Reducing Time to Hire: How long is your piece of string? EMPLOYER ADVICE
July 2017
FINANCIAL SECTOR RECRUITMENT
Reducing Time to Hire: How long is your piece of string? Everyone knows the recruitment process is getting longer and longer, particularly within the financial sector. And everyone recognises the problems that come with such a protracted process: rising costs and disgruntled candidates, to name but two. But what can organisations do to reduce the time to hire? Kim Bower Business Manager Asset Management
Drastic Measures Second-round interviews are the norm nowadays, but third and even fourth stages are becoming more common. Competency-based assessments, presentations and psychometric testing are increasingly an accepted part of the hiring process. Add to this the increasingly rigorous and lengthy preemployment checks required, and these are just some of the reasons you have a recruitment process often now measured in months rather than weeks. It is a complex and lengthy process requiring careful management. Delays at one stage inevitably impact on the arrangements of another and things can quickly spiral out of control.
Managing Managers One of the most common reasons for a lengthy recruitment process is the hiring manager’s availability – or rather lack of it. For recruiters and HR professionals, hiring is part of the day job, but hiring managers must create additional time for the process. However, often other activities will take priority. Managing the hiring manager’s time effectively can have the biggest impact on reducing the length of the recruitment process. But what’s the best way to do this? 2
Reducing Time to Hire
A Recruitment Timeline Although things are often subject to change and the hiring journey needs to be flexible, there is no reason not to set out at the very start what the ideal journey looks like. An example is provided below.
2 CVs Submitted
4 Candidates Declined
6 Candidates Declined
1 to 2 weeks
1 week
1 week
1 to 2 weeks
1 Vacancy Goes Live
3 CVs Reviewed
5 Interviews Conducted
7 Offer Made
4 to 6 weeks
I realise I risk stating the obvious with this approach, but it is amazing how often this basic framework is missing from the process. Its absence does create problems. This is useful for all stakeholders in the journey, but particularly the candidate and the hiring manager – the two people who perhaps don’t go through this process often.
The Candidate Disengaged candidates is one of the consequences of everlengthening hiring processes, sometimes leading to applicant drop outs. Many specialisms across the financial sector are now candidate-driven markets. Time, here, is clearly of the essence if employers wish to secure the best talent. But good candidates will be patient if good companies keep them engaged, even during a long and drawn out process. While length is important, dialogue is critical. For the candidate, a tangible recruitment timeline outlines the number and nature of stages likely to be involved. 3
Reducing Time to Hire
It also manages expectations on when they are likely to receive feedback at each stage.
The Hiring Manager For the hiring manager, it provides similar support. But it also gives clear direction on what level of their input is required, when and for how long. By outlining a roadmap, with desirable deadlines for each stage, it also highlights to them the negative impact of a missed deadline or a postponed interview. Simple things like blocking out time in a manager’s diary early on, to review CVs or for interviews, can help cut down the waiting time Delays may prove inevitable, but agreeing a shared vision of success at the outset focuses minds and reduces misunderstandings.
Other Stakeholders If using an external recruiter, such a framework also helps the consultant keep candidates up to date with their progress. For the HR manager, the framework can be used afterwards to assess the effectiveness of the recruitment process and identify where improvements – if any – need to be made in the future.
Reducing Time to Hire There are, of course, many other aspects of the recruitment process that when improved will lead to a reduction in the time to hire. Better candidate attraction methods, online interview technology and the use of assessments centres for high volume recruitment, to name but three. But the adoption of a recruitment timeline, committed to paper and agreed by the main stakeholders, is surely one of the cheapest and most effective means available. Kim Bower Business Manager Core-Asset Consulting t: 0131 718 4600 e: kim@core-asset.co.uk 4
About Core-Asset Consulting We are an independent recruitment company dedicated to asset management, accounting & finance, asset servicing, legal and the wider financial services sector in Scotland. A specialist recruiter, our expertise extends across permanent, interim, temporary and contract positions, as well as preemployment vetting and on-boarding services. Working in close partnership with clients to tailor the most effective recruitment strategies, we have the resources to target exceptional candidates - at home or overseas - and match them to roles that encourage them to excel. To do so, we put people before profit, service before sales and ethics above all.
High expertise, engagement and value Initially we made our reputation within Scotland’s asset management sector. But the success of our model has allowed us to expand rapidly. We have developed into the wider financial services market, built an accounting and finance team, established an interim, temporary and contract division, launched a vetting and onboarding service, and expanded into the legal sector.
Helping realise your business grow Whether you’re wishing to fill a specific position, keen to find out about the latest market trends or just looking for advice, we’re here to help. For more information about the services we offer, please get in touch: +44 (0) 131 718 4600 edinburgh@core-asset.co.uk www.core-asset.co.uk
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CORE-ASSET CONSULTING 37 Melville Street Edinburgh EH3 7JF t: +44 (0)131 718 4600 w: core-asset.co.uk