Hiring volumes are expected to go up by 58% in the U.S. in the coming years according to a LinkedIn report. Every job opening attracts 250 resumes on an average based on a recent Glassdoor survey. Further, only 2% of job applicants receive an interview call. Recruiting managers are under pressure to hire the best candidate in the shortest possible time. Talent shortage and market competition are some of the biggest challenges recruiters face in finding the right fit for the job.
The cost of hiring a candidate is as high as $4,129 on an average. Therefore, streamlining the process and perfecting the hiring techniques are critical to hiring right candidates. Bad hires, according to Tony Hsieh, CEO of Zappos, cost companies well over $100 million.
For small businesses, the impact of wrong hires can be as much as 30% of the pay of the employee.
Five Tips to Choose the Best Candidate
Focus on job description:
An inaccurate job description is a major factor that can lead to wrong hires. Before putting out a description, identify skills, behaviors and qualities that are essential to the job role. Then, identify the success factors which form the core of the evaluation. Finally, ensure that the recruiting team focuses on these factors instead of relying excessively on qualification, experience or personal opinions.
Shorten the process:
Having a streamlined and efficient process helps cut down on the cost and the time taken to hire. The lengthy process of hiring can discourage talented employees from applying. According to an Officevibe study, 60% of applicants did not finish the application because of the elaborate process.
Provide a positive experience:
Studies show employees put in extra effort in their job when the hiring experience was positive and smooth. Starting from application to onboarding, providing a hassle free and rewarding experience for candidates can help encourage and motivate them to perform better.
Go beyond the interview:
Studies show that interviewers form an opinion of the candidate within the “first five minutes” of the interview! And, they spend the rest of the time trying to confirm these assessments. These opinions can often be heavily influenced by personal beliefs, attitudes and biases and are devoid of objectivity. Furthermore, studies show that unstructured interviews are not good predictors of how well an employee performs on the job after hiring. Structuring the interview, getting insights into the candidate’s past accomplishments and giving sample assignments can help find the most suitable candidates.
Partner with staffing services:
A recent survey found that 45% of small businesses were not able to find qualified applicants through traditional channels. Partnering with staffing services firms who have established procedures, and follow best practices in hiring can be the best way to find the right candidates from diverse candidate pools.
In addition, see our earlier post Interview Tips for Hiring Managers, for further advice on choosing the best candidate for your position.