In order to answer the question "How to reduce HR hiring cycle time?" we need to first understand the problem. Most hiring managers assume that there is an abundance of candidates available in the market. They think that people that would be happy to join their organization and ready-to-go with an arsenal of skills to do the job properly.
When they begin to work with their HR partner or with their assigned recruiter, they really don't believe them when they are told, "You really have no idea how few qualified candidates there are out there." As the baby-boomers begin to retire in droves, it will become more and more challenging to fill open positions within our organizations. According to Jim Sirbasku, CEO of Profiles International, The workforce crisis is being driven into a "perfect storm" of catastrophic proportions by...
Soon, the worldwide demand for labor will outstrip supply by 35 million jobs essentially draining $3.5 trillion in annual output from the global economy -- an impact sure to be felt worldwide. According to a report from the US Mayor's forum, 45 major metro markets have seen a decrease in their labor force since the year 2000. The Mayor's forum also cited that the US labor force growth has been lead by the fast growing Sun Belt and Mountain metros with some of them experiencing employment growth at a 7.7% annual rate. Rapid employment growth continues for cities like Las Vegas, Phoenix, Orlando, and Raleigh.
As people continue to migrate from colder climates to warmer areas, the loss of human capital will continue to impact large urban areas like Chicago and Boston where job growth is steady and unemployment continues to be very low. According to the US Bureau of Labor Statistics, in June 2007, 98 metropolitan areas recorded unemployment rates below 4.0 percent, up from 83 areas a year earlier.
So, now that the problem has been identified, how do we get back to the question "How to reduce HR hiring cycle time?" There are three key areas that any organization needs to think about when it comes to reducing hiring cycle time:
There is a perfect labor storm brewing-fewer people and more jobs. It doesn't take a rocket scientist to understand that finding good people and at the same time figuring out how to reduce HR hiring cycle time is a difficult challenge. By increasing organizational flexibility, understanding what makes your top performers tick, and growing your organization from within, you can begin to make an impact.
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