As a Hiring Manager or recruiting professional, the ability to source and secure talent effectively is critical for organizational success. This can be challenging under the best of circumstances, particularly when the interview process has not been examined and optimized.
At TekRek, we have identified three core factors to consider when optimizing the hiring process: Time, Compensation, and Role Requirements. If these factors are misaligned then the recruitment process is going to be challenging. Here’s what to consider:
TIME
Before starting, it is important to outline the interview steps and create an expected talent funnel for each stage. Once this has been set up, work backward to identify how many candidates need to pass through the top end of the funnel. The market average for technical roles is 10-12 candidates at the top of the talent funnel, which should lead to the role ultimately being filled.
Next, look at how many rounds of interviews will be needed for each step of the process. Ask yourself how many interviewees will be rejected after each round. Identify who in your organization will be doing the interviews at each step, and determine how many interview time slots can be allocated to them in one week.
Once you have mapped out the interview process and identified the time it would take at each stage of the funnel, you can use these data points to see if you are on the right track for hiring. If you are moving away from your hiring timeline, consider whether it would help to change the Requirements or Budget of your hiring process. In order to find the right candidate it can help to be flexible in one’s hiring requirements or process timeframe.
COMPENSATION
It is important to compare internal salaries versus external market expectations. If these are out of line, your team compensation may become a roadblock for attracting and retaining future hires. Also, ask if your organization has established the right bands for your requirements and expectations.
If you determine that compensation is an issue for populating the top end of your talent funnel, a good idea is to look for talent from alternative markets. For an Ontario-based firm, this might include fast-growing areas like the Maritimes, Quebec, Prairies, or South America.
Lastly, sharing a clear compensation range with candidates early, within a margin of $10K, will save everyone time and manage expectations down the line. The majority of candidates consider a lack of transparency on this point their biggest pain point when interviewing with new firms.
ROLE REQUIREMENTS
First, clearly lay out the Technical Requirements required for the role. These should ideally include at least 1-3 “must have” skills, which might include a specific programming language, or past experience solving a certain type of problem. Beyond that, you can list 3-4 more flexible “nice to have” technical skills. For these, bear in mind that learning a new programming language (for a highly skilled developer) is not overly difficult.
When listing Soft Skill Requirements you should again include 1-3 “must-have” and 2-4 “nice to have” skills. This is also a good time to question the applicant and determine whether this individual aligns with your firm’s values, culture, and communication practices. Do not overlook this, as a bad hire is often worse than not hiring anyone at all.
Finally, consider asking new applicants what track record they have on delivering the type of task you are hiring them for, and how they did that. This can help determine whether they might raise the average level of effectiveness of the group they are entering.
At TekRek, we understand that the most important part of strategic talent management is careful planning. Contact us to discover how our bespoke recruiting process can help to transform your firm’s hiring.