Not every talent acquisition expense is set in stone. Certain costs, like salary requirements and benefits, almost have a minimum buy-in due to the competitive nature of the talent market. Other expenses relating to the actual hiring process allow for more wiggle room, if business leaders know which processes to streamline and where the average cost per hire can be cut down. There are several ways to lower the average cost per hire in a market where compensation shows little sign of slowing.
Candidates are difficult enough to find as is, and changing candidate requirements in the midst of an ongoing talent search means expending additional effort. Without concrete definitions of which skills are essential and which are only desirable, a candidate outside the original parameters can show up on your radar and change the entire direction of your search. Changing hiring direction to pursue such outlying candidates tends to add to a hiring manager’s cost per hire.
After all, deciding to look for more candidates similar to these great outliers (as defined by an original set of candidate requirements) means more time sourcing, interviewing, background checking, etc. for more candidates, taking up additional staff time in the vetting and interviewing process.
Instead, an organization must be as specific as possible with what they seek, come to an internal consensus as to what those specifics are, and stick to them! Putting conscious effort into these early steps helps to rein in the average cost per hire down the road.
Broadening your view of available job seekers to include remote workers will automatically increase your candidate pool and attract top talent. With so many talented IT professionals out there, why limit your reach to a geographic region surrounding your physical location?
Considering remote employees will help you tap into a wealth of great workers that do not reside in your area and otherwise would have never considered your organization as a career destination. Likewise, even IT professionals that live within a commutable distance but loathe the idea of a morning/evening commute will suddenly be open to working for you from the comfort of their own home.
With the average hire taking just 23 days in the IT sector (with the top candidates fielding offers just 10 days after dipping their toes into the search pool), you’re going to lose great pros if you dawdle. So if you’re shepherding a great IT candidate through several interviews and tons of paperwork, you’ll probably lose them, wasting your time and increasing your average cost per hire.
Decreasing the number of candidate-facing steps between the initial contact with a potential hire and extending an offer to them will go a long way in converting interviews into employees.
Need more incentive to streamline your IT hiring process? When a company remains silent and does not extend an offer to an interviewee, nearly 25% of candidates lose interest in the role after just one week. Waiting two weeks to extend an offer or to provide further communication increases that number to a whopping 46%.
Given these statistics, it is drastically important to work hard to keep candidates in the loop regarding when a hiring decision will be made. Candidates understand that decisions can be delayed, but keeping quiet about it only hurts brands, resulting in a candidate taking another job offer and spiking the average cost per hire.
If you’re at all seriously interested in a job candidate, don’t wait; make an offer and provide a start date. Just be clear that the offer is contingent on the candidate passing background, security, reference, and any other applicable checks.
This may create a sense of vulnerability, but it’s important to remember that any offer is only truly an offer if all the necessary checks are passed. As long as this is clear in the beginning, contingent offers are a no-risk way of keeping a talented IT professional interested while the necessary paperwork is being completed.
Take the time to forecast turnover, retirements, future needs, etc. so that you can find and hire replacements immediately when predicted opportunities come up. Attending networking events, maintaining a professional relationship with industry acquaintances, and keeping track of potential fits for your organization can go a long way in helping expedite your hiring / candidate search process.
With so many other priorities on your plate, sometimes keeping the entire hiring process internal is too taxing on your organization’s resources, even if all the above recommendations have been put into motion.
EdgeLink has a deep pool of great IT pros who have been vetted and interviewed, and are practically ready at a moment’s notice. Plus, we help our clients finalize requirements before pursuing any candidates. If you need to hire quickly, contact us and we’ll get on your recruiting request immediately.