Despite continued economic uncertainty, the hiring market is still white-hot, and time is of the essence. Today’s candidates have more choices than ever before, and employers need to listen to their preferences. They are no longer limited by location with the widespread adoption of remote work, and the demand for talent has been on a steep rise since the dawn of the Great Resignation/Re-Shuffle.
BGSF Polling: The New Turnaround Time
In our polling research, we have found that these factors directly impact what is considered an acceptable amount of time between the first interview and making an offer to a candidate. With many expecting that turnaround time to be 1-2 weeks, candidates are also anticipating only 1-2 rounds of interviews before a decision is made by a possible employer. More specifically, BGSF has found that IT candidates (especially with “higher level” or senior roles) won’t even submit themselves for a position when they learn it’s a 3-step interview process.
Modernizing Your Hiring Process
So, have you been missing out on great talent because your hiring process is just too long? Here are three steps you can take today to start streamlining your hiring process and landing those top applicants!
1. Start with an approved budget: Last year, we saw so many companies lose out on top talent because they didn’t have an approved budget. Particularly, in this candidate-driven market, that’s a weak way to approach the hiring process and it also leaves a poor impression of the company. It may sound like a simple thing, but make sure:
- There is an approved budget in place for each role.
- The budget makes sense.
- It considers current market salaries and total compensation (not just base salary).
2. Make sure you have a well-defined role and competitive salary: Some job descriptions we’ve seen can be a little unrealistic. It’s critical for companies to really invest time in developing job descriptions, ensuring that they are practical and that they accurately reflect the knowledge, skills, and abilities required to perform that role.
- If you have a role that’s been posted for a long time, you may need to take a step back and review the position. You may even want to consider what your key, non-negotiables are for the role and where you can stand to be a little more flexible in terms of those requirements. Don’t give up on quality, however, sometimes you can broaden your talent pools while also leveling the playing field for job seekers, especially those from less traditional backgrounds.
- The salary you offer should be reflective of the job title and responsibilities. Depending on the position level, the challenges, and the goals you have for that particular role, companies should consider sign-on bonuses, higher yearly bonuses, and long-term incentive plans wherever necessary.
3. Have a clear interview plan that allows for quick feedback and selection: This is where we see a lot of companies lose out on talent. You want to review your interview process and ensure that it is streamlined, structured, and includes all the key decision-makers.
- It’s extremely important to identify the right individuals who will be involved in the hiring and ensure that they understand their role in the interview process, the timing of the hire, and the time commitment required of them.
- Companies should try to coordinate panel interviews so that the process is not stretched beyond the two-week mark. For higher-level roles, this just may not be plausible, but for the more junior or mid-level roles, two to three interviews really should suffice. Also, any assessments you require should be done simultaneously with the interviews. Especially if you feel you have a solid candidate, you should complete this step earlier rather than later.
- Interviewing teams should also meet on a regular basis to discuss candidates and to give feedback. Quick feedback is essential, and it’s incredibly important for hiring managers to be organized to enable quick decision-making. Particularly, if you really like a candidate and want to make an offer!
To learn more about our services and how we can assist you in developing and implementing new hiring strategies, visit www.bgsf.com/professional.