Slow hiring wastes your company’s revenue: Tips to save your money
83% of employers say retaining employees is one of their top objectives. But hiring new ones is not easier.
Based on nearly 84,000 interview reviews, Glassdoor found that the average time it took to hire a new employee was almost 24 days in 2017.
And those few weeks spent on talent acquisition are costing you more than you think.
Keep up with your candidates or lose money
For a firm like Amazon, if their hiring department was to take 10 more days than usual to acquire human capital, on-the-job performance would drop by 10%. A 10% drop in its average revenue per employee of $750,000 would mean a loss of $75,000 for every new hire.
And let’s be fair, your average revenue per employee is likely not the same as Amazon’s. But this also means that you won’t be able to bounce back as quickly from your monetary loss.
HR expert Dr. John Sullivan estimates that on-the-job performance can decrease by an entire percent every single extra day you spend trying to make a hiring decision.
Compress the hiring process and make it easier for candidates to accept offers
Your key trouble is that the hiring process involves too many steps and red tape. Don’t add steps – compress them.
- Organize your interviews by two components: Establish a set (but limited) number of interviews per a particular period of time, and schedule interviews on the same day/days of every week/month.
- Eliminate scheduling pitfalls by conducting interviews digitally. Let’s face it – your potential employees may not live on the same street corner of your business, and travel issues may cause interview delays. If distance is an issue, embrace mobility in order to manage interviews (or at least partially) from your Android or iOS devices.
- Reduce the mess by ditching the paperwork. Collecting all of the necessary documents, waiting for the candidate to scan/print them and then meeting in person – this is a colossal waste of time. Opt for a fully-digital, mobile-friendly workflow that fits seamlessly into your talent acquisition process.
- Speed up the onboarding process with the right digital tools. Integrating a new employee into an organization may take days and even weeks. Make it short and sweet by switching from manual to digital documents processing.
CHG Healthcare is already onboarding their new employees faster and more efficiently
Onboarding employees is a tiresome and protracted process. That’s why many companies have already adopted new technologies to streamline their hiring and onboarding processes.
CHG Healthcare services has its headquarters in Salt Lake City, Utah and employs more than 2,000 people in seven offices located around the U.S. They do business in all 50 states and have the broadest offering of healthcare professionals in the industry.
CHG started to use a fully-digital workflow to accelerate doctor onboarding and to introduce a new level of agility and control to the document management workflows involved in hospital staffing.
- The fact that doctors can edit, sign, and return forms instantly means that document finalization (that once took weeks) can be done in a matter of minutes.
- Using the service anywhere and on any internet-connected device allows employees to fill, edit and sign a document from their smartphone anywhere and at anytime.
- Using a secure document management service enables CHG to regularly transmit sensitive medical documents.
Being able to find the right digital document platform helped CHG Healthcare to streamline their hiring and onboarding processes and save the company’s money.
Make your hiring smooth and efficient. Create customized templates, digitally sign documents and obtain necessary signatures, go mobile, protect sensitive data and stay organized on all levels of the recruitment process.
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