#21 - A H.A.I.Ry new metric for TA

Hello H.A.I.R afficinados

Firstly, a massive apology for the delay between the last edition and this one. I'm sure you were all feeling withdrawal symptoms at the lack of newsletters coming out from me recently.

In fact, you have Andrea Kirby to thank for giving me the nudge to get a new edition out. Thanks Andrea. Oh, and make sure you subscribe to her fantastic podcast, The A-Z of Talent, which she co-hosts with ZiChuan Lim .

So, without further ado, I'd like to start this edition off with a proposal for a new TA metric...

The Case for Time to Conversation: Pioneering a New Metric in Recruitment

Introduction

Nowadays, recruitment professionals are inundated with myriad metrics intended to streamline and enhance hiring processes. Traditional metrics such as Time to Hire, Cost per Hire, and Quality of Hire have long dominated our assessment frameworks. While these metrics provide valuable insights, they often fall short in addressing the immediate demands of today’s digital recruitment environment, which prioritises speed and direct engagement.

Furthermore, the broader consumer landscape has undergone a significant transformation. Today’s consumers—and by extension, job candidates—demand immediacy, convenience, and agency in their interactions with businesses and brands. This shift has permeated their expectations in the job market, where rapid and transparent communication is not just appreciated but expected. In this context, existing recruitment metrics do not fully capture the urgency of engaging candidates swiftly and effectively.

This gap in measurement has led me to propose a new metric—Time to Conversation (TtC).

This metric focuses on the velocity of engagement after a candidate submits an application, measuring the time it takes for a meaningful interaction to occur between the candidate and a hiring manager. Time to Conversation is designed not only to complement existing metrics but to provide a fresh perspective focused on the immediacy and quality of initial candidate engagement, aspects that are vital in the digital recruitment era.

Why We Need Time to Conversation

Traditional metrics, while still relevant, often overlook the nuances of candidate engagement in a digital-first world. Time to Hire, for example, measures the end-to-end process but doesn't reflect the responsiveness of an organisation to a candidate’s application—an increasingly important factor in a competitive job market. Similarly, metrics like Cost per Hire focus on the financial aspects of recruitment without giving insights into the experience of the candidates, who today interact through increasingly digital and instantaneous mediums.

Time to Conversation addresses these shortcomings by focusing on the speed and effectiveness of the initial communication, which are pivotal in maintaining candidate interest and satisfaction. This metric reflects modern recruitment practices where the first conversation can happen virtually and instantaneously, setting the tone for the entire recruitment journey.

The Significance of Quick Engagement

When it comes to recruitment, timing can be as crucial as the opportunity itself. The significance of quick engagement in the initial stages of the hiring process cannot be understated—it's not just a matter of courtesy, but a strategic imperative in a hyper-competitive talent market.

Immediate Impact on Candidate Interest

A prompt initial conversation following an application serves a dual purpose. Firstly, it keeps the momentum going for candidates who are likely exploring multiple opportunities. When a company responds swiftly, it signals to the candidate that their application is valued and that the organisation is keen on moving forward. This immediate engagement helps maintain the candidate's enthusiasm and interest, which is crucial in a market where prolonged waiting periods can lead to disengagement and a waning interest in the role.

Enhancing Company Perception

Rapid response times also play a pivotal role in shaping the candidate's perception of the company. In a world where first impressions are increasingly digital, how quickly and effectively a company communicates can reflect its broader corporate values. Organisations that demonstrate respect for candidates' time implicitly communicate their overall approach to efficiency, respect, and employee welfare. This can be a determining factor for candidates when choosing between potential employers.

Competitive Advantage

Furthermore, the speed of engagement is a direct competitive advantage. Top talent often receives multiple offers, and their decision-making can hinge on which company seems more dynamic and responsive. An organisation that can engage candidates quickly and effectively not who merely keeps pace but sets the pace, establishing itself as a desirable place to work.

Risk Reduction

Prompt communication reduces the risk of losing top talent to competitors. In sectors where the demand for skilled professionals exceeds the supply, the ability to engage swiftly can mean the difference between securing a top candidate and losing them to a faster-acting competitor. This is especially true for industries experiencing talent shortages, where the speed of the initial conversation can directly influence a company's ability to meet its hiring needs.

Setting the Stage for Successful Recruitment

Lastly, a quick TtC sets a positive precedent for the entire recruitment process. It establishes a foundation of open and efficient communication, paving the way for smoother interactions throughout the subsequent stages of hiring. When candidates experience such efficiency early on, it sets expectations of professional handling and respect throughout their potential tenure with the company.

In summary, the quick engagement following an application is not just a transactional interaction but a crucial strategic element in modern recruitment. By focusing on reducing the Time to Conversation, organisations not only enhance the candidate experience but also position themselves strategically to attract and retain the best talent in a competitive landscape.

Implementing Time to Conversation

Embracing Time to Conversation requires a shift in both tools and mindset:

• Technological Integration: Leveraging AI technologies such as chatbots and voicebots along with modern communication platforms such as Whatsapp and implementing advanced ATS (Applicant Tracking Systems) can automate and expedite the initial contact.
• Process Optimisation: Streamlining communication channels within recruitment teams to ensure swift follow-up actions.
• Performance Benchmarks: Establishing clear, realistic benchmarks for TtC based on industry standards and specific organisational goals. As a new metric, it's important to benchmark your own starting point as part of this.
• Continuous Improvement: Regularly analysing TtC data, alongside candidate feedback, to refine the process and enhance responsiveness.

Call to Action: Lead with Time to Conversation

As an industry, we discuss how to improve experiences and processes continuously and adopting innovative metrics like Time to Conversation is essential. This metric offers a new lens through which we can evaluate our engagement strategies and refine our approaches to meet the expectations of today’s digital-native workforce.

Conclusion

Time to Conversation isn't merely a new metric; it's a necessary evolution in how we measure and understand the efficacy of our recruitment strategies in the digital age. By focusing on the velocity and quality of our initial engagements with candidates, we can significantly enhance their experience and improve our overall recruitment outcomes.

I would like to encourage all recruitment and TA professionals to re-evaluate their current metrics and consider how incorporating Time to Conversation can make a real difference to their recruitment strategies, placing a premium on speed and quality of engagement right from the first interaction.

Thoughts in the comments? Would you implement this metric?

Events

This week, I'm at UNPARSED - a three day conference created for Conversational AI practisioners.

I'll be sharing my learnings right here, in the weeks to come.

Sourcing & Social

I'll be joining some brilliant colleagues on a panel including Matt Comber , Victoria Bond , Jack Evans and Sarah Pawson So, if you happen to be in Leeds on the morning of Wednesday 26th June, then there is still time to get tickets 👉 https://lnkd.in/e75UmFDP

Countdown to the EU AI Act and Implications on Upskilling

We're now expecting the EU AI Act to be published in the EU Journal within the next month. This date has some pretty significant ramifications within the Act.

Here's the part from my EU AI Act Cheat Sheet on this:

Employment is classed as a high risk area in the Act, so the real countdown begins as soon as the Act is published. However, one thing that I haven't yet discussed is that organisations will soon face a LEGAL OBLIGATION to ensure AI literacy among staff, as outlined in Article 4 of the Act. This mandate affects not only EU-based organisations but also those outside the EU who use AI systems within the EU market.

So, if you use AI-based recruitment systems within the EU, you need to get your staff upskilled and you only have SIX MONTHS to do it (happy Christmas!!).

My AI training course, specifically for Recruitment and HR professionals, will not only prepare you to meet these new regulations but also equip your team with the skills to effectively deploy AI in your recruitment and HR operations.

I'm Martyn Redstone - founder of PPLBOTS, Recruitment and HR AI Automation Agency, and founder of Bot Jobs, the leading job board for Conversational AI roles globally.

I'm always here to chat about all things HR, AI, and the future of recruitment. If you have questions, insights to share, or just want to connect, drop me a line. Let's continue this conversation!

Martyn