Why Speed Matters: Fast Hiring in High-volume Bulk Recruitment

The corporate world moves fast. Companies, getting new clients and expanding, face a pressing need: hiring hundreds of new employees swiftly to meet the demands.

As firms globally embrace expansion, they're investing heavily in recruitment. $400 billion was spent on HR services in a year, that's the scale of the need. What makes speed so important in this scenario? It's simple that the longer it takes to hire, the more opportunities and talents slip away.

Why high-volume bulk hiring?

This approach isn't just about hiring many candidates; it's a calculated, cost-effective method that optimizes how recruitment is done. Let's break down why high-volume bulk hiring is the go-to strategy for businesses that want to stay ahead of the curve.

Cutting Costs Without Cutting Corners

There are financial benefits to it, slashing the hefty expenses typically associated with recruitment – promotions, management, and the nitty-gritty of hiring.

When time-to-hire reduces it trims both upfront and ongoing recruitment costs​​. It's about being smart with your budget, getting more bang for your buck.

60% of employers are very concerned with the cost of unfilled positions

More Market Exposure

Every time a company launches a large-scale hiring drive, it attracts a lot of job seekers. This visibility does wonders for a brand's image, almost as if the hiring process is a marketing campaign.

The growth in followers might not be that great at first consideration since these are not your "targeted followers". However, social media channels tend to promote your page more according to engagement. So in the end it's a win!

Snagging Top Talent Quickly

The best candidates are off the market within 10 days. Now you know why speed matters. High-end talent needs a streamlined and optimized hiring process.

Quick hiring processes also lead to higher acceptance rates. 60% of candidates have quit a too long application process.

Tech advantage in high-volume recruitment: Software Solutions

Technology is the backbone of high-volume hiring. In 2022, 12.1 million employers in the U.S. spent more than $5 trillion on tech making HR processes efficient.

And it's a justified spend, if it cuts down the time-to-hire. With companies going remote and global and 80% of HR professionals believing HR tech has improved their business, asynchronous video interview software solutions, like Vesume, enable the future of hiring.

High volume hiring process

To structure a high-volume hiring process, it's important you follow a systematic approach:

Understanding the Market and Talent Pool

• Recognize that 70% of the talent pool is passive, necessitating targeted strategies.
• Enhance your Employee Value Proposition (EVP) to attract the right quality of candidates.

Efficient Sourcing and Screening

• Building a Strong Sourcing Team: A dedicated team can enhance market presence and establish vital connections, crucial for accessing a larger candidate pool.
• Utilizing Technology: Automated interviews can streamline the candidate screening and shortlisting during the hiring process.
• Centralizing Candidate Applications: Utilizing a single platform for application tracking, ensures fair candidate selection.

Improving Hiring Speed

A slow hiring process can lead to losing qualified candidates and reputational damage.

• Shorten the hiring process to save up-front and ongoing costs.
• Shorter hiring processes can result in higher candidate acceptance rates.

Balancing Quality and Speed

• Be specific in job descriptions and maintain regular communication with candidates.
• Don’t wait indefinitely for the 'perfect' candidate; some compromises are necessary.
• Enhancing Candidate Experience: Positive candidate experiences contribute to a strong employer brand, necessitating prompt and constructive feedback throughout the hiring process.

Still spending too much time hiring the right candidates?

Here’s how you make it quick with Vesume

1. Create Your Asynchronous (Async) Interviews: Vesume creates a structured, asynchronous interview for your open roles. One-way or Asynchronous interviews allow candidates to record their responses when it's convenient for them.

2. Send Invites to Candidates: Do your candidate outreach by sending invites for the async interviews. Or allow anyone to complete your async by making it public. This step significantly reduces the time spent on scheduling, rescheduling and coordinating interviews.

3. Receive Completed Async Interviews: As candidates submit their recorded interviews, the hiring team can review them at their own pace. This approach ensures no valuable candidate is missed due to scheduling conflicts.

4. Collaborate and Evaluate: Teams can collaboratively review and evaluate candidates’ responses. This fosters a more comprehensive assessment of each candidate.

5. Decision and Hiring: After evaluating the async interviews, the hiring team can make informed decisions. The final step involves offering the job to the selected candidates and initiating the onboarding process.

High-volume hiring needs one-way interviews because it aligns with the current best practices in recruitment, ensuring a faster, more effective hiring process while maintaining the quality of hires.

Key HR KPIs in High Volume Hiring

Key Performance Indicators (KPIs) are important to guide you during your high-volume hiring drives:

Time to Hire

Benchmark: An average of 42 days is typical across industries, but under 30 days is desirable for high-volume recruitment.

Significance: Indicates the efficiency of the hiring process. A lower time-to-hire is generally preferred.

Cost to Hire

Benchmark: The average is approximately $4,129 per hire, as reported by SHRM.

Significance: Reflects the financial efficiency of the recruitment process. Lower costs per hire are indicative of a more efficient recruitment strategy.

Source Channel Cost

Benchmark: Varies by industry; channels yielding a cost per hire less than the overall average are considered efficient.

Significance: Helps in evaluating the cost-effectiveness of different recruitment channels and aids in budget allocation.

Offer Acceptance Rate

Benchmark: An acceptance rate of 90% or higher is generally viewed as positive.

Significance: Measures the attractiveness of job offers and the effectiveness of the recruitment process. A higher rate indicates strong employer branding and a well-tuned hiring process.

Why do high volume hiring drives fail?

1. In a study by the Aberdeen Group they found that top-performing companies are 1.5 times more likely to prioritize reducing time-to-hire for essential roles. Slow processes often culminate in poorly crafted job descriptions, resulting in hiring candidates who do not align with the company's actual needs, leading to wastage of time, effort, and financial resources.

2. Efficient Use of Resources Efficiency in resources is a vital aspect of bulk hiring. The absence of advanced recruitment technology can lead to significant delays and errors in processing thousands of profiles. This inefficiency can negatively impact the candidate experience, thus affecting the employer's brand.

3. Handling Bulk Application Volumes Dealing with a large number of applications requires a streamlined process. LinkedIn's insights suggest that a well-structured recruitment process can reduce the time spent per hire by up to 32%.

4. Maintaining Hire Quality In high-volume hiring, maintaining the quality of hires is a significant challenge. A survey by Glassdoor indicates that slower hiring processes often result in a 27% increase in the recruitment of unsuitable candidates. This decline in hire quality can lead to increased attrition rates.

5. Enhancing Candidate Experience Lengthy recruitment processes can lead to ineffective communication and decreased candidate engagement. The Society for Human Resource Management (SHRM) found that negative candidate experiences could lead to a 9% drop in engagement. This is crucial for employer branding.

The speed of hiring in high-volume recruitment is important but so is maintaining efficiency, quality, and a positive candidate experience.

Thriving through high-volume hiring

It all comes down to doing it right. High volume hiring has a process to it. It is challenging but not an impossible task.

Leveraging technology that supports and a responsible team will ensure that your high-volume recruitment strategy serves you well in the ever-changing recruitment environment.

Suddenly high-volume hiring isn’t looking too bad!