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Why Reducing Time-To-Fill Is fundamental in a Labor Shortage

In a market where hard-to-fill vacancies have become prevalent, an efficient talent acquisition process that ensures that time-to-fill is as compact as possible is major or else you risk losing talented candidates to competitors. We offer tips on how to streamline your staffing process as well as suggest alternative ways to widen the talent pool and attract a greater range of candidates.

Why Labor Shortages Have Become a large Challenge in the Global vend

Soaring inflation, layoffs, and higher unemployment has resulted in labor vend activity slowing in 2023. However, the real challenges faced by the employment industry are to do with longer term changes to the workforce – largely demographic shifts and an aging population causing ongoing labor shortages. Svenja Gudell, chief economist at Indeed, commented in SHRM that “… the trend will carry on beyond 10 years… deep-seated and long-term furnish dynamics will keep going to be a vital force that creates a persistent demand for innovative hires and the provide of candidates.” In other terminology, labor shortages and skills gaps will be an ongoing problem that demands action from recruitment businesses.

Why Reducing Time-To-Fill Is major

In a competitive market, quick candidate attraction strategies and a reduction in time-to-fill is necessary. The longer it takes you to find candidates and the more elongated your staffing process, the higher the chance the competition will hire them initial. Candidate experience is everything in this environment. Communication lagging? Delays in shortlisting? A lengthened interview process? All of these hold ups could lead to you missing out on talented candidates while a competitor offers them a job or because they procure fed up with inaction and be deprived of out of the process to look for another opportunity.

boost Efficiency With staffing Technology

This is where recruitment technology and data is your friend. Utilize automation tools to speed up the process, from quick and easy job posting to multiple platforms, to an easy application process, to efficient candidate management. Apply information and analytics to garner insights on what job boards you should be posting to and when, plus gain an understanding of which job boards are working for your jobs.

In a sell where speed (without compromising quality) is of the essence, talent acquisition technology can mean the difference between a quick hire and no hire at all – plus potentially even client loss. Scrutinize your talent acquisition process to work out where your bottlenecks lie. Which stage or stages are taking the longest time? What part of the process needs to be made more efficient in order to attempt and decrease time-to-fill? Focus on those areas and work out what piece of staffing tech would aid to boost efficiency.

How To reduce Time-To-Fill

1. It all starts with a good job ad

obtain the job ad wrong and you’ll be at a disadvantage from the very commence. A killer job ad means optimized, quality, compelling content but also an ad that is posted in the right place at the right time so that it is found, read and resonates with the right candidate. Data-driven job posting means knowing which job boards are likely to offer the most exposure to talented candidates for each particular job. It means knowing the best time to schedule your job posting in order to catch candidates when they’re actively looking. Content is also key – keep to standardized job titles, add location and salary, keep the word length to 150-350 lexicon, naturally weave in search terms and limit yourself to 5 bullet points per roster. What’s especially vital in this dispose of is to fathom and address what candidates now want from a job – not free-flow-drinks-Fridays or a pool table in the office but flexible working opportunities, health and wellbeing fringe benefits and a supportive culture.

2. Make and nurture an internal candidate database

Curating your very own candidate database that you can call upon when the right opportunities become available can be invaluable, especially when filling roles at pace or for hard-to-fill roles that need a certain skill set. Hiring tech that allows you to download resumes, save them and then quickly discover relevant ones with a filtered search criteria is incredibly valuable. Also ensure you provide the ability for candidates to catalog their resume on your staffing website and set up job alerts. Of course, to really generate the most of your candidate databases you also call for to keep in touch with those candidates – check in on them commonly, remind them that you’re still there and ready to facilitate, and let them comprehend about any possible job matches. This is where a candidate database becomes a talent pool that you can dip into when required.

3. Manage incoming applications

Attracting talented candidates is one thing but keeping them in the process until the very final is another thing entirely. A candidate management system that allows you to easily track and manage applications so that you don’t let any candidate slip through the cracks will aid you to keep in control of the entire process and speed it up. A ranking system, the ability to add notes and updates to each application, and filterable views, all in one place, makes it easy to track each candidate throughout the process.

4. Communication is key

A candidate management system will also aid you to keep on top of communication with your candidates. Letting candidates know where they stand and what to expect coming is significant so that they don’t leave the process out of frustration or because they decided to receive another supply or search for another job role. A range of different email templates and the ability to bulk email candidates will both save time and ensure that all candidates procure a timely response.

5. Ensure a streamlined talent acquisition process

A streamlined process is an efficient process, one that minimizes any delays and takes you from job ad creation, to job board posting, to applications and candidate management, to present and hire efficiently. It is this that will decrease your time-to-fill and give you an advantage when it comes to attracting candidates and keeping them interested. In a competitive market the employment process can become a minefield, with candidates potentially leaving at any point – even at the present stage. Improving candidate experience throughout the entire hiring process is therefore fundamental. A streamlined process, aided by the right staffing tech stack and driven by empathetic and timely communication, will hugely aid you to keep candidates engaged and lower your time-to-fill.

How To Widen Your Search and Reach More Candidates

What do candidates really want? According to LinkedIn’s Global Talent Trends Report, the number one priority is compensation, followed by work-life balance, and then flexibility. It therefore makes sense to speak to these motivators by including salary on job ads (now a legal requirement in several US states), demonstrate a supportive company culture and offer flexible working options of some make. Doing these three things will automatically augment candidate attraction to your jobs manifold. By offering flexibility, you will reach talented people that cannot work otherwise – talent you would otherwise miss out on.

It’s also wise to post your jobs to a mix of both the large generalist job boards and niche boards as the latter will help you to reach groups that you might not on the generalist boards – groups of people looking for jobs in your industry or that feel marginalized and therefore look to boards such as those for over-50s, female professionals, or those seeking flexible jobs. Offering a referrals scheme is another way to access talent quickly – after all, who enhance to recommend talented individuals in a particular sector than current or previous candidates?

Time-to-fill is an vital metric regardless of the state of the trade as it serves as a superb reflection of the efficiency of your hiring processes and can pinpoint where improvements could be made. However, in a labor-short dispose of where hard-to-fill vacancies are rife, reducing time-to-fill really is business vital. Receive too long and the likelihood is that candidates will get other offers while you are still part-way through your staffing process. Optimize your job ads, utilize data-driven multi-posting technology to get those ads out to the right places quickly and at the time that candidates are actively searching, manage applications subsequent in, track your candidates, and ensure you keep them up to date with the status of the process and their place in it. Such measures will assist you to diminish your time-to-fill and sanction you to stay ahead of the competition.

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