Time-to-hire has hit an all-time high, now sitting at an average of 44 days, based on recent global research from the Josh Bersin Academy. Note the term ‘average’. Time-to-hire is industry and region-specific, resulting in companies filling some vacancies in 14 days, while some other roles remain open for up to three months. Business leaders need to be aware of the factors that influence time-to-hire and plan their talent strategies accordingly. In a market where talent is scarce, how do you ensure you minimise the risk of securing the best people for your company?
1) Agree the interview timeline in advance. This enables you to ensure stakeholders won't be on holiday when candidates are available and vice versa.
2) Start the recruitment process as quickly as you can. If necessary secure a contractor to bridge a gap or arrange an internal secondment for a knowledge transfer.
3) If second interviews are to be held, aim to complete as quickly as possible after the first ones.
4) Complete the wash up and decision making process as soon after the interviews have taken place as you can.
5) Be prepared to deal with any counter offers from the employer aiming to retain their employee (if working).
For any other tips about hiring in the current market, feel free to contact amdas whose career consultants will be able to assist.