Tips for Reducing Your Time-to-Hire
Hiring always sees an uptick as we approach the holiday season–or, what some like to call “peak selling season.” With holiday sales predicted to increase 4 to 6 percent in 2022 according to research done by RIS, we expect small businesses to be in need of new seasonal hires. However, the hiring process itself can be a long, arduous process–and that’s troublesome for retailers hoping to stock their staff ASAP. Here, we outline some tips for reducing your time-to-hire so you can get your shop staffed in no time.
According to HR solutions provider Arcoro, “Time to hire is the number of days it takes to hire a new employee. It begins when a candidate responds to your job posting and ends when he or she accepts an offer, spanning the length of time a candidate is in your talent pipeline. This metric is used by HR and hiring managers to develop an efficient recruiting strategy.” While this rate varies a bit by industry (with the retail and restaurant industry coming in at the fastest), it can span anywhere from 10 to 53 days. To shorten this time, we recommend a few things:
Create a Pool of Talent
It’s a wise idea to keep a backlog of potential hires on hand. Whether they be friends of your current staff, folks you bring back every season for temp work, or people you know are currently looking for a new gig. Building a “talent pipeline” ensures you’ll have potential candidates at all times, even before a role is open. A ready pool of candidates can also help you scale your business quickly.
Optimize the Recruitment Process
Really great candidates have their pick of the litter when it comes to where they want to work. That’s both good and bad news for employers. In order to snag top-tier candidates before they move on to other opportunities, make sure you’re not bogging them down with a complex application process. Walk through your application process yourself and see if there are ways you can trim it down. Throughout the interview process, you should also be staying in contact with your candidates, asking if they have questions, and gathering feedback so they’re not left in the dark. Remember to always follow up your interviews with next steps, so you can keep the candidates’ interest. You might also consider asking them to provide insight on your hiring process once it’s complete. Real-time tips might enable you to make even more strategic improvements to the hiring experience, and decrease your time-to-hire in the future.
Update Job Descriptions and Careers Page
Interested candidates are going to be coming to your company website to research your business and look for job openings. If you don’t have a careers page on your site yet, definitely consider this–it’s a critical space that will allow candidates to get a preview of your company and decide if they really want to work there. Additionally, take the time to review the job descriptions you’re putting out there. Be realistic with what the job entails, the expectations of the position, and your experience requirements. Being transparent and up-front will help weed out the candidates that were on the fence about applying, thus decreasing the amount of time you spend interviewing folks that aren’t truly interested–or worse, were misled by an inaccurate job description.
Keep your eye on The Financial Pantry every week for new content about all things small business. We’ve got tips for hiring, revamping your marketing plans, the latest in finance news, and so much more. And remember our name if you find yourself in need of a small business loan. Our expert loan consultants–backed by decades of experience–are ready to help craft a loan product that’s curated to fit your needs—no gimmicks and very little paperwork. Learn more about ARF Financial today!