106 Days to Hire!?
Since we started Top Tier Recruitment in January of 2106, we have been lucky to work with some great clients and candidates. We decided to look at some of the data we have to understand the blockages from when a role is released to when the successful candidate actually starts.
Why and How?
Data is something we look to use to provide insights for our clients but also to understand our own business and the wider market.
For this, we looked at all of our successful placements since we started. The data set crossed levels from c. 2/3 years’ experience to Director level and covered both finance and technology roles within our financial services data base. Our clients would range from boutique firms to multinationals.
We get a lot of questions around how long it takes to get a new role, particularly from people returning or relocating to Ireland. Also, clients want to understand timelines when starting a process.
Internally, our aim is to have an initial shortlist of three suitable candidates within three days for the majority of roles which we are delighted to be relatively close to. From there, as you can see in the illustration, it takes, on average, 106 days from receipt of a CV to the successful candidate starting.
There are some things that can not be controlled in the hiring process. One of these is the notice period of the successful candidate which is rarely negotiable. While the majority of people are still on a one month notice, two and three month notice periods are very common – particularly at more senior levels.
In addition to notice periods, previously booked annual leave, taking a short break between roles and other factors do come into play – slightly more ‘controllable’ but still feeds into delays.
Outside of the uncontrollable side, by far the biggest delay in hiring is from receiving CVs to contracts being signed. In our data, 54.8 days. There can be an infinite number of reasons for this from the logistics of getting people in the same room at the same time to hesitation to make decisions but the bottom line is that these delays can have a detrimental impact on recruitment.
Delays lead to candidates pulling out or being taken by competitors. The reality is that once someone enters a hiring process, whether previously active or not, once in a process, their head is turned and start to see what else is out there.
Delays can also lead to reputational impact and offers being turned down. Whether we like it or not, it is a candidate’s market and having a good, efficient experience during the interview process goes a long way toward shaping their opinion of a potential employer.
What Can You Do?
We would always encourage clients to streamline interviews and contracts where possible. For interviews:
- Make sure the appropriate people are in the room
- Try to combine a first and second round where possible – for most roles, two rounds should be more than sufficient
- Consider using a brief phone screen
- It is vital to have spent time reviewing CVs before interview – be prepared, understand the gaps in experience and what you need to get comfort on before making a hiring decision
To discuss this or if you need consultative support in hiring within technology or finance, contact us:
Paul Smyth, Managing Director – Finance – firstname.lastname@example.org
Laura Smyth, Managing Director – Technology –
Or call us on +353 1 567 5570