Can You Hire Top Talent in Only 10 Days?
Last year the national average for filling an open position reached 29 days which was a record. Believing that recruiters are simply dragging their feet and waiting for a purple squirrel is a common assumption and true to some extent. To be fair though to recruiters and hiring managers, the number of measures that must be taken the moment a position becomes vacant needs to be considered.
- Advertise the position
- Identify acceptable candidates
- Conduct interviews
- Complete background and reference checks
- Extend an offer
- Wait for the candidate to accept the offer
When you consider all of this, 29 days doesn’t seem so long but it is! According to some statistics, top talent remains on the market for only 10 days! Additionally, during that 29 days, as the position remains open, productivity, revenue and morale drops among your employees. The solution seems simple. Speed up the hiring process! Weed out candidates with an ATS. Conduct more interviews in less time with video interviewing! Even with those measures in place, is ten days to fill a realistic goal?
Recruiting in the business world isn’t like recruiting in the sports or entertainment industry. My team has an open position at quarterback and Cam Newton is available? You’d better believe we are going after him! He’s a proven star! Carmello Anthony is a free agent and I need a forward? My VP of People Operations is calling up Carmello’s agent. My movie’s director just dropped out? Let’s see, is Scorsese Spielberg or Christopher Nolan available? No? What about Alejandro Inarritu? He’s been nominated twice in the last two years.
Within these fields top talent can easily be identified. Right from the start a short list of stars to fill the open position is formed. In the corporate world unless you are poaching executives at the “C” level from high profile companies such as Amazon, Apple or Google, most top talent is relatively unknown. You don’t know that you have a potential Steph Curry, Odell Beckham Jr., or Cate Blanchett applying for your open position. At least not from the start.
Though your job candidate’s resume may scream success up front, you certainly want more than a few days to determine the validity of their credentials. Assuming an organization is lucky enough to find their dream candidate within seven days of posting a job, recruiters are left with only three days to interview the candidate, verify references and negotiate an offer before the candidate accepts another. Careerbuilder released a survey a few years ago and the results showed that 41% of employers believed a bad hiring decision cost them upwards of $25,000 and 43% of them blamed their bad hires on a rushed hiring decision.
Organizations face a problem. Move too quickly during the hiring process and they risk hiring the wrong candidate. Move too slowly and they risk a great candidate getting away. Move slower still, 29 days slow, and they risk losing not only the good candidates but all of the rest. Hiring managers can ill afford to hold out and wait for a Steph Curry or an Adrian Peterson. As Dr. John Sullivan points out, “…it’s mostly luck if the most desirable candidates decide to enter the job market precisely when you coincidentally have a job opening.”
So can you hire a great candidate in ten days? Yes, but only if luck is on your side. Generally you shouldn’t try because your rushed hiring decision could produce a bad hire. However if you drag your feet too long waiting for the perfect candidate, your luck will turn to misfortune. That is if you believe losing revenue is unfortunate.