The recruitment process has experienced a shift in power from employer to employee, gone are the days where the hiring manager inevitably secures the candidate they want from a pool of applications. This is a result of it now being a candidate driven market.
There are approximately 2 unemployed people for every job opening - this results in employers that take too long in the hiring process losing out on candidates by a company who has moved quicker than them, usually a direct competitor. According to LinkedIn, around 25% of candidates are actively looking, 15% who are 'tiptoers' - not actively looking but preparing to move, and then 60% who are passive - currently working and not seeking a new job opportunity unless one is presented to them, usually via resourcers.
On a personal level - once we come across a CV that stands out above the rest; we're quick on our feet to get the candidate on our books there and then, and from there on it's a waiting game to see which hiring manager reacts quickest to secure the candidate. In the UK Engineering market, it takes approximately 58 days to fill a position whereas the best candidates are usually gone within 7 days. This is largely down to the lengthy, and usually unnecessary hiring process. These are a few steps to get the best candidates before your competitors:
Streamline your recruitment policy - document the entire process, determine how long you take on each step and eliminate the excessive steps. For example, reduce the amount of approvals required (or switch to a one day interview process), outsource the hiring process directly or put your trust in a niche consultancy with the knowledge and expertise to help and advise you.
Switch it up - look to hire in the quieter seasons like Summer, why not recruit at a time your competitors aren't looking? There may be an excellent candidate just waiting to be swooped up, with nobody but you looking.
Know exactly what you want - do you want the best candidate for the job or to sieve through CV's until you find one that is just acceptable? Sitting through hours of CV reading from multiple sources can be exhausting and time consuming, once again outsourcing to a niche agency can do the job and get the candidate you need in front of you. You want the best candidate, not the cheapest. A report carried out by Oxford Economics states it costs £30,614 to replace an employee, so make sure you get the best one the first time.
Following these steps, being efficient and pro-active in your hiring process will make sure you have the competitive edge over your competitors in terms of talent acquisition.