The median time from the moment a candidate enters your pipeline to when they’re hired is 34 days. Apart from the cost of vacancy, you risk losing your candidates to a slow recruitment process. With low unemployment and a high number of job openings, talented candidates have many choices when it comes to where they want to work. If you want to win great talent for your team, you need to close candidates before your competitors do. Read on for five tips to improve your talent pipeline speed, without sacrificing quality of hire.
Look at your data to find opportunities
Every organization’s path to a faster talent pipeline speed will be different. Take a look at your data to break down how long candidates stay in each stage of your hiring process. Identify bottlenecks and brainstorm solutions to build a faster process. If, for instance, you find that interview scheduling is taking a significant amount of time, try automating this task with a solution like Lever Easy Book. Eliminating the back-and-forth between candidates and coordinators can shave days off each candidate’s time in this pipeline stage.
Proactively source candidates
If you find that you spend a significant amount of time on candidate screening, you may be able to reduce your pipeline speed by focusing on candidate sourcing. This provides two major benefits. First, sourcing puts you in control of your candidate quality. Lever data shows that 52 percent of inbound applicants are marked underqualified, versus only 22 percent of sourced candidates. Second, you will need fewer candidates in your pipeline. One in 152 applicants is hired, versus one in 72 sourced candidates. A smaller, high-quality talent pipeline will generally move faster than a high-volume pipeline of underqualified candidates. The proof is in the pudding: the time to hire for applicants is 34 days, versus 32 days for sourced candidates.
Collect interview feedback quickly
A common bottleneck in the recruitment process is caused by slow feedback from hiring managers and interviewers. For most people weighing in on hiring decisions, recruiting isn’t their full-time job and they may not fully understand why it’s important to prioritize. As the expert in this area, you can make providing feedback easier and more timely. First, stress the importance of speedy feedback during an interviewer kick-off meeting. During the meeting, also assign interview questions to each participant, and provide an interview evaluation form for them to complete. When scheduling interviews, block off 15-30 minutes after the interview for each interviewer to provide their feedback. The sooner you collect interview feedback, the sooner you can make decisions at each stage of the recruitment process so you can keep candidates moving down your pipeline.
Automate what you can
Modern talent acquisition technology can automate many important, but often mundane tasks, so you can build a more efficient recruiting process. If a faster pipeline speed is an important goal for your organization, consider some technology solutions that can help you pick up the pace where you need it most. Sourcing solutions can help you discover great talent faster, while candidate nurturing tools can help you engage them. Candidate screening and interview scheduling tools can reduce the amount of time it takes to get great candidates in your door. With an applicant tracking system like Lever, you can even automate your interview feedback reminders so you can make decisions faster. With so many tools at your disposal, begin building out your tech stack with the tools that will make an impact right away, and track how they affect your recruiting metrics. This will help you justify the spend to continue building a more efficient process.
Streamline your process
There’s no need to reinvent the wheel every time you hire. You can build a more efficient process, and improve your talent pipeline speed, by streamlining. Things like a candidate sourcing intake form and hiring manager kickoff meeting can help you align with your hiring manager and find the right candidates, faster. If they have worked well at your organization, make them standard procedures for all open roles. When you find a candidate engagement email that works well, turn it into a template so you can quickly re-use it for other roles. Similarly, once you write a comprehensive interview confirmation email or offer letter email, save them for future use. Repeatable processes and procedures will streamline hiring so you can keep candidates moving through your pipeline.
Remember, the road to a faster pipeline speed will be different for each organization. Take a look at your recruiting data to determine where you have the greatest opportunities for improvement, and focus on those areas first. Track your metrics over time, so you can be sure that your efforts are producing results—and never sacrifice speed for quality.
See more tips for a faster pipeline speed in our eBook: 101+ Recruiting Hacks to Accelerate your Hiring in 2018.