Steve Jobs considered “recruiter” to be the topmost point of his job description.
Eric Schmidt, executive chairman of Alphabet, thinks that hiring is "the most important thing a leader does”.
Hiring right has always been a key ingredient influencing business success. With rising skills shortages across industries, revolutionizing hiring processes to manage disruptive change while navigating the rising skills shortage becomes a business priority.
Delays in hiring, inefficient recruitment processes, and wrong hires can impact the company’s bottom line, increase hiring costs, and impact competitiveness. Studies show that talent has declined job offers where the hiring process is too long.
In an environment where skilled workers are becoming increasingly coveted, inefficiencies in hiring processes impede organizations from securing top talent, and thereby their competitive abilities.
Innovation has been a buzzword across industries and instrumental in driving transformative change. While innovation is often associated with ground-breaking discoveries and cutting-edge tech, it is equally relevant for increasing efficiencies and influencing transformative change in niche areas like recruitment and hiring.
Hiring processes now need greater agility and accuracy to attract, assess, and hire the best candidates promptly and drive great organizational outcomes. Some of the ways to revolutionize the hiring process are:
Streamline the Hiring Timeline
Time is of the essence in today’s competitive job market. Highly skilled workers are in high demand and slow, inefficient recruitment processes increase the risk of losing skilled talent to competition. Therefore, it is crucial to streamline the hiring timeline to reduce the time to fill vacancies and ensure and have a healthy talent pipeline.
Organizations now need to leverage technology to revolutionize candidate sourcing and screening and make it easier for hiring teams to find the perfect fit for a position.
Accelerating candidate screening velocity, identifying relevant skills, experiences, and qualifications, and creating interview processes that provide clear evaluation reports for candidates to expedite decision-making become important points of consideration.
Optimize Hiring Costs
As optimizing costs becomes important for all organizations, identifying ways to contain recruitment and hiring costs and increasing hiring accuracy is important. Slow and inefficient hiring processes lead to higher recruitment costs as these include costs associated with job postings, conducting interviews, and then onboarding. The costs increase in case of a wrong hire.
Studies show that the average cost of hiring the wrong employee is $17,000.
Organizations now need to optimize recruitment budgets and achieve a higher return on investment by transforming hiring processes to ensure greater hiring accuracy and agility. Recruitment and hiring teams now need interview processes that are programmed for accuracy and improved decision-making.
Technology applications that enable hiring teams to make the interview process more objective, provide defined criteria and standardized questions, and offer expert-designed interview templates that ensure consistency and fairness throughout the hiring process are now imperative to drive accurate and timely hiring decisions.
Make Data-driven Decisions
Technology is now helping organizations move away from the proverbial gut feeling in hiring decisions to improve the quality of hires. With a comprehensive recruitment platform, organizations can
- Optimize hiring strategies
- Make interviews more structured with predefined questions based on competencies and job roles
- Generate standardized evaluation reports
- Provide detailed interview feedback
- Assess and review candidate performance from multiple rounds based on the data provided
Making the interview process more structured and data-driven eliminates instances where bias influences hiring decisions. Relying on objective criteria and standardized questions eliminates bias, enables fair evaluation of candidates' responses, and expedites decision-making. It also shows a commitment to driving DEI initiatives and helps in creating fair organizations.
Reduce Administrative Load
To accelerate hiring velocity, organizations need to focus on streamlining and automating hiring processes and reducing the administrative load of recruitment teams and hiring managers.
For this, they need to establish effective collaboration and communication channels and ensure that candidate performance from multiple rounds can be reviewed, shared, and tracked. However, this becomes difficult in the wake of manual and complex hiring systems.
Hiring teams now need technology intervention for process improvements and automation to reduce administrative load and reporting load.
Traditional processes now need to be replaced with tech platforms that allow hiring teams to define evaluation areas, manage question banks, provide role-based access, deliver a comprehensive feedback collection system, and provide a typing-free experience to speed up the interview process while driving greater accuracy.
Reduce Time-to-hire
Organizations that want to grow and increase their profitability have to focus on how talent acquisition takes place and make the strategic investments that help recruiters increase their and process productivity.
Reports show that it takes organizations approximately 44 days or more to hire for an open role after posting the job. Hiring has become harder than ever as niche job roles increase and the skills gap widens.
It is imperative for organizations to increase their hiring productivity to accelerate the hiring process and move the right candidate through the hiring stages.
Hiring platforms are as such becoming essential to improve recruiter productivity and help them set benchmarks to make their hiring strategies more airtight and accurate.
Recruitment teams need technology platforms that allow them to make recruitment more collaborative, eliminate bias, make good hiring decisions, and reduce the time to hire by ensuring that the right candidate moves fast across all the hiring stages.
There is also a wide variation in hiring time for hard-to-fill roles in almost every industry and benchmarks continue to rise across nearly every role. This creates the need for platforms that allow recruiters to align closely with hiring managers throughout the interview process to drive better decisions.
It is also now imperative to make interviews free of any bias to ensure that the best and the most well-suited candidates get hired for the role. Technology platforms like InterviewNinja allow hiring teams to conduct fair, unbiased, accurate, and structured interviews and enable organizations to identify, recruit, and hire the best-qualified candidates with precision and speed. Connect with us to have a personalized demo of InterviewNinja.
