The Recruiter's Dilemma: Quality Of Hire vs. Time To Hire

[fa icon="calendar"] Feb 24, 2016 5:00:39 PM / by Andy Wolfe

Andy Wolfe

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Every recruiter is faced with the age-old dilemma of having to decide between hiring fast and holding out for the perfect candidate.

You want to accelerate time to hire, but you also need to ensure you’re bringing qualified players to the team. How do you decide on: quality of hire vs. time to hire? 

Quality Of Hire

We’re all aware that Netflix is doing quite wellSo, what’s their secret? Netflix’s famous culture deck offers some great insight into the company’s talent acquisition and retention success. Part of the way Netflix attracts, retains, and manages talent derives from the mantra: "Sustained B-level performance...generates a generous severance package, with respect." Netflix believes that hiring only top players is a requirement. Thus, in some ways they’re sacrificing time to ensure quality.

Time To Hire

But, they’re Netflix. Don’t they get a crazy number of applicants every day, affording them the ability to do this? If you’re like most fast-growing companies, you likely don't have time for such luxuries because, the longer you have an open position, the longer it is that you don’t have someone to do what needs to be done.

Guess what? Having the wrong person doing that job is equally bad... or worse, says Netflix. So, how do you do this? How do you combine quality and speed?

How To Hire Great People Quickly

Everyone loves Netflix; talented folks are seeking it out, but even great brands have to spend a lot of time sifting through all of their candidates.

In order to effeciently qualify candidates, you need a smarter sourcing process.

Referrals help recruiters quickly identify great candidates. On average, referrals have a 29-day time to hire while other sources, like job boards, are around 39 days and a striking 45 days for career sites.

And, employee retention is 2X that of non referrals.

Again, all this sounds great in theory...but it’s not like referrals grow on trees!

So go collect them! Check out this process Apple and Facebook use to do it. Long story short: send a recruiter by each new employee’s desk in their first 30 days. Go prepared; ask the employee to pull up their connections, and filter the results by where the new-hire has worked, studied, etc. And bring a pad of paper and a pen — then, go back to your desk and get cranking!

This helps you save time sourcing and screening top talent by building a steady pipeline of solid candidates (which eliminates the time it takes to weed out the ones who wouldn't be a fit for your company) that you can tap into anytime you want. When a position opens up, all you need to do is take a glance at the great candidates you’re already interested in.

Summary

You can take Netflix’s advice and only hire the best candidates, and you can do it quickly. But to do so, you have to ensure you that have a pool of A-players built up ahead of time. This will save enormous amounts of time sourcing and screening (a day, on average), speed up your time to hire, increase retention, and greatly reduce the likelihood of expensive hiring mistakes.

 


 

ROIKOI's software automates this smarter sourcing system. 

See How It Works

 

Topics: Recruiting, Sourcing, Hiring

Andy Wolfe

Written by Andy Wolfe

I'm co-founder and CEO of ROIKOI, a smarter sourcing platform where you get your own database of candidates pre-filtered for talent and fit.