Recruiters are experiencing a significant shift in the market that now prefers to hire professionals for ‘gigs’, rather than permanently. This can be accounted to the changing preference of the millennial leading to boom of the ‘freelance market’.
Most seasoned high-volume recruiters understand that Time to Hire is the single most important hiring metric. Time to Hire in itself is important as business always need candidates like yesterday. Most high volume recruiters are in businesses where either you have a large field workforce and if you do not have enough people on the field at any given point of time your ability to sell or service is limited or you are a services business where your resources are billed to the end customer and if you do not have enough resources on payroll you are losing revenue.
But Time to Hire is important not just by itself, it also impacts all other key hiring metrics- Quality of Hire, Candidate Experience and Cost per Hire. We will discuss each of these below.
Quality of Hire:
A good candidate today is available in the market only for 10 days. If you have a 2 months-long hiring process your ability to hire the best candidates is significantly limited.
6 out of 10 candidates who drop off the funnel attribute that to a long hiring process. After spending a lot of effort in getting the candidate interested in your job the person drops-off because you are not responding fast enough or taking too long to make a decision.
Cost of Hire:
It costs an average of USD 4000 for every new hire. The cost increases with the time you spent.
Meanwhile, the working-class demographic is undergoing a massive transformation with digitally native Millennials entering the workforce. Statistics show that Millennials will constitute 75% of the working demographic in the United States by 2030. As far the Indian market is concerned, the gig economy is expected to account for 43% of the workforce by 2020. 52% of the private workforce has spent time as independent workers at some point in 2018.
The biggest surprise that the millennials bring is different, however. Recruiters are experiencing a significant shift in the market that now prefers to hire professionals for ‘gigs’, rather than permanently. This shift can be accounted to the changing preference of the millennial. This change brings in the obvious boom of the ‘freelance market’.
While hiring in the freelance market, it is important to keep the time to hire minimal. The reason is simple- this is because recruiters cannot simply afford to waste one month recruiting for a role that has a life cycle of only three months.
Instahiring is envisioned as the fastest way to hire for enterprise employers across the globe. It makes this possible for employers through a combination of three techniques- automation of routine recruiting tasks, enabling anytime-anywhere screening and capturing & reusing data across the hiring process or Remote-Automate-Reuse in short. Here’s how it’s done.
Traditional hiring methods usually involve the following steps:
- Manual screening: Post procuring, thousands of profiles need to be sifted through in order to narrow down the potential contestants for the role.
- Offline Selection: After narrowing down candidates, the selection process for the ideal candidate will be underway. This will include initial screening methods like telephonic interviews, technical assignments, face-to-face interviews, etc. While there might be multiple good candidates, one for whom factors like budget, location and timing are most suitable ends up joining.
- Lost Date: Most of the above steps happen offline and Applicant Tracking Systems mostly will have information on only the selected candidate. One or two months later, the same or another recruiter from the organization would reach out to the candidate but with zero context on what has transpired between the candidate and the organization the last time.
Instahiring procedure will involve the following steps that drastically reduce the time to hire:
- Automated Screening: With Talview’s Instahiring experience, recruiters can bid goodbye to manual screening. With the brand new automated screening in place, the algorithm is designed to help with the specific needs of the recruiter. Imagine sifting through thousands of resumes in mere minutes, that’s what automated screening is all about. And if you are in a segment where candidates do not use resumes, Talview Recruitment Assistant bot can be used to ask the candidate the screening questions a recruiter would ask in the first telephonic conversation during the initial touchpoint itself.
- Online Assessments and Interviewing: One of the most time-consuming processes of hiring is scheduling interviews and ensuring that they take place on time. If the candidate is remotely based, chances are that the hassles are higher than normal. Tools like online interviewing and online assessments which are remotely proctored massively reduce the time to hire by generating a comprehensive report about the personality of the candidate without any human intervention. Post the interview, the recruiter/additional reviewers can playback the interview as many times as possible and is thus able to make a better-informed decision.
- Automated Interview Scheduling: Talview uses deep calendar integrations coupled with provision to collect availability of the candidate via its mobile app to make interview scheduling 100% automated.
- Intelligent Reuse: All the information generated during the hiring process is available for reuse. If the candidate becomes part of the hiring process ever again, the new hiring manager will have complete access to the candidate's profile including past interview recordings, assessment reports, interviewer feedback, etc and the hiring manager can fast-track the candidate to a step 3 or step 5 effortlessly.
- One-click Consumer Experience: Non-power users of recruitment systems like Hiring Managers, Interviewers, and Candidates wouldn't want to go through elaborate processes to be part of the process. Talview's availability on mobile devices, platforms like Microsoft Teams/Slack coupled with the ability to operate from email/SMS delivers a great experience comparable with the one-click experience provided by modern-day consumer applications.
So how does Instahiring experience surpass traditional methods of hiring? Well, the difference is simple.
- It takes the entire process online and removes schedule and location constraints associated with hiring making the entire process faster.
- It removes the need for human intervention for 3 out of the total of 5 steps involved. This gives it a towering advantage over traditional methods as recruiters can now focus on the quality of hire even while hiring for temporary roles. The indication of a successful company relies on the quality of its workforce, temporary and permanent.
- It reuses all the information you ever generate during the recruitment process to avoid repeat steps in the hiring process.
Instahiring is envisioned as the way to find quality talent in the fastest way possible. With Instahiring, we welcome the future of recruitment!!
About the author :
Sanjoe Jose is the Chief Executive Officer at Talview. He is a serial entrepreneur with ventures in Enterprise SaaS and Consumer Internet domains. Previously, he has worked with MNCs like National Instruments and L&T. He is an Engineer and MBA from IIT Bombay. He is passionate about using AI to solve enterprise business problems. LinkedIn