We, like many others, are not immune to this trend. Comparable to the start of 2020, between August to October we have received an average of 270% more new candidates on top of those who are pre-exisiting.
It is wise to assume because there are more candidates applying to each role, that the length of time taken to hire increases, but is this really the case?
Whilst potentially applicable for businesses who opt to in-house recruitment, due to a lack of resources to cope with demand and changing interview dynamics, using a recruitment agency during this period can be a more time efficient option.
Is recruitment really taking longer?
In October our candidates were shortlisted and sent to prospective employers approximately 25% sooner, with the average period of days taken to move to first interview stage faster comparable to January.
This provides business leaders with extra time to review and filter which applicants they want to interview. A necessary advantage in todays market, as key decision makers are generally taking longer to progress to interview stages as complex business changes and decisions take priority over recruitment.
However, because businesses are hiring only when necessary, once at interview stage the average time taken to make an offer has reduced significantly from 5.5 to just 1.5 days. With candidates more likely to accept offers due to a lack of movement in the market, roles at this stage are more likely to be accepted than previously.
What does this mean for recruitment?
Whilst our consultants are handling an increased volume of applications, controversially it is not taking them as long to review as may be expected. Once interviews are arranged the process has been sped up due to businesses hiring out of need rather than speculation, resulting in faster times to hire.
Though variable based on the roles level and whether it requires a niche skillset, the average time to hire in many cases has been cut by nearly 50%. This benefits organisations looking to recruit due to skills shortages or overburdened teams and is likely a faster process than using internal resources who may become easily overwhelmed by application quantities.
If you are looking to hire into your team quickly, feel free to reach out to one of our consultants today.