Often used to measure recruiting efficiency, time to hire is the number of days between first contact with a candidate to the day the candidate accepts the offer.
Workable’s data finds the average time to hire in the US is 24 days (compared to 41 days for time to fill), ranging from 17 days for healthcare roles to 32 days for product management roles.
Although some experts argue reducing time to hire isn’t always beneficial, a recent survey found 52% of recruiters believe a lengthy hiring process is the biggest obstacle to adding headcount.
In today’s competitive talent market, hiring success will depend on intelligently automating and streamlining the recruiting process. Continue reading
Fairly or not, recruiting departments face constant pressure to reduce cost per hire.
Breaking down your cost per hire is an important strategic tool to assess the cost effectiveness and efficiency of your recruiting process, identify areas for improvement, and help guide your recruiting budget.
Here’s an overview of how to calculate your cost per hire to optimize your recruiting process.
Cost per hire formula
SHRM’s formula for cost per hire is the sum of all recruiting costs divided by the number of hires in a specific time period.
(total internal recruiting costs + external recruiting costs) / (total # of hires in a given time frame)
Internal recruiting costs
Internal recruiting costs are expenses related to internal staff and organizational costs of the recruitment function. Continue reading
LinkedIn reports the recruiting metric hiring managers care about most is quality of hire.
Basically, what we all want to know is: is my recruiting process actually selecting the right people or not?
Luckily, advances in recruiting software and recruitment tech are helping recruiters use data to close the loop with hiring managers to demonstrate candidates’ quality of hire.
Here’s how to measure the quality of your candidates and link it to business outcomes in 6 steps.
Step 1: Collecting quality of hire metrics
Generally, there is no “one-size-fits-all” metric because it depends on what your priority is.
LinkedIn reports the top three ways quality of hire is measured are:
Retention: the length of time new hires stay at the company (e.g., measured as a rate of new hires staying vs. Continue reading
Finding the right talent at the right time is never easy and if you’re operating on a shoestring budget, you’ll need some clever ways to recruit top talent. Large companies and fledgling startups alike simply can’t afford to break the bank in hiring new employees, but that doesn’t mean you have to settle. Instead, consider incorporating the six tips below to maximize your reach and bring in the talent your company needs, without going over budget.
1. Maximize Your Web Presence
Whether you’re aware of it or not, the internet is speaking volumes about your business. From your company website to your official social media accounts to the accounts and blogs of your employees, prospective recruits have access to a great deal of information about your company and its culture before they walk through the door. Continue reading
LinkedIn’s latest recruiting survey reports 77% of talent acquisition leaders are interested in better recruitment software tools this year.
With hiring up 11% this January and 56% of recruiters who already find the hiring process takes too long, time-constrained recruiting teams need help coping with increased demands.
With the need for speed in mind, here are the 8 best recruitment software tools that speed up your day presented in an infographic.
Stage 1: Resume review
iCIMS reports a resume spends 15% of its time in the applied phase. For every 100 applicants a job posting receives, about 75% get screened out at the resume review stage. Continue reading
An important recruiting metric, time to fill is the number of days between the day a job requisition is approved until the day an offer is accepted by the candidate.
SHRM’s latest recruitment survey reports the average time to fill is 41 days. But with hiring volume increasing this year and top candidates staying on the job market for only 10 days, recruiting teams are under pressure to reduce their time to fill.
iCIMS’ data breaks down the time spent on each step of the hiring process:
23% HR Screening
37% Hiring Manager Review
This means 63% of the recruiting cycle is directly under your control to streamline or automate. Continue reading
Greenhouse Customers Can Now Have Full Access To Ideal’s AI-Powered Recruitment Automation
TORONTO, ON–(Marketwired – February 14, 2017) – Ideal, an Artificial Intelligence (AI) for Recruiting company, announced today their new integration with Greenhouse Software. Through this global partnership, Ideal’s recruitment automation technology is now available to Greenhouse clients via the Greenhouse Platform.
A first-mover in recruitment automation, Ideal uses AI to automate repetitive, low-level recruiting tasks, freeing up precious time for talent acquisition professionals to focus on high-value tasks such as interviewing. Ideal helps employers sift through the resume noise and automatically move top candidates through the recruiting funnel. Continue reading
A recent LinkedIn survey reports 56% of these talent acquisition leaders predict their hiring volume will increase in 2017. That means recruiting departments need to re-assess their recruiting tools and consider which best recruiting software innovations will help them succeed.
These talent acquisition leaders spend 17% of their recruiting budget on a variety of recruiting software tools.
To help you assess how to spend your recruiting budget, here are the 4 best recruiting software innovations designed to make recruiting more efficient, cost-effective, and competitive.
1. Intelligent resume screening software
Intelligent resume screening is the next generation of resume screening. Continue reading
This is a guest blog from BambooHR.
When a business skyrockets to the top of an industry or sinks into a heap of failure, the company culture can undergo a total transformation.
One key factor to an organization’s success is its culture. A great deal of change has happened in the workplace in the last 10 years and one of the core themes was a shift in company culture.
These changes have been recorded and analyzed in BambooHR’s recent infographic Then and Now: How a Decade Changed the Workplace, which you can check out below.
When you think about your current workplace, how does it compare to previous job settings over the last few years? Continue reading
With hiring volume predicted to increase this year, time-constrained recruiters are feeling the need for speed.
According to LinkedIn, 77% of talent acquisition leaders are interested in new technology and better recruiting tools for the coming year.
In 2017, recruiting success will depend on intelligently automating some part of the recruiting workflow.
That’s why Ideal partnered with John Dawson at Xref for a 30-min webinar on 5 Tips for Speeding Up Your Recruiting in 2017.
In this webinar, you’ll learn how automating processes to speed up your recruiting can help you:
compete for talent with a sped up hiring cycle
improve KPIs such as cost per hire and time to fill
leverage recruiting tech for automating resume screening, candidate outreach, interviewing, and reference checking
Watch the full presentation below:
Access the slides here. Continue reading