Time-to-hire is one of the key recruiting and hiring metrics.
Time to fill metric measures how quickly a company can find and hire the best candidate. In a time of war for talent and low unemployment rates, many companies use this metric as their holy grail. Why is that?
There are 2 main reasons:
Did you know that a whopping 57% of job seekers lose interest in a job if the hiring process is lengthy
Hiring remains very competitive today, and that means the recruiting process often drags on much longer than most companies anticipate. One thing we hear from hiring managers time and time again, “Why does it take so long to hire someone these days? I need people now!”
Most companies don't know the full cost of a bad hire, so they under-invest and do not apply the resources upfront to avoid one. By some estimations, the cost of hiring the wrong employee can add up to anywhere from 250,000 to almost a MILLION dollars. If you make a bad hire, there is a ripple effect among all who work for you, your product quality and company image.
With a strong economy and companies expanding, the skilled talent they need to grow is getting harder to find, especially within the eye care industry. The number of professionals who say they face recruiting challenges are surprisingly high:
Interviews are critical as they take your time and depending on the success of the interview, the results can have implications for years to come. Asking the wrong questions or even useless questions in an interview can be confusing for both parties and you might leave an hour later having not learned much. An interview is intended to gather insights about many different aspects of your candidate such as their problem solving abilities, their loyalty, insight into the way they think, but how do we get this information just from their answers and without them lying? The trick is to ask planned questions that are developed to reveal specific characteristics.
A successful interview occurs when not only the candidate is well prepared for their interview, but when you are as well! Structured interviews are twice as effective in predicting how well an employee will do for you. A structured interview, unlike a free-flowing interview requires that you do your planning, both on the candidate and the position, and create a structured plan for your interview process.
Like it or not, you’re eventually going to make a bad hire. Even if you do everything right in the hiring process, you’ll find that it still doesn’t work out perfectly. So instead of beating yourself up about it, find a way to gracefully undo the mistake.