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I’m planning my hiring, how long should each hire take me to secure?
The question here is not necessarily how long will it take, but is more what will be the actual ‘time cost’ of hiring be. Why? Well, when you factor in time cost, you soon realise that that hiring has a raft of knock on effects, most of which are not considered when businesses think about their growth and these are vital when you are planning your hiring.
52 days is the average time to hire
In a McKinsey report ‘The New Tech Talent You Need To Succeed In Digital’ the authors suggest that it can take six months to hire some of the most sought after skills, like machine learning and data specialists, whilst Deloitte’s ‘Talent Acquisition Factbook’ suggests 52 days is the average time to hire. Naturally, entry level roles are quicker to fill, whilst more senior roles can take much longer.
Time is money
So, if it can take from 52 days to 6 months to hire, you also have to consider the following:
- What can that cost your business in terms of lost productivity?
- How can I optimize the process so talent wants to join me and doesn’t drop off?
- How much management time will be spent on the hiring process?
- What’s the onboarding process and time required to bring someone up to speed?
- How should I recruit? Do it myself, use a recruitment agency, or hire an internal recruiter?
- Can I invest enough time to market the business to talent?
- And finally, god forbid, what if it doesn’t work out and you have to run the process again?
How long is a piece of string?
The answer to how long will it take to hire is not as straightforward as it might seem. To optimize the time there are key considerations to ensure you have reviewed and accounted for.
- Can I afford the lost productivity of not having someone in post.? If not, you’ll need a contractor to fill the gap.
- Do we have the expertise to locate, attract and secure the talent. If not you’ll have to choose between an external agency, or hiring an internal recruiter to support your needs.
- Can we move fast enough for the best talent. It’s a competitive market speed is vital.
- If we think we have the expertise to reach, attract and hire, do we have the time to commit to the process? (expect 10 days management time per hire)
- Can we afford management distraction for the hiring process?
- Building your employer brand and candidate experience takes time and consistency. A bad experience will be amplified by disgruntled applicants.
- When the new hire lands, are we geared to get them to a productive level, as quickly as possible. Poor onboarding will lead to your newest hire leaving and you having to start again.
Food for thought
When you’re looking to grow, making the right decisions on your hiring strategy makes the difference between profit and loss, meeting deadlines or failing to, and gaining competitive edge or falling behind your challengers.
Talent Heroes is a people business. We’re contracted by clients to work in house, attracting and hiring an unlimited number of staff, for an all inclusive monthly fee.