Why is it Still Taking So Much Time and Money to Hire Someone?
Do you find that new positions stay open entirely too long? Or is your recruiting process just too slow, resulting in critical work being neglected or too much time passing before you find a placement?
There are plenty of reasons why your recruiting process might be taking too much time – from job descriptions that aren’t specific enough, to finding matching candidates, to resume screening inefficiencies, or the “ATS black hole”.
But one thing is for sure – it’s costly. It was estimated by SHRM that the average cost to fill a new position was around $4,129 per hire, with an average time to fill of around 42 days! Recent data from SHRM has shown that the cost has only increased.
For most industries this is unacceptable. This cost estimate also only considers direct costs related to recruitment like advertising fees, background checks, recruiter salaries, and other internal and external expenses directly related to the hire.
When you add in the cost of lost productivity for each day that a role is not being filled, on-boarding costs, etc. the price goes up significantly.
SHRM also estimates that it can cost 6 to 9 months of that employee’s salary to fully replace them – for a worker who earned $70,000 the total adds up to a minimum of $35,000 to $52,500. Some of those costs are unavoidable, but many are.
So, we have established that it’s expensive to find and hire a new employee, but why exactly? And what can you do to minimize costs?
Here’s a few tips to streamline your hiring process:
1.) Eliminate Resume Review Inefficiencies
Traditionally the only way to find candidates is to sift through hundreds of resumes. Your recruitment team is already likely pressed for time, and that means that they often have just a few seconds to screen new resumes.
Not only can this result in candidates who lack the adequate skills for the position, it can also result in many candidates being overlooked for a number of reasons, from unconscious biases, to poorly formatted resumes, to a simple a lack of time.
This is harmful to your company's bottom line and slows down your overall recruiting operation.
Avrio’s AI recruitment platform can go a long way in helping you find great candidates much faster. With sophisticated matching algorithms, Avrio matches and qualifies millions of candidates, so you only focus your energy on engaging with the best available candidates.
As a result, you find better candidates quickly and increase the velocity of the process.
2.) Eliminate the Screening Time Sink
Once you have a list of candidates, you usually spend long times on the phone trying to qualify all of them.
Not only do you have to get in touch with the candidates, but very often they are not actually qualified or even interested in the position.
You can use Avrio’s AI chatbot Rio to help you screen candidates for a job. Rio has detailed, personalized, and entirely machine driven conversation with millions of candidates to screen for the right ones.
It does this without costing your recruitment team any time at all, so they can focus more time on engaging top candidates who make the cut and quickly notifying those who don’t. Both of these are essential to a competitive, modern hiring process as we have discussed previously.
3.) Utilize The Options in Your ATS First
Make sure that you are leveraging the candidate data you already have. Your ATS is likely packed with resumes from prior job openings in the “black hole” – many of which could be excellent candidates for a new position.
You can greatly minimize your hiring costs by using Avrio AI to instantly analyze every active and passive candidate in your ATS for their suitability for an open position.
The end result might be a fantastic “silver medalist” candidate who is a perfect match for a new job and who you may have totally overlooked without a tool like Avrio.
That drastically accelerates your process and helps you stay ahead of the competition. Imagine filling a new role almost instantly without having to deal with all the expenses of posting a new job online, screening an influx of new resumes, pre-interviewing, etc.
That’s the power of Avrio and so much more. Avrio AI has been used by organizations all over the world to accelerate their recruiting process and increase their bottom line.
Take your company into a new era of AI powered hiring and try Avrio AI Today.