The “Hire Slow, Fire Fast” mantra was all the buzz in the talent sourcing and recruitment community last year, but the hiring trends of several influential companies and a recent Wall Street Journal article indicate “Hire Fast” has regained momentum.
Chipotle Mexican Grill hired 4,000 workers in a single day this month and tech leader AppDynamics proudly slashed their engineer time to hire from 30 days to 17 days. Nike, Liberty Mutual and SSM Health are just a few giants that have started using text messaging to recruit and onboard new employees faster.
Here are three reasons your company should hire fast, fast:
Early Bird Gets the Worm
With unemployment down to 5.1% last month it’s a candidates’ market and companies need to adjust their recruiting strategy accordingly. Top candidates want to be wanted and companies that can scale first contact quick and personally through channels like text messaging will recruit top talent.
Slow Hiring Means Slow Growth
More and more CFO’s are telling corporate recruiters to speed up hiring to improve the bottom line. High time to fill rates increase company costs exponentially by forcing current staff to work overtime and damaging client relationships if no one picks up the slack.
Reference Checks Are Dead
The age old practice of calling a candidate’s references is being abandoned because candidates only list references they know will speak positively about their experience. Running a quick google search or using a background check service is often more informative and accelerates the recruitment process.