Meeting potential candidates and growing your business with top talent is undoubtedly exciting.
Hiring new talent, people who can positively impact your company, can be a gamechanger.
But, unfortunately, this process can sometimes take several weeks if you don't streamline your hiring process. New talent is rapidly snapped up if you don’t act quickly, and we are seeing this increasingly in the Accountancy and Finance industry.
The hiring process doesn't need to take weeks and be overly difficult for candidates. We believe that when done well, hiring can be an enjoyable experience for both parties. Keep reading to find out how you can reduce your time to hire and increase your chances of hiring the industry’s best and brightest.
What is Time to Hire?
Time to hire is the number of days between the moment a candidate is approached or applies for a position, and when they finally accept a job. In other words, time to hire measures the time it takes for someone to move through the hiring process once they've applied.
On average, in the United Kingdom, it takes 24 days to complete the hiring process in the Accountancy and Finance sector. Most companies will lose almost a month when it comes to hiring, which isn't ideal in any industry. By using the right technology, and streamlining the hiring process, you can significantly reduce your time to hire.
Why is Time to Hire Important in Accountancy & Finance?
The Accountancy and Finance sector is a candidate-driven market. So finding candidates suitable for the job can be difficult, especially if you're using unappealing, lengthy hiring methods. It's vital to keep all your candidates engaged throughout this process.
Currently, the Accountancy and Finance industry is the busiest it's ever been, and is projected to grow a further 11% by 2024. Within such an active market, it's incredibly challenging to find suitable candidates and fill positions quickly.
We typically tell our clients it should take four weeks to hire for a permanent role and only one week for a temporary position. 79% of professionals looking for work within Accountancy & Finance are snapped up in the first eight days of the hiring process. So, it is key for any organisation who are hiring to be quick off the mark to avoid missing the best candidates!
Benefits of Streamlining Interview Process
Since 2017, the time it takes to hire an employee has increased by 4%, which is problematic when you’re trying to attract candidates and stand out from the crowd. Streamlining interviews is essential when trying to find the best candidate for the job.
Keeping the hiring process short and sweet brings countless benefits like:
- Saves your HR department time and hassle.
- Saves money as you don’t waste valuable resources.Improves budget forecasting
- Maintains productivity as you don’t have long gaps between employees and can hand over smoothly.
- Better hiring accuracy and lower turnover rates.
- Most professionals are put off by long interview processes, especially if they're applying to multiple jobs, so you risk losing out on the best people.
The idea of having to jump through five or more hoops before securing employment isn't appealing. So shortening your hiring process while still thoroughly screening candidates could make all the difference.
How to Speed Up the Recruitment Process
To reduce your time to hire, start by re-evaluating your initial hiring process. If your current method is drawn out or encounters bottlenecks, consider using some of the below ways to improve it.
Recruit from Within
You don't always have to bring in new talent if you already have a diverse team of individuals working for you. Internal hires are a great way to streamline your hiring process and boosts employee morale by allowing them to move up the career ladder.
A Clear Role Brief
Although it seems pretty error-proof, make sure to clearly explain the responsibilities and expectations, so you reach the right audience and get suitable candidates. Otherwise, you could be wasting valuable time.
It is key to know what you want and be decisive. When you review a CV and can see someone isn't suitable for the position or you feel they may not integrate with an already stable team, then don't interview them.
Initial phone screening can help here too!
The Two-Stage Rule
We typically recommend that every hiring process should have no more than two stages. The first stage should consist of typical, strategic, and technical questions. Stage one allows you to make sure the individual is suited to the position, has relevant experience, and can execute the duties of the role.
The second stage should be much more informal and relaxed and used as a way to decide whether the candidate fits with your team. Think of step two as more of a chat as opposed to an intense interview.
You should ideally aim to complete both interviews within two weeks.
Modern Interview Techniques
Interview techniques in the Accountancy and Finance industry have drastically changed with some of our clients, who have adopted some exciting, modern technologies. While you should try to still follow the 'two-stage rule' when hiring, there are some fun and appealing ways to streamline the interview process further.
Travelling can take up a lot of time for both parties. So, it's often quicker to conduct interviews over a phone call, Skype, video chat, or even online.
Thinking even further outside the box, the British Army streamlined its interview process by testing applicants' skills in Virtual Reality scenarios.
Embracing technology can significantly reduce the amount of time it takes to hire the future leaders of your business.
Recruit with Change
Recruiting the right candidate can be challenging. But we pride ourselves on providing you with qualified candidates in line with your timescales.
With over 45 years of experience in the accounting and finance industry, we’ve grown to become a leading specialist recruitment consultancy in Scotland and one of the UK's leading international recruiters.
If you or your company are searching for new talent, get in touch with one of our recruitment specialists to find out how we can benefit you.
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