It's no secret that the hiring process is competitive. To find the best talent, you must ensure your process is up to par. If it's not, you'll end up losing out on top candidates. Recently, it was reported that the number of vacancies in the three months to August rose above one million for the first time since records began in the UK in 2001. This means job seekers are in a strong position to be choosy about their next role. The question is, how can you make sure your hiring process is attractive to the best talent? In a recent article by Harvard Business Review, Brad Chambers offered four practical tips to US companies that can be adopted by businesses in the UK as well:
1) Is your time-to-decision fast enough?
The first thing Chambers advises is to make sure your time-to-decision is fast enough. In today's candidate-driven market, the best talent won't wait around for weeks or even days to hear back from you. They'll move on to another company that can give them a quicker answer. If you want to attract top talent, you need to be able to make decisions quickly.
Chambers cites studies that say the average time-to-hire is 43 days, and 62% of working professionals say they "lose interest two weeks after an initial interview if they haven't heard back.” In short, you need to streamline your process and make sure you're making decisions in a timely manner.
2) Are you sharing information on company culture?
The second tip is to make sure you're providing enough information on your company culture. To attract top talent, you need to be able to sell your company as a great place to work. In today's market, candidates are looking for more than just a good salary. They want to know that they'll be happy in their work environment.
If you're not sharing information on your company culture, you're missing out on a critical opportunity to attract top talent. Make sure you're highlighting the things that make your company a great place to work, such as your company values, perks and benefits, and development opportunities.
3) How is your correspondence?
The third tip is to make sure your correspondence is up to par. In today's world of instant communication, there's no excuse for poor correspondence. If you want to attract top talent, you must ensure you're responding quickly and professionally to all candidates. This means having a system in place to track all correspondence, responding to every candidate within 24 hours, and avoiding generic or automated responses. You should also make sure your website and job descriptions are up-to-date and accurate. This way, you can avoid any confusion or frustration on the part of the candidate.
4) Are you providing value upfront?
The fourth and final tip is providing value upfront. With so many companies competing for talent, you need to make sure you're standing out from the crowd. One way to do this is by providing value upfront. According to LinkedIn's 2022 Workplace Learning Report, firms that do well at internal mobility have employees stay for an average of 5.4 years, which is almost twice as long as those who don't.
One way to provide value upfront, explaining how your company can help employees develop and grow in their careers. You can also highlight your company's unique benefits and perks, such as flexible working arrangements or a great work/life balance. By providing value upfront, you'll be more likely to attract top talent and keep them engaged for the long term.
In brief, these are the main points to remember if you want to make sure your hiring process isn't costing you the best talent: Make sure your time-to-decision is fast enough, provide enough information on your company culture, make sure your correspondence is up to par and provide value upfront. By following these tips, you'll be well on your way to attracting top talent.