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Unemployment is quite low right now, especially in Denver, CO, where our headquarters are located. Credit unions are feeling the brunt of a job seeker market all across the U.S., as recruiting and hiring takes up a substantial amount of resources. A 2017 survey from DHI Group’s Hiring Indicators found it takes an average of 45 days to fill a position in financial services.
Is there anything that can be done to relieve the stress of hiring and recruiting? Of course, but it takes a little planning, smart use of technology and leveraging the resources you already have. We compiled 12 tips to make the endless recruiting cycle easier - not perfect - but certainly easier.
1. Create a recruitment strategy that starts with understanding project needs and your credit union's goals. Identify the critical roles needed, and create a profile for candidates who will succeed in the open positions.
2. Create a program for employee referrals. In a CareerBuilder study, 82% of employers rated employee referrals above all other sources for generating the best return on investment (ROI).
3. Have a strong, thoughtful, well-branded company LinkedIn page to post job openings and promote your credit union's culture.
4. Be sure to write an honest job description. Even if the position seems boring, it is better to be up-front and open about exactly what is required of the candidate and the day-to-day duties rather than have them quit shortly after being hired.
4. Take technology a step further by allowing top talent to apply for a job via mobile devices. Nine in 10 job seekers search for jobs through their mobile devices, and 78 percent say they'd apply to jobs via mobile devices if the process were that simple.
5. Take the simplified experience of hiring via technology to recruitment managers throughout the interviewing and background-checking process. Use an ATS to create interview, communication and feedback templates.
6. Have hiring managers coordinate interview schedules and receive real-time feedback about candidate progress using the ATS. This speeds up the time to hire, creates efficiencies and centralizes communication.
7. Minimize the time associated with phone screens by administering prerecorded video interviews. Select questions you want answered, distribute them to candidates to complete on their own time and set aside a block of time to review all the videos at once.
8. Remove yourself from scheduling by allowing candidates to schedule and reschedule appointments without interrupting your team. Interview scheduling software provides candidates with available time slots and lets them schedule their preferred time.
9. Mobile recruitment apps capture candidate data/resumes, access real-time candidate information and oversee interviewing scheduling online or offline.
10. Use an interview scorecard. "When it comes to interviewing, many of us have biases that cause us to not even realize how biased we are. An interview scorecard can provide a quantitative basis for comparison between interviewers, enabling you to validate your perceptions with your colleagues and learn where your ratings may be outside of the norm," says Ben Dattner, Harvard Business Review.
11. Speed up the interview process by building talent communities so you have a consistent pipeline of engaged candidates. This cuts down on candidate discovery and upfront vetting. Use videos to showcase your firm's culture and offer credit union updates and skill-specific content that might pique their interest.
12. Set up talent workflows that include online and mobile evaluations to reduce the amount of time required to collect interviewer feedback.
We hope this list helps you create more efficient and less stressful recruiting and hiring processes. Have a tip you'd like to share with your fellow credit unions? Leave a comment below!