When looking at hiring ratios and statistics, the human resource department tends to be the focus. And while HR professionals are certainly a significant piece of the conversation, not enough energy or focus is on the actual hiring manager – the person within the company who has the most at stake and will be the most vested in the new employee.
Like it or not, if you’re a hiring manager – regardless of if you’re in IT, Operations or another department – you should know your ratios of success and be able to easily identify where you’re spending too much or too little time.
As Paragon President, Craig Jackman, shared in his article
Mastering Strategic Partnerships, companies taking an active and measured approach to finding talent experience greater rates of success.
The measure of success in hiring is the interview-to-hire ratio. The industry average is 4 to 1 - so for every four candidates interviewed, one is being hired. With a more focused approach, you can spend less of your time on the hiring process and more of your time moving business forward. This is true whether you’re working with an internal recruitment team or an external partner.
Ask yourself these three questions:
- Am I spending too much time sifting through resumes and sitting in interviews without success?
- Is the hiring process too slow and am I losing quality candidates to competitors who are hiring more quickly?
- Is there a disconnect between what I need in a candidate and the type of resumes/candidates I’m seeing?
- What kind of talent am I getting and am I settling?
Clients who are laser-focused on the process and who are working closely with their staffing partner can improve their ratios. At Paragon, we’ve helped clients achieve a 2.5 to 1 ratio – meaning for every two and a half candidates being interviewed one is being hired.
That’s a 37.5% improvement in time, energy and money, compared to industry standards.
As you ramp up staffing to prepare to meet 2021 objectives, consider if a fresh approach to hiring can help you.
Schedule a no-obligation review and let us help you identify where you can save time, money and energy.