In today’s candidate-driven market, where job seekers have the upper hand and retention rates are lower than ever, reducing your time to hire without sacrificing the quality of hire is one of the biggest challenges facing recruiters.
Manual processes like screening and sourcing are the leading cause of lengthy recruitment processes and make it difficult to reduce the time to hire. A lengthy hiring process is enough to convince candidates to look for other opportunities.
Leverage AI-Enabled Recruitment to Reduce Time To Hire
AI-enabled recruitment solutions automate repetitive tasks to speed up the sourcing and screening of qualified candidates. These solutions can even improve the resulting candidate pool. This allows you to reduce time to hire without compromising quality of hire or risking the loss of top talent.
What Is Time To Hire?
Time to hire typically refers to the number of days between a candidate applying for a position and accepting the job offer. If you want to use another metric, you can use the total number of days between the job posting and the candidate’s start date. This metric allows for additional considerations such as the time from job posting to application submission or from offer acceptance to start date.
However you measure it, focusing on reducing your time to hire is critical to ensure you don’t lose desirable candidates because of unnecessary delays in your recruitment process.
6 Benefits Of Reducing Time To Hire
1. Saves Money and Resources
By hiring faster, you reduce the amount of time your hiring managers spend recruiting and the costs resulting from a vacant role. This includes factors like paying remaining employees overtime, hiring freelancers to fill a gap, or pushing back goals that impact business results and revenue.
2. Avoids Fatigue and Burnout
If your current employees are required to fill a workforce gap for too long due to a lengthy time to hire, you risk those employees experiencing burnout. This impacts the quality of their work and their levels of engagement, and could negatively impact retention.
3. Raises Your Acceptance Rate
A faster, more efficient recruitment process means you’ll have fewer offers to compete with to land a star candidate. Candidates will have less time to explore elsewhere, giving you more negotiating power.
A faster time to hire will also keep you from losing candidates through loss of interest or a competing offer.
4. Accesses Higher-Quality Candidates
High-quality candidates don’t stay available for long, especially in today’s hypercompetitive market. Potential employers race to secure top talent for themselves; ensuring your own recruitment process isn’t a delaying factor is critical.
5. Improves Recruiter Productivity
With manual tasks eliminated, your recruiters have more time to focus on valuable tasks like engaging candidates, passive recruitment, and optimizing your recruitment strategy.
6. Elevates Candidate Experience
When your hiring process is efficient and your recruiters’ productivity is improved, they have more time to engage candidates and support a better overall candidate experience.
Ways To Reduce Time To Hire With AI-Enabled Recruitment
Given the high volume of resumes received for each role, recruiters need faster ways to analyze candidate data. AI-enabled recruitment provides options like:
- Quickly find internal candidates using AI-powered matching
- Locate candidates using AI-powered resume harvesting from job boards
- Use AI-powered semantic search to locate internal candidates
- Intelligently match jobs and candidates
- Find similar candidates using AI-based matching
- Discover internal candidates who’ve been considered for similar jobs
- Pull matching jobs from external sources for candidates using AI ranking and matching
- Intelligently rank candidates based on skills, experience, location, and more
- Assess candidates by utilizing AI-enabled pre-screening chatbots
- AI helps you create more effective, attractive job descriptions for open roles
- It automates some aspects of candidate engagement from the beginning of the process to save recruiting time and keep tabs on applicants, updating them throughout the process.
Improve Time to Hire With AI
AI-enabled recruitment helps you not only hire faster but also hire smarter to help your business get better overall results by securing top talent.
Learn more about how AI in recruitment can take your hiring efforts to the next level by requesting a demo with Oorwin today.
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