What is Hiring Velocity?
Hiring velocity is the speed of hiring for a specific job role in an organization. It measures the amount of time it takes to fill a position after posting the job description.
Hiring velocity also determines the average time it takes for a candidate to go from one hiring step to another. It is used to measure the efficiency and effectiveness of an organization’s hiring process.
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Is Speed of Hiring an Advantage?
A high hiring velocity means an organization can quickly source and secure qualified talent, resulting in faster growth and a competitive edge in the industry.
Some of the major benefits of a high hiring velocity are:
1. Saves Cost
Fast hiring saves two types of costs for organizations.
The first type of costs are the upfront costs that are incurred during hiring. The fast hiring process reduces the amount of time recruiting and hiring managers have to spend during the hiring process and to interview the candidate. With swift recruiting, they can focus more on other critical tasks.
The second type of costs are the ongoing costs. A vacant position means other employees might have to look after the responsibilities, or you need to hire a freelancer. Both would cost you more than hiring the right person for the role. A high hiring velocity allows you to fill the position immediately and saves ongoing costs associated with that role.
2. Collaborative Hiring
For a high hiring velocity or to increase the speed of hiring, businesses must implement agile recruiting methodologies. Agile recruiting means recruitment tasks would be divided into small sprints, and a specific stakeholder, such as a recruiting manager or an HR professional, would be responsible for it.
3. Access to High-Quality Talent Pool
The most qualified and experienced talent only stays available for a short time in the market. Multiple rounds of interviews or lengthy procedures may result in the loss of exceptional talent as they already get hired by another company.
Reducing the recruitment process’s overall duration can help retain such talent. With a high hiring velocity, you can ensure that the candidate you need is available to make a decision.
4. More Effective Interview Process
Agile methodologies and AI-based platforms are utilized for the interview process. This allows for scheduling video interviews, conducting panel interviews, and candidate assessment by using artificial intelligence. The decision can be made in a single round of interview, which usually requires multiple rounds of interviews with various people.
How to Measure Hiring Velocity?
It is essential to track important metrics and assess the data to measure hiring velocity. Some of the essential methods to measure hiring velocity are:
- Time-to-Fill measures the amount of time it takes from posting about the vacant role to offering the job to a candidate.
- Time-to-Interview is the duration between receiving the application and conducting the first interview with that candidate.
- Time-to-Hire is the total time it takes to recruit a candidate. This includes the entire recruitment process, starting from sourcing to selecting the applicant.