As the unemployment rate drops and hiring picks up, there are fewer candidates for each job vacancy – which naturally increases the time it takes to hire the right person.
Companies used to have their pick of the litter when it came to hiring, but now the cards are in the candidate’s hands. Qualified candidates are becoming sparse as they have more choices about where to work — and companies have to do more screening to find their needle in the haystack.
Glassdoor found that an increase in screening might be impacting time to fill. Their data shows that the average interview process took 22.9 days in 2014, compared to 12.6 days in 2010. 42% of candidates received a background check in 2014, compared with just 25% in 2010, while 23% received a skills test, up from 16% in 2010.
The problem is, these extra steps to help companies uncover top-tier talent may be doing more harm than good. Since candidates have more opportunities, they may be quickly scooped up by a company with a shorter interview process.
When the competition for top-tier talent gets fierce, direct hire agencies can help in these key ways:
- They can reduce the time it takes to find the winning candidate: When you have a good working relationship with your agency, you may be able to reduce time to candidate submission. This can help you find the best candidates on the market in a short timeframe, so you can evaluate each of them at the same time and submit an offer to the most qualified.
- They can screen candidates. Direct hire agencies may assist with background checks and skills tests during their own screening, so you can have fewer steps in your recruitment process. They can also help with reference checks and drug screening to help you decide on your top-choice candidate as quickly as possible.
- They can track a candidate’s other opportunities. A great recruiter will always ask a candidate where else they are interviewing, and where they are in the process. However, candidates may entrust this information more to an agency recruiter, because they might not want a corporate recruiter to know that they’re pursuing other opportunities.
If a candidate is near the end of the interview stage, or if they’ve received an offer, your agency recruiter can let you know that you’ll need to speed up your hiring process in order to compete.
- They can negotiate on your behalf. Agency recruiters understand the market, candidates, and companies and can help you put together a competitive employment offer and present it to your candidates. In doing so, they can negotiate with your candidates on your behalf to help you win top-tier talent for your team.
When your first offer is accepted, you can significantly reduce time to fill because you won’t have to continue your recruitment process.
What are you doing to reduce time to fill?