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.
If you hire or recruit for in-demand positions, undoubtedly you’ve lost talent you wanted to your competitors. Even companies with an attractive employment brand, company culture, and highly competitive compensation and benefits packages lose out on desired talent to less attractive opportunities. So, what gives? It just might be your process.
If you haven’t learned the difference between recruiting and hiring, now is the time. While recruiting involves the process of locating, identifying, screening, attracting, and evaluating talent; hiring involves the conversion of candidate to employee. Unfortunately, many companies are unable to close the deal in time to convert an applicant to an employee before they are recruited away to other opportunities. How can you protect yourself from losing valuable talent?
While the hiring process involves crucial steps and processes, building a smooth system can eliminate costly downtime and turnover. Studies have shown as many as 58% of employees who take part in a structured hiring process are more likely to be with the company three years later. Here are just a few tools that can help you build a structured hiring program!