When you have a critical vacancy in your company, it’s natural to want to fill it quickly. Open positions can drive down productivity and revenue as well as put a damper on morale. Still, you cannot afford to take shortcuts when bringing on a new employee just to improve hiring speed. You put considerable time and energy into building your reputation and brand. You can’t afford to let a bad hire put your business in jeopardy just because you need to speed up the hiring process.
Calculate the Cost of a Bad Hire
According to the US Department of Labor, replacing a bad hire can cost as much as 30% of the employee’s first–year salary. That figure includes the cost of search, screening and onboarding the replacement employee. It doesn’t take into account the effects that are more difficult to quantify, such as the impact of stress and overwork on employees who must cover the duties of the vacant position or the harm turnover can have on morale.
Five Ways to Improve Hiring Speed
1. Clarify What’s Important
You don’t need to lower your standards, but you do need to update them regularly. Are you looking for several years of CNC experience? Do you require a college degree of new hires when some of your most successful employees don’t have one? Have you been “hiring to fit” only to find there is no one bringing fresh ideas to the table? Consider carefully your vision for the future of your company and the role your next hire will play in that future.
2. Look to Your Current Team
The people who prove themselves every day can be your most valuable resource. Consider promoting internally if you have an individual with the right skills and experience. You can probably backfill their position more easily than a higher-level role. Employee referrals are another option to help with hiring speed. Don’t just place an employee referral form on your website and forget about it. Reach out personally to exceptional employees and ask them if they know anyone who would be a good fit for the job.
3. Be Very Specific in Your Job Posting
Don’t just throw an existing job description on a job board or your website in the interest of expediency. Draft a thoughtful marketing piece designed to attract the ideal candidate to apply while discouraging those who will not be the right fit. What requirements should you add since the last time you posted the position? Which ones can you remove? What can you add to the post to intrigue the ideal candidate about the opportunity or your company?
4. Look for Ways to Streamline Your Search
Are there any superfluous steps that can be eliminated in your hiring process? For example, is there a manager who likes to sign off on every hire but often becomes a bottleneck because they are stretched too thin? Have a conversation to see what you can provide to them to give them confidence in the hire or step away from the process entirely.
5. Work With a Recruiting Firm
A trusted recruiter can improve hiring speed without sacrificing quality. They have processes in place that make sourcing and screening more efficient. The most successful recruiters have lasting relationships with top talent, many of whom they have stayed in touch with for many years, notifying them of opportunities that are the perfect fit. They can even reach out to people working for a competitor, a strategy that can be difficult to employ successfully on your own. One caveat; be prepared to invest some time in speaking with your recruiter. Any recruiter worth their salt will analyze your needs in-depth and ask probing questions to ensure they get it right the first time and don’t waste the candidate’s time or yours.
6. Consider Temporary-to-Hire
If you have never tried this hiring option, you may be pleasantly surprised. Temp-to-hire means you get someone on the job immediately – useful if you are in a time crunch, but the staffing company remains the employer of record until you decide to extend an employment offer. It provides all of the advantages of a quick hire with none of the risks.
We Can Help You Improve Hiring Speed and Find Connecticut’s Best Talent