In June 2018, the national unemployment rate was 3.8%, the lowest it had been in 18 years. Currently, it sits at 4.0%. It’s the best time to be looking for work in nearly two decades, and this job market shift has forced almost every company throughout the United States to reexamine its hiring process.
But what changes need to be made? What can owners and hiring managers do to keep bringing in talented new employees in 2018? The answer is simple: update their hiring process.
In today’s job market, it’s imperative for companies to make their methods for hiring faster and more efficient than ever before. Here are three of the most important reasons why you and your business should speed up your hiring process today.
More Available Jobs Than Candidates to Fill Them
As mentioned above, the unemployment rate right now is 3.8%, which means there are actually more available jobs than there are potential candidates at the moment. These circumstances make recruiting new hires more competitive than it has been in years.
Don’t sit around and wait for your “dream employee.” If you find someone that fulfills most of the position’s requirements, has solid, reliable references, and appears to be a good fit for your company’s culture, hire them as soon as you can. Otherwise, you risk another company swooping in and stealing him or her out from under you.
There are more opportunities for those seeking work now than there has been in a very long time. For the first time in nearly 20 years, businesses are hungrier for employees than candidates are for jobs. Remember that these potential new hires are the ones who get to be ultra-selective now—not you.
Long Waits Can Frustrate and Deter Recruits
In 2017, the average length of time between a company’s interview with a candidate and an offer to him or her took 23.6 days. Those 23.6 days are also after it took the employer 37.5 days to begin interviews after the position was initially posted.
One of the main reasons hopeful new hires withdraw their applications altogether is because they feel like these businesses don’t respect and value their time.
If candidates have to jump through countless hoops during the application or interview processes or sit around without consistent communication from the company they’re hoping to work for, they become frustrated and discouraged. Therefore, they’re more likely to turn to another employer whose hiring process is more streamlined.
Save Money and Resources on the Hiring Process
The longer and more complicated your hiring process is the more people it will involve and the more money, time, and resources it will cost you.
Speeding up your hiring process will cut down on the money you’re spending to attract new hires. Essentially, by trimming the fat and paying a little less, you’re actually more likely to bring in qualified candidates.
Review and reconsider each step of your hiring process. Figure out which ones are necessary and which aren’t. Make hiring quicker and more straightforward, while still bringing in the types of high-caliber recruits you want.
As the national unemployment rate remains low, businesses will need to adapt to the new, more competitive job market. Speeding up the hiring process is one the easiest and most effective ways a company can get a leg up on its competitor while also adding new, helpful talent to its ranks.
If you feel like you’re struggling to get the new hires you want, try to remodel the way in which you hire applicants.
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