Are businesses taking too long to appoint their ideal candidates?
With a backdrop of remote hiring, which has been a mainstay of the past year, plus added complexities and sometimes bureaucracies of the recruitment cycle, many companies are taking longer to confirm candidate appointments. Meanwhile, the ongoing fallout surrounding the pandemic and Brexit continues to impact the intricacies of the recruitment process, with fewer available candidates in the market.
What is the optimum time between meeting a candidate and hiring?
With the average time-to-appoint across most industries around four weeks and a growing number of job seekers expecting an offer within the first week of the first interview, most companies are falling short when it comes to meeting candidate expectations. (Yello)
In larger organisations, the recruitment cycle is further extended. Layers of candidate assessment, screening, reviews, scheduling of various interviews all too often add unnecessary time to the process and risk the best candidates withdrawing in favour of a company that got there quicker.
Shifting expectations and demographics of the candidate market
With the changing landscape of recruitment, accelerated by the pandemic and restrictions in the movement of talent, another variable for companies to navigate is the changing demographics of the candidate market.
At one end of the spectrum, we will start to see more of Generation Z entering into the marketplace. Their high-tech upbringings shape the way they approach employment, with many not even considering an application if recruitment methods are long and outdated.
At the other end, the fastest-growing segment of the labour force in the coming decade isn’t millennials or the newest band of Gen Z workers. According to Glassdoor’s UK Job & Hiring Trends for 2020, it’s aging Baby Boomers.
This demographic of age 65+ workers are healthier, engaged and more in need of retirement income than previous generations. In the UK, the 65+ population is expected to grow by nearly 60 percent over the next 25 years, faster than any other demographic group. The dynamics of the changing talent pool can leave companies with added layers to navigate, all adding additional time to the recruitment process.
What is the impact of a prolonged recruitment process?
When it comes to acquiring top talent, companies need to have the resources in place to act quickly, hire fast and provide a positive candidate experience. For recruiters, a prolonged recruitment process takes time away from nurturing relationships with candidates on behalf of their client’s company.
Contacting every stakeholder involved in interviews and juggling schedules should be streamlined. On average, ⅔ of the overall hiring process time is spent confirming the interview schedule. The back and forth to finding a time that works for everyone slows down the overall process and risks signifying to the candidate that a company simply isn’t organised and risks losing quality candidates before they’re even able to confirm an interview.
All of these challenges ultimately have a knock-on effect in the market and impact all stakeholders. A poor candidate experience for job seekers affects their confidence in the company’s brand and affects recruiters’ ability to fill future roles quickly and efficiently.
What can be done to optimise the recruitment process?
Review the multiple layers of candidate screening and benchmarking exercises that companies feel are required to identify the right talent and safeguard companies from the expense of hiring the wrong candidate. Interview schedules should be agreed upon with your recruitment partner at the commencement of the process meaning key stakeholders then have the interview dates in their diaries for the recruiter to fill with appropriate candidates. This is where the benefit of having a dedicated recruitment specialist helps take charge of much of this activity and streamline the whole recruitment process.
FM Recruitment is perfectly positioned to support businesses to enhance their recruitment process, helping to reduce the time to appoint the right candidate. We have been established for over 35 years and have an exceptional network with proven experience to attract talent from tech-savvy Gen Z and millennial workers to experienced seniors.
At FM Recruitment, we are here to support both businesses and candidates to navigate the world of hospitality recruitment. We are specialists in financial recruitment at all levels in the UK and internationally.
For support with your next career move or to improve your recruitment strategy, please contact FM Recruitment now using any of the below details:
Office +44 20 8600 1160 I Email email@example.com
Chris Denison Smith +44 7775 711923 I Email firstname.lastname@example.org
Andrea Shaw +44 7714 236469 I Email email@example.com