Most seasoned high volume recruiters understand that Time to Hire is the single most important hiring metric. Time to Hire in itself is important as business always need candidates like yesterday. Most high volume recruiters are in businesses where either you have a large field workforce and if you do not have enough people on the field at any given point of time your ability to sell or service is limited or you are a services business where your resources are billed to the end customer and if you do not have enough resources on payroll you are loosing revenue.
But Time to Hire is important not just by itself, it also impacts all other key hiring metrics- Quality of Hire, Candidate Experience and Cost per Hire. We will discuss each of these below.
Quality of Hire: A good candidate today is available in the market only for 10 days. If you have a 2 months long hiring process your ability to hire to hire the best candidates is significantly limited.
Candidate Experience: 6 out of 10 candidates who drop of the funnel attribute that to a long hiring process.
Cost of Hire: It costs an average of USD 4000 for every new hire. The cost increases with the time you spent.
Meanwhile, the working class demographic is undergoing a massive transformation with digitally native Millennials entering the workforce. Statistics show that Millennials will constitute to 75% of the working demographic in the United States by 2030. As far a the Indian market is concerned, the gig economy is expected to account for 43% of the workforce by 2020. 52% of the private workforce has spent time as independent workers at some point in 2018.
The biggest surprise that the millennials bring is different, however. Recruiters are experiencing a significant shift in the market that now prefers to hire professionals for ‘gigs’, rather than permanently. This shift can be accounted to the changing preference of the millennial. This change brings in the obvious boom of the ‘freelance market’.
While hiring in the freelance market, it is important to keep the time to hire minimal. The reason is simple- this is due to the fact that recruiters cannot simply afford to waste one month recruiting for a role that has a life-cycle of only three months.
Instahiring is envisioned as the fastest way to hire for enterprise employers across the globe. It makes this possible for employers through a combination of three techniques- automation of routine recruiting tasks, enabling anytime-anywhere screening and capturing & reusing data across the hiring process. Here’s how it’s done.
Traditional hiring methods usually involve the following steps:
- Procuring applications: This generally involves targeting and procuring the resumes of the right candidates for the role.
- Manual screening: Post procuring, thousands of profiles need to be sifted through in order to narrow down the potential contestants for the role.
- Selection process: After narrowing down candidates, the selection process for the ideal candidate will be underway. This will include initial screening methods like telephonic interviews, technical assignments, face-to-face interview, etc.
- Offer letter: Once the right candidate is chosen, the offer letter is rolled out in due time after discussions with the management. This includes discussions of financials and company policy.
- Onboarding: After the candidate successfully joins the company, he/she must be provided with a knowledge transfer educating the new employee about the terms of the role. This is highly essential and can even become time-consuming when knowledge across different levels needs to be transferred.
Instahiring procedure will involve the following steps that drastically reduce the time to hire:
- Automated Screening: With Talview’s Insta-Hiring experience, recruiters can bid goodbye to manual screening. With the brand new automated screening in place, the algorithm is designed to help with specific needs of the recruiter. Imagine sifting through thousands of resumes in mere minutes, that’s what automated screening is all about.
- Online Interviewing: One of the most time-consuming processes of hiring is scheduling interviews and ensuring that they take place on time. If the candidate is remotely based, chances are that the hassles are higher than normal. With online interviewing, the recruiter able to reach a candidate who is miles away in a matter of seconds. Post the interview, the recruiter can playback the interview as many times as possible and is thus able to take a better-informed decision. Online tools like proctoring also massively reduce the time to hire by generating a comprehensive report about the personality of the candidate without any human intervention.
- Intelligent selection: The software used in Insta-Hiring intelligently categorizes candidates according to their proficiencies and forwards the eligible candidates to the next round of processing.
- Offer: Once the eligible candidates are filtered, the offer letters are rolled out by the software by recruiters, which includes basic details of what is required out of them.
- Onboarding: When the candidate joins the organization, an on-boarding process is initiated which will educate the candidates on their roles and requirements in the company.
So how does Instahiring experience surpass traditional methods of hiring?
Well, the difference is simple.
1) It takes the entire process online and removes schedule and location constraints associated with hiring making the entire process faster.
2) It removes need for human intervention for 3 out of the total 5 steps involved. This gives it a towering advantage over traditional methods as recruiters can now focus on the quality of hire even while hiring for temporary roles. The indication of a successful company relies on the quality of its workforce, temporary and permanent.
Instahiring is envisioned as the way to find quality talent in the fastest way possible. With Instahiring, we welcome the future of recruitment.