Blog PostBeat The Talent Shortage With Speed In Hiring
Posted on: November 7, 2015
When you have a talent shortage, moving slowly in the hiring process can cost you not only time and money, but also the best contenders. Top candidates can slip through your fingers in an instant, snapped up by competitors who understand speed to market.
What can you do to minimize losing out on top talent when you have a role to fill? Don’t sit back and wait. Speed to market can be your biggest hiring advantage, leading to continued productivity, and a top crop of new talent.
Speed to market doesn’t mean being rash with your hiring decisions. You’ll want to make smart, well-informed hiring decisions—as quickly as possible. Dragging your feet when deciding whom to hire (or making candidates jump through too many hoops) could cost you top talent.
When you’re faced with a sudden or unexpected job opening, chances are you’re going to need to fill it fast. There is just so much slack other workers are willing and able to pick up.
Hire quickly to achieve speed to market by:
- Making sure you have a clear and concise job description including a list of needed skills.
- Being selective about who and how many people to interview.
- Streamlining your hiring process (Example: request references early in the interview process so you’re not left waiting on reference checks when you’re ready to make an offer.)
- Letting candidates know you’re serious about hiring in a timely manner. Ask them to let you know if they receive another offer during the interview process, or change their mind about wanting the job.
If you have a lengthy hiring process in place, consider whether it could be a turn off to potential candidates. There is just so much time they can spend (and take off from their current job) to do phone and in-person interviews, take tests, or shadow workers. Eliminate any unnecessary or laborious steps, and be upfront about the phases of your hiring process to achieve speed to market.
Think outside the box
Of course, it’s always a good idea to think creatively to find different ways to solve your talent shortage. Consider these methods:
- Use a staffing agency. Agencies have qualified workers at the ready who are already vetted. You could also use the temporary situation as a trial run, and potentially make the staffer a permanent employee if they work well with your team. (Tip: Discover the ROI of using staffing firms.)
- Hold informational interviews. Get a jumpstart on hiring by conducting informational interviews before you have a gap to fill. That way, you’ll have a talent pool to draw from when you do have an opening.
- Look internally. Don’t keep your employees in the dark about a job opening. You might already have the perfect candidate ready to step up from another role in your company. Or, a team member might know of someone in his or her network who would be a good fit.
No matter how you go about looking to fill your talent shortage, remember to move quickly, smartly, and with an eye toward speed to market.