For the first time since 2000, there are more job openings than available workers. According to the Bureau of Labor Statistics, there were just under 6.7 million job openings available in April but only 6.35 million eligible candidates to fill them. The unemployment rate has been hovering around 4% all year, and just in the last month, 601,000 workers re-entered the workforce.
The market for top-talent is tight and organizations must move quickly to secure the best candidates. If your hiring process is not efficient, you will find yourself missing out on the top candidates. The best prospective candidates are entertaining multiple offers and are sometimes not even actively on the job market.
Is your hiring process hurting you?
According to a report conducted by the Society of Human Resource Management (SHRM), it takes an average of 36 days to fill a position. That’s 36 days from the decision to open the position to the acceptance of an offer. That’s a long time!
If you want to ensure your team doesn’t miss out on the best candidates, you must streamline your hiring process. If you are taking 36 days or longer to extend an offer to a candidate, you will likely lose out on first-rate talent. With our candidate-driven market, interviewees have options (and plenty of them!). If your hiring process forces the candidate to jump through hoops to get an offer, they’ll likely move on.
How to improve your hiring process
If you are wondering where in your hiring process you can make improvements, here’s some food for thought:
As you can see, there’s room to improve your hiring process. Depending on your industry and the type of job opening, these impediments may obviously change. However, for most job openings, your organization can speed things up. Even if you speed up your interview process by just a few days, you will have top candidates in the running for your company!
And by having better candidates, you will likely experience better retention. The average number of separations within the first three months of employment is 16%. And with the average cost-per-hire hovering around $4,425, your organization will save money AND increase retention by being able to hire the best candidates available.
Partner with a recruiter
The easiest possible way to improve your hiring process is to work with a professional. Your team has enough to worry about. Let JSG help you quickly hire the top candidates on the market that will stick around and make an immediate impact.