The unemployment rate in Malta was at 3.9% in June 2018, which is way below the European average of 6.9%. Although low unemployment is great, it also increases competition in the jobs market, challenging the work of recruitment teams nationwide. In these circumstances, candidates are extremely valuable, and therefore they’re the ones running the show. Most of them are on the market for a very short period of time, which is why it is essential for companies to keep the ‘time-to-hire’ period as low as possible, so they don’t miss out on great talents.
Not sure what ‘Time-to-Hire’ means?
‘Time-to-hire’ is a period of time within the recruitment process. It starts from the point when your best candidate applies or gets sourced and lasts until they get hired. This usually includes application screenings, phone screenings, interviews, applicant talent assessments, background checks, reference checks, and so on.
Why is it important for your company?
Regardless of the current low unemployment, ‘time-to-hire’ is a metric that should be at the forefront of all talent acquisition leaders, as it is a great measure of the recruiting efforts. However, considering how low unemployment is at the moment, it is more important than ever that companies use their resources to attract the best talent before they are scooped up by competing firms.
Increasing the ‘time-to-hire’ period affects the company’s ‘time-to-fill’ time, which can have different repercussions for different organisations. Find a few common impacts listed below.
Delays in Productivity
Open positions that remain unfilled for a long time can have negative impacts on cross-departmental functions and the overall business. Imagine delegating tasks to the current employees: tasks are piling up and start overflowing, which is bound to leave some of the work left undone. The longer the team is understaffed, the longer this mayhem in your company will last. It will have a negative impact on long-term performance and productivity. Therefore, it is essential to keep the ‘time-to-hire’ time as low as possible.
Impacts on your Candidate Experience
Let’s not forget the other side of this process: the applicant. Although they are probably not aware of the ‘time-to-hire’ metrics, they can definitely relate to the annoyances and hassles of a lengthy recruitment process. In the ‘low unemployment’ environment, candidates are not patient to wait for an opportunity to appear within your company. Since most of the applicants are only on the market for a short period of time, they expect the companies to arrange interviews, provide information, and make decisions immediately. Make sure to keep your ‘time-to-hire’ in check, to be the one snatching up the best talent out there.
Now, how can you speed-up your ‘Time-to-Hire’?
Low unemployment is amazing! However, some recruiting teams may not be used to hiring under these conditions. The key focus here is to minimise the ‘time-to-fill’ duration as job searchers are browsing the market.
Below are a few tips you can follow to decrease your time-to-fill.
Trust in technology
When time is of the essence, recruiters must trust and rely more on technology in addition to existing practices. Firstly, determine where the bottlenecks in your recruitment process are. Then find the technology to suit your company needs. If it is taking you days to go through all of the applications, an assessment or candidate screening tool could be extremely helpful. Consider an interview scheduling software if interview scheduling is a hurdle.
Determine Interview Feedback guidelines
Getting feedback from hiring managers can be the most time-consuming step in the recruitment process. Make sure to set a strict process flow and deadlines for collecting feedback and create a structured interview process to remove any biases along the recruitment process and create a pleasant hiring experience for all parties involved - the hiring managers, recruiters and candidates. This will involve sticking to stricter deadlines; however, the process is bound to be improved if everyone is aware of the clear procedures they must follow. This approach will put more weight on everyone to contribute, create a smoother workflow, and reduce time-to-hire.
Of course, feedback guidelines and workflows do not need to be complicated and include lengthy candidate assessment scorecards. We recommend using a simple star rating system to both save time and make the work easier for your hiring managers.
Simplify the Application Process for Candidates
The candidate's experience while applying for a job can be one of the biggest detractors. Outdated and clunky technology will make your company appear slow to adapt, and don’t even get us started on those multi-page application forms! So, unless your aim is to bore any prospective candidates to death, make sure your digital presence and application process are in check.
Focus on Attraction
As discussed, the ‘low-unemployment’ climate creates a very competitive market between both the candidates and the competing companies. Just as the candidates want to seem appealing to the employers, companies need to show off why they are the ones to work for.
It’s time to revamp your ‘careers’ page, social media and candidate communication. Update any old content with exciting, new content that reflects your company personality and culture. Include career advancement opportunities available for new employees. Also, make sure that your job description communicates all the best things about your company, from the tone of voice to the benefits available.
Now that you are ready to grow your team swiftly and smoothly, fill in your details here, and we’ll contact you to get a deeper understanding of your job vacancy and the candidate who would be the perfect fit for the position.