Did you know that the average cost per hire in the United States is almost $5000 for a standard role and shoots up to $28,000 for executive-level positions? Now imagine how much this sum snowballs into when companies go for mass hiring drives or try filling up multiple vacancies at the same time. With a surging candidate drop-off rate across industries, hiring managers put their sole focus on closing candidates quickly to maintain a competitive edge over industry giants.
Looking at it from the point of view of recruitment agencies, hiring managers, and HR firms, the ability to efficiently close candidates marks the overall success of the recruitment process, reduces the time to hire, and builds on the reliability of the company’s talent acquisition outcomes. So, let us understand what it means to close candidates and look into actionable tips to speed up this process.
What is Closing Candidates for Recruiters?
Closing candidates is the final step in the recruitment process where the recruiter or hiring manager has sealed the job offer with the finalised candidate’s approval. It is the moment when all negotiations are complete, terms are agreed upon, and the candidate officially consents to join the company.
However, it is not as simple as it sounds. Closing the deal is not just confirming an offer, but also ensuring that the finalized candidate is fully committed to this role, i.e., has given their consent in no unclear words to accept the position.
Not only this but the candidate should also be clearly explained to and communicated about the career growth opportunities within the company and the industry. Last but not least, before their position is finalized, the candidate should ideally have attended sessions that help them align with the company’s core vision and work culture.
Tips to Close Candidates Faster
Build strong rapport
One of the most effective ways to close candidates faster is to build a strong connection with the applicants right from the start. Are you actively engaging with candidates and understanding their career goals? If you are answering negatively to that question, yes, the number of candidates you need to build a connection with might seem daunting at first.
However, filter them and spot the ones who have a higher chance of getting through the screening rounds. As you take the time to get to know these candidates one-on-one, you can tailor your offer to align with their career growth aspirations. This personalized approach not only builds trust but also increases the likelihood that the candidate will accept your offer quickly.
Establish consistent communication
Clear and consistent communication is key to speeding up the closing process. Most hiring managers do not see the efficacy of keeping candidates informed at every stage of the recruitment process. However, this can prove to be detrimental to your recruiting strategy.
Regular updates reduce uncertainty and keep candidates engaged. When it comes time to make the offer, they’ll already feel confident in their decision, making it easier to close the deal. Take action and implement automated communication tools to ensure timely updates, which can drastically reduce delays in the recruitment process.
Address concerns proactively
Candidates are often concerned about aspects or perks from the position like salary, work-life balance, or further opportunities. Work on addressing these concerns before they become roadblocks in the recruiting process, leading to the candidates losing interest as a whole.
We all have come across the proverbial, “Do you have any questions?” from the hiring manager during interviews, only to be mostly met with a “No”. Instead, try being a little more engaging and genuine in your approach. During interviews, ask candidates what factors are most important to them in their decision-making process when they look to confirm the role.
Highlight career growth opportunities
For many candidates, especially top talent, career growth is a significant factor in their decision to accept a job offer. Make it a point to clearly communicate the career advancement opportunities within your organization and the industry as a whole. Provide examples of career paths, potential promotions, and professional development programs that align with the candidate’s long-term goals.
When candidates see a clear trajectory for growth, they’re more likely to accept your offer promptly. If it helps, hold one-on-one sessions with the candidate where they can interact with the top talent in your company who have similar aspirations to themselves. Looking at a picture of a future self is to ideally motivate your finalised candidate into accepting the offer.
Create a sense of urgency
Now this is where the procedure gets a little trickier. Creating a sense of urgency without pressuring the candidate is a delicate balance but can be very effective. While you communicate with the candidate about the job offer, make it clear, right from the start, that the opportunity is time-sensitive while also respecting the candidate’s need to make an informed decision.
Set clear timelines for the decision-making process and communicate them upfront to the candidates. This approach encourages applicants to make decisions quickly without feeling rushed, helping you close candidates faster.
Impact of Closing Candidates on Time to Hire
Closing candidates quickly has a direct and positive impact on time to hire which is a critical metric to gauge the overall effectuality and fruitfulness of the recruitment process. The faster you close candidates, the shorter your time to hire. This is why, 40% of companies who are trying to keep themselves afloat in the hiring game and secure top talent for their positions are actively working towards expediting their recruitment process.
Now this benefits both the organization and the candidates. A reduced time to hire not only helps fill positions more rapidly but also prevents losing top talent to competitors. In fact, research shows that top candidates are often off the market within 10 days, and so, you must technically always be closing.
Moreover, a shorter time to hire improves the candidate experience. Candidates appreciate efficacy in the recruitment process, which reflects well on the employer brand. Consequently, when candidates see that your organization values their time and is decisive, it strengthens their perception of your company as an efficient and desirable place to work.
Benefits of Closing Candidates Quicker
Closing candidates quicker offers several significant benefits to the recruitment process:
Improved quality of hires
By closing candidates faster, you secure top talent before they receive competing offers. Candidates who accept offers promptly are often more enthusiastic and committed, leading to higher-quality hires and better long-term retention rates.
Stronger employer brand image
A swift and efficient closing process positively impacts your employer brand, which, as 72% of recruiting pros agree, greatly manipulates the hiring process. Ask yourself– “How does your recruitment process reflect your company’s values?”
When candidates have a positive experience, they’re more likely to recommend your company to others, improving your reputation in the job market. Besides, companies with a strong employer brand can bring down the cost per hire by 43%, saving on both time and financial resources.
Increased recruitment efficiency
Faster closings free up resources and allow recruiting teams to move on to other open roles more quickly. With reduced time spent on each candidate, you can handle a higher volume of positions, making your recruitment process more efficient and cost-effective.
Stronger candidate engagement
Candidates who are engaged and informed throughout the process are more likely to accept offers quickly. In fact, 52% of candidates confirmed that they would maintain a relationship with the company that gives them proper feedback irrespective of the interview result.
Hence, by maintaining regular communication and addressing concerns promptly, you keep candidates motivated and invested in the opportunity, leading to faster closings.
Reduced risk of losing candidates
The longer the recruitment process drags on, the higher the risk of losing candidates to other opportunities. Streamline your process and create a sense of urgency to minimize this risk and secure top talent before competitors have a chance.
Conclusion
Closing candidates faster is not just about speeding up the recruitment process—it’s about enhancing the overall effectiveness of your talent acquisition strategy. The benefits are clear– with better quality hires, a stronger employer brand, and increased recruitment efficiency, a fast closing rate also negates the risk of losing top talent.
However, the closing rate for candidates will always not remain constant and consequently, the metric for success is also subject to change. Factors like inflation, the current economic stature of the industry, and the employment rate all influence the closing rate at the time of hire. Nonetheless, if you can maintain a stable rate and expedite your hiring process, these strategies are essential for staying competitive on the hunt for top talent.
