The most precious resource in business today is talent, and, unfortunately, there’s a real lack of it. In the United States, we not only have the lowest unemployment rate in the last 49 years, we also have the most job openings on record.
It’s simple: there just aren’t enough job seekers. And it’s only getting worse.
With student loan debt increasing, we are seeing an ever-shrinking replenishment of the future talent pool. College enrollment in the US has dropped every year for the last six years, and some firms predict a 15% further drop off by 2025.
If this trend continues, there will be less and less available skilled talent for hire, especially for tech. This means that companies with an intent to grow need to do it now before the talent landscape is too competitive.
Here’s what we know: The companies that hire the fastest, get the best talent. Candidate experience is also an important factor but, at the end of the day, it’s really about speed.
A 2017 survey by Workconnect (SAP) showed that 10 days is the time-to-offer that the best companies average in today’s market. This is lightning quick compared to the industry average of 4 to 5 weeks.
The talent pool is constantly shrinking, and VC investment in new firms reached a historical all-time high in the first quarter of 2019. Because of this, the demand for new talent is becoming a cutthroat arena where companies will mercilessly stop at nothing to hire the best people…..ok maybe that’s slightly dramatic, but you get the point.
Here’s the takeaway: speed-to-hire is everything.
This is done not only by giving candidates a smooth and intuitive way to schedule their interview but also freeing up time for recruiting coordinators to focus on true value-add activities.
There are really only two outcomes for growing companies today: bring their recruiting department out of the stone-age by automating their interview logistics or stick with an outdated analog practice of manual interview scheduling that leaves them trailing behind the competition. This coming famine of a life-sustaining resource carries with it the same criterion for survival as any other in history: innovate and evolve your process to adapt to the changing environment, or slowly drift into extinction.
What will your company do?
About the Author:
Jake is a Mid-Market AE at GoodTime. In his spare time, he runs and manages his family’s trailer park.