Speed Is the New Savvy
While businesses are moving faster from year to year, from month to month, employers are spending more time than ever filling open positions. The latest MRI Recruiter Sentiment Study says that for 37 percent of 446 recruiters surveyed, presenting job offers takes three to four weeks. According to another research, based on data from more than 340,000 interview reviews by job candidates on Glassdoor between 2009 and 2014, “it’s only getting worse as the average interview process has increased globally 3.3 to 3.7 days since 2010.” Omitting this ‘global average’ we can see that in the United States, it takes 22.9 days – up from 12.6 days in 2010. The hiring process gets even longer in France taking 31.9 days, followed by Germany at 28.8 days, the United Kingdom at 28.6 days, and Australia at 27.9 days. Only Canada reports shorter hiring times at 22.1 days on average.
These numbers actually mean money “left on the table both for workers and employers,” as Glassdoor representative said in his statement. Besides, according to Robert Half and our own data, the best candidates, especially in IT, are often hired in one or two weeks.
So here is the reality of “the best” and “the rest”: we have some happy recruiters who gain top tech professionals in a week, and many less happy HRs who spend more than three weeks striving for a valuable candidate. No need to say that tech market is candidate-driven, thus, despite hiring delay varies depending on company size, procedures involved and position being recruited, today one should move really fast to get the best.
It’s, again, all about money businesses spend on sourcing, including recruiting agency fees and recruitment advertising costs for new hires: it’s more than $85 billion each year worldwide (based on Bersin Talent Acquisition Factbook . To be the smaller part of this, you should not only source faster but recruit the best talent because of its financial impact: each $100,000 spent on a savvy top performer per year may add $1 million to $10 million to a company’s revenue each and every year that your new hire remains with your business.
Noting that everyone sources their tech stars online, we should offer affordable yet powerful tools to make it better. For each recruiter, no matter how savvy they are, today’s big data is rather “big” then “data”, and it’s getting bigger every hour. That’s also why having no smart and cost-effective sourcing technologies causes hiring delays.
To tame this digital monster consuming your time and financial resources, you need to:
— Keep an updated list of skilled candidates good for your company. You should have a talent pool to reduce your dependence on third-party recruiters and external CV databases by keeping your own database of quality candidates. The fact is that creating your own flexible DB that gets automated access to multiple sources requires time and investment. It’s not the tool every business can enjoy – unless big data is shared in the cloud. The second fact is that resumes don’t work, you need to create candidate profile fitting your needs. It’s, again, takes your time and money. We’ve met this challenge and finally made a flexible CV (candidate profile) in the cloud that aggregates all the data ever available online from more than 50 sources. These profiles and your talent pools are protected, so only you and your team can, for example, manage candidate relationships, copy, download or upload profiles, leave comments, manage smart screenings and send tests to preferred targets, optimize your search history and even more, as smart AmazingHiring system gathers all data you need even if you know only a GitHub nick and want to find out more.
— Create strong, thorough requests that accurately capture the essence of your target and the skill sets you need.
— Know the demographics of your recruiting targets, including their current income and location.
— Know all specific steps your target prospects will take when they are looking for a new opportunity.
— Identify their “job acceptance criteria” via donor data. Here are some tips: to list all the companies in the industry, you can specify generic words, common for a definite area (Internet, banking, government, etc.) to sort out tech candidates from a certain industry. Using smart filters you’ll get a list of donor companies in various locations.
— Automate as many routine processes as you can.
— Use proper mandatory requirements to narrow candidates down. As any “general” request may bring you a huge pile of profiles, you may select candidates by professional experience, available communication methods (don’t forget that account in social networks is a good method of communication), by certain resources, places of work, desired universities and locations, etc.
— Plug into social networks. We all know how it works but it’s often much faster and useful to aggregate, analyze and see at at one screen more, say, appropriate LinkedIn profiles with basic data then dive deep into every account. And don’t forget about stop-lists here.
— Assess candidate skills and professional reputation. You need to identify top performers by analyzing the needed skills and experience with automated ranking and workflow – this help you and your team to focus on evaluating a short list of quality candidates.
— Choose from the highest-scoring applicants faster to move to the next step of the hiring process. Here, your only time investment is in setting up the mandatory job requirements. However, it’s useful to keep in mind that you always have only 10% of the market, as > 90% of the candidates on are not in active search – or they say so.
This is the HR’s minimum minimorum to speed up their research process, and it’s quite clear that one proper smart sourcing tool is a real time-saver at every stage of your search.