by Montage Talent on September 1, 2016
New research indicates nearly one quarter of candidates (23%) lose interest in a potential employer if they don’t hear back from that company within a week of their initial interview. Wait more than two weeks, and you’ve lost the attention of another 46%. This is a hard truth for TA teams doing their best to cope with talent shortages and high-pressure hiring demands. Still, it is the reality. In a candidate-driven market, hiring processes have to align closely with candidate expectations to keep them engaged.
Tallying Up the Costs of Slow Hiring
The new data is part of the Time to Hire study recently released by Robert Half, and it reveals another cost of slow hiring. Of those surveyed, 32% said a protracted hiring process makes them question the organization’s ability to make other decisions. That’s not the strong, positive impression TA professionals are striving to create! This finding echoes the results of an independent study commissioned by Montage about the impact of several rounds of interviews during hiring.
According to our survey of 200 active job seekers:
It gets even more interesting when we break the data down further:
Candidates have clear expectations about rounds of interviews (two) and the time they will wait for follow up communication from a potential employer (one-two weeks). If your hiring process doesn’t hold up, they will lose interest and move on. They may also communicate their negative feelings about their experience with your company to friends, family and colleagues.
There is some good news, though. While changes to your hiring process can’t happen overnight, with purpose-built video interviewing you can make your process faster and more agile in a short amount of time.
Speed It Up Without Losing Quality of Hire
Purpose-built video interviewing is designed to help TA teams quickly deliver highly qualified candidates to the final interview stage. The streamlined hiring process is more efficient for recruiters, and also helps them meet candidate expectations for a streamlined hiring experience. Montage’s video interviewing solution reduces time spent on scheduling, screening and gathering feedback, which can reduce time to hire. It also makes it easier for all key decision-makers to participate in an interview, so companies can hire with fewer interviews for candidates.
“I joke with my VP that we screen while we sleep…After sending the invites, we come in the next morning and have 30-70 completed interviews to review. We can quickly identify about half of those people to submit to our hiring managers. It speeds up the process, and it’s fun, too.” — Colleen Diercksen, Penn Medicine’s Assistant Director of Talent Acquisition Operations Read the case study.
Allstate streamlined its prescreening process: “Our recruiters all need to do prescreens on every candidate that we bring through to the interview process. Those prescreens can average anywhere from 10 to 15 minutes per candidate. [With Montage’s on-demand video interviewing] we don’t have to schedule and reschedule those prescreens anymore. We’re now able to provide a convenience to the candidates as well as to the recruiter… so we’ve realized a lot of time efficiencies.” — Michelle Schroeder, Technology and Data Manager for Allstate View the video case study.
Pacific Western, the largest privately-owned passenger transportation company in Canada, shortened its hiring process and met aggressive hiring goals: “We’d send out interview requests, and by the time we got back into the system, we already had responses. Sometimes you wait a week just to schedule an interview, but with Montage, we could get completed interviews back within a matter of hours.” — Dan Finley, VP of HR Strategy for Pacific Western Transportation Read the case study.
To learn more about ways video interviewing can help you hold your candidates’ attention, contact us for a live demo today.
As Montage’s VP of Product, Tom Boyle is responsible for product marketing and strategy, enhancing the product vision and driving the road map forward. Tom has consulted with hundreds of enterprise organizations about their unique Talent Management strategies. He is a regular contributor to industry magazines and blogs, including HR Bartender, the Ladders, ERE and Forbes. Reach Tom at email@example.com.