Speed is the new normal. We work in a world that churns data at the rate of 4.4 zettabytes a year (predicted to be 44 zettabytes a year by 2020). We communicate with each other in minutes; waiting more than 12 hours is now a faux-pas in answering business emails. Nearly a third of us respond to emails at work within 15 minutes. Texts, in seconds. Talent is no different: a singer performs the first few bars of a pop song (average length in 2008: 2.36 – 45 minutes), and a judge on The Voice slams down on that red button: I want you. That’s how we need to respond to top talent in HR: fast and decisively.
In terms of hiring, speed is key to landing the best. We may not be able to make a decision in a chair turn, but we can certainly out red-button the competition. It starts with recruiting: teams need to function fast, stay hungry, keep it urgent. But it’s up to recruiting leaders to make sure they have the tools they need to do so.
Here are four key reasons to spur your hiring process on:
Don’t waste money. Time is money, said Benjamin Franklin, 18th-century arbiter of rightness and innovation. A recent survey of 88 leaders at $50 million + companies found that nearly half of CEOs (48%) feel their companies have lost money due to inefficient recruiting. Productivity in recruiting is a science in itself, but like any field, low productivity uses the same resources for less results. The challenge for an organization’s internal HR programs is often getting the C-suite, financial folks, and other departments to get on board. Everyone understands ROI.