggl, 2024), it's shown that speed and value can go hand in hand. Embracing technology, from AI to matching algorithms, can help find talent quickly, fairly and better. Your next great hire is out there, but make sure you're not too slow to find them!
