Do you know the True Cost of your ‘Time-to-Hire’?

Navigating Turbulence to Recruit Future Talent

It is no secret that recruitment is and always has been, challenging. Since the Covid pandemic and the ‘Great Reshuffle’ that followed, recruiting and retaining people at any level, has become even more difficult.

In a survey conducted by LinkedIn in 2022, 87% of recruiting professionals believe that the role of Talent Acquisition has become more strategic over the last year. Simply advertising a role in the traditional channels, is no longer enough and by doing so, talent professionals risk a ‘time-to-hire’ that, not only exceeds their industry average but also stretches both internal budgets and resource past their limits. To recruit the right person for their business, companies and talent acquisition professionals in particular, must respond to the ever-changing business landscape. Navigating turbulence, change and competition for highly-skilled candidates, will all be necessary to feed their talent pipeline.

The True Cost of ‘Time-to-Hire’

Recruiting from outside an organisation into a leadership role is often the most challenging task of all. Leaders with excellent people engagement skills, high integrity, values aligned with the company and the ability to manage complexity and uncertainty, are highly sought, meaning competition is fierce. Companies presented with a resignation from a senior leader (whether expected or not) often face the daunting task of finding a suitable replacement, whilst covering all of the associated tasks and responsibilities of the role. All of this, on top of the need for the time and resource for the recruitment process, comes at a cost. Does the vacancy leave an open sales territory, or stretch those covering their own areas thinner? Will there be an impact on efficiency and process within the department? How long can you afford to pause continuous improvement projects, in lieu of an appropriate hire? On top of the tangible pressures already mentioned, it is also worth considering the time it will take for the new hire to get ‘up-to-speed’ and to become optimised in their new position.

Future-proofing through your Talent Pipeline

A combination of market factors affecting the industry broadly and the additional stressors of specific hiring requirements, all bring the whole area of talent acquisition to the fore. The pressure on ‘time-to-hire’ and the need for ‘smart’ recruitment processes mean that those best equipped to operate an effective talent-pipeline and succession planning strategy, will be most successful in, not only bringing the required talent into their business but also in retaining existing talent.

Staying One Step Ahead

Many larger organisations or groups have responded to the need for change by hiring their own internal talent leaders and departments, able to cope with the high-volume demands of such companies. By advertising via their own networks and using tools such as LinkedIn, this approach works well, particularly when combined with a strong employer brand and clear development plans. Sometimes, if a role is challenging or considered ‘hard-to-fill’, they may reach out to a specialist recruitment partner to support their own search or to broaden their networks; it is important that any third-party is carefully selected to collaborate seamlessly with their own team.

For smaller businesses with fewer resources, there are benefits to not only outsourcing individual recruitment projects but also in developing longer-term talent strategies with a specialist partner, enabling the recruitment consultants to act as an expert extension of the hiring company.

The Impact ‘Time-to-hire’ on the Candidate Experience

It is possible to reduce the ‘time-to-hire’ by working with a recruitment partner that has the market understanding, industry presence, network and competencies to fulfil the need. By working on a long-term partnership with companies, to build knowledge and value into the relationship, it is easier to agree a clear briefing, work together for an exceptional candidate experience and to communicate in a way that proactively meets their expectations. The converse effect of not managing a process or partnership in this way, can lead to delays which, in turn, easily results in the loss of candidates to other employers or even a sense of apathy from the candidate, as momentum fades.

Of course, this is not a new way of thinking but it is important to recognise that the hiring process is two-way and that just as candidates must work hard and research well to impress during assessment, employers and recruiters must present themselves in the best possible way, to sell the opportunity to potential employees. Taking the time to ensure the process is not too onerous and providing constructive interview feedback to all candidates, will go a long way to create a lasting positive impression.

How can you improve?

Companies that have well-thought-out talent acquisition strategies, collaborative relationships with their recruitment partners, streamlined processes and that work hard on the delivering a positive candidate experience will thrive in this demanding employment market.  Those that stick to the more traditional approach, that is too employer-led, may struggle to bring in the talent that makes the difference.

Listgrove’s Role

Listgrove has evolved to become the leading industry expert and longest serving specialist recruitment provider to the global plastics, packaging, chemicals, petrochemicals, energy and recycling sectors – but one thing remains the same: we champion performance through people.

If you are looking for a recruitment partner that: knows your industry; will present your employer-brand with the utmost professionalism to attract the right talent and reduce your ‘time-to-hire’, our specialist consultants are here to help.

To hear from our clients on how we have supported their search for talent and HR needs, please visit: https://www.listgrove.com/case-studies