So it’s not your imagination, the time to fill your job vacancies has grown substantially. The Dice-DFH Vacancy Duration Measure, recently reported the average time to fill a vacancy had jumped to almost 27 working days in February 2015.
Today’s employment market is a candidate driven market allowing candidates more flexibility and potential job offers than they’ve had in the past 10 years. With the rebound from the 2009 recession, the market has changed from being saturated with talent who was under or unemployed, to a discernible talent shortage in most industries. Employers are struggling to attract and maintain talent in roles ranging from General Labor to Professionals. Undoubtedly, in addition to the strain on your operations the longer a vacancy exists the more costly it becomes both financially and towards workplace productivity.
How can you decrease your time to fill? Here are a few ways to increase your quality of candidate while decreasing your time to fill:
- Utilize your networks. The more people that are aware that your opening exists, the more likely you are to drive applicant traffic. Social networks, industry organizations, and your own staff can all work to help boost exposure to your position.
- Build a referral program. If you don’t already have a competitive referral program you’re behind the times. Referrals often produce a higher level of candidate and a longer length of employment than a traditional hire.
- Get in touch with passive candidates. Passive candidates are far less likely to be receiving multiple offers, have jumpy work history, or be lacking in skill sets. While it takes a little more digging to locate a passive candidate, the job offer process often times moves at a faster pace.
- Partner with a staffing firm. Most staffing firms do not require an exclusive agreement or any financial obligation unless you choose to hire a candidate that they present. Often times they have access to a number of candidates in confidential job searches who are not posting resumes online or applying to job postings. In addition, they are experts at locating those hard to find passive candidates.
- Be open to negotiations. Could paying a nominal amount more seal the deal before your candidate accepts an offer with your competitor? Absolutely. Be open to negotiating remote employment, pay rates, and even relocation. While initially some of these financial decisions may seem unsettling, the costs of a long term job vacancy will quickly outweigh an additional $5,000 relocation package for the right candidate.
- Be proactive. Don’t wait for a vacancy to arise before recruiting to fill it. You should constantly be working to attract talent for your key positions. This will allow you to upgrade talent in areas that you need to and give you a pool of candidates to contact when an opening arises unexpectedly.
Want to learn more about how you can gain access to Trillium’s national network of top level talent? Contact us today! If you are a stand out in your profession and seeking contingent or long term career opportunities, visit our job seekers section for more information!
Trillium, a national leader in staffing and recruitment is a valued staffing partner to over 5,000 companies nationwide. Trillium is privately owned by Oskar René Poch.