Home > Uncategorized > Set a New Record for Your Time to Hire

Set a New Record for Your Time to Hire

The old saying of “Time is Money” stands true in today’s modern business. The longer an opening stays vacant, the less productive the business becomes, resulting in a substantial loss of profit. In fact, according to Laruen Weber of the Wall Street Journal, it now takes 25 working days (or well over a month total) to fill an opening. This is a 13-year high, and larger businesses with 5,000 or more workers, the hire time skyrockets north to 58.1 working days. When over two full months pass between one employee leaving and bringing the right employee into the fold, the company is going to lose a substantial amount off of its bottom line. Due to this, if you are running your own company and want to avoid these kinds of substantial time openings, you need to take advantage of an applicant tracking system (ATS). This software is designed to improve your hiring procedure and drastically cut the amount of time you have to wait for a new employee to walk through the door.

An applicant tracking system is designed to maintain and monitor all of your recruiting and hiring needs. With the software, it is going to monitor the openings you have and cross reference it with applications you receive. Having an individual look over all of the different applications is going to take time, removing them from their current job and reducing their productivity on top of the loss of productivity your business is experiencing due to the current opening in your company. Instead, the software is able to to look over the software and tag people who might fit the opening. Essentially, an ATS finds keywords that match what you are looking for and sets their resumes aside for you to look at. So, instead of fishing through a few dozen (or hundred) applications, you just need to look through a few.

Outside of simply monitoring incoming resumes, applicant tracking software also holds onto previous resumes you received. This way, it is able to bring up old resumes that fit brand new openings in your business. So, you might already have received a resume a few months prior for someone who fits a position that just became available.

The software notifies you of this potential opening, allowing you to call the person and extend an interview. While the former applicant might already have a new job, there is the potential of them still looking for a new job, or perhaps they might be willing to leave their job for yours. Regardless, the applicant tracking software is designed to reduce the amount of time it takes to fill a vacant position in your business, which will improve your business efficiency drastically.

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