In today's workplace making the right hires is important. But as you strive to find the best person for the role, you risk taking too long and losing out. The more time spent making sure your applicant is right for your company, the more opportunity you give them to become fed up and frustrated with the recruitment process. We look at why this is an issue for your business, and what some companies are doing to avoid it.
KPMG adapting to feedback
If your recruitment process is too slow you'll needlessly miss out on a pool of potential hires.
Worldwide accountancy firm KPMG recently announced that it had trimmed its hiring process from several weeks down to just a few days. What was previously a series of three separate assessments, with lengthy periods between them, is now condensed into a single day. With their new process in place KPMG will now be able to tell applicants whether they have a job within two working days. The company hopes that this streamlining will allow them to compete for graduates with start-up and tech firms who often have faster recruitment.
The reason behind this change is KPMG's desire to attract millennial staff. This generation of workers born between 1980 and 2000 values convenience and a fast-paced lifestyle, and they don't want to be held up by long, drawn-out recruitment. KPMG surveyed 400 new graduates and found that more than a third were annoyed by long recruitment processes and the length of time between having an interview and hearing back about how it went. This inspired the company to overhaul its interview procedures.
In a similar move, US investment bank Goldman Sachs has this year changed its first-round undergraduate interviews from traditional face to face meetings to video interviews. It hopes the move will attract a broader range of applicants than the traditional business or economics graduates it usually receives. Goldman Sachs are also integrating structured interviews and personality questionnaires into their process in an effort to make better hiring decisions.
Millennials don't want to be held up by long, drawn-out recruitment.
The millennial workforce – why are they so important?
Millennials' dissatisfaction towards lengthy recruitment reflects their attitudes towards work in general.
Millennials are filling more roles than ever, and by 2020 they'll be half the global workforce. Ignoring the needs and idiosyncrasies of this group means ignoring potential staff who will increasingly be developing sought-after skills and looking for roles in your industry.
The dissatisfaction millennials feel towards lengthy, drawn out recruitment reflects their attitudes towards work in general. Research company Nielsen describes millennials as a group that values connectivity and convenience, and thrive in a fast-paced, 'on-the-go' lifestyle. PricewaterhouseCoopers surveyed more than 4,000 millennials in work around the world, and made the following observation:
"The particular characteristics of millennials – such as their ambition and desire to keep learning and move quickly upwards through an organisation, as well as their willingness to move on quickly if their expectations are not being met – requires a focused response from employers."
A speedy recruitment process isn't the only thing you need to attract millennial staff, of course. More than half of the millennials interviewed by Deloitte in a 2016 survey said their personal values and morals had a very strong influence on their decisions regarding work. Furthermore, 56 percent had ruled out a potential employer because of its values or conduct.
52 per cent of millennials surveyed by PWC said the main attraction in an employer was the potential to rise through an organisation rapidly. But this rapid rise starts with the application and interview process, and if applicants are left waiting around before they even get the job, they are less likely to see your organisation as one that will support this fast transition they value.
A recruitment agency can help you streamline your hiring process.
How does your recruitment process portray your company?
Hiring and keeping millennial staff is an increasingly important issue. If your recruitment process is too slow, they'll look elsewhere and your business will needlessly miss out on a pool of potential hires. To get the best staff available you need a recruitment process that's in-depth, but doesn't take too long. The rigour of exhaustive investigation and testing has to be balanced with the need to move quickly.
Consider your current methods and ask yourself if there are ways to make the process quicker, and if you can respond more quickly to applicants who may get uneasy if they are left waiting on you. If the hiring process is taking too much of your time and resources, then an option is to involve a recruitment company.
Here at Tradestaff, our job is to find the best staff for you efficiently, and make the process fast and easy for everyone involved. No matter who you're looking for to join your business, a recruitment company like us can help the process go smoothly. Tradestaff has years of recruiting experience, and with our help your hiring can be as quick and effective as possible. To find out more, get in touch today.
over 5 years ago by Will Percy