Successful businesses are always looking for ways to improve their recruiting process, and timing is everything when it comes to hiring. Hiring managers understand that having the right people in the right roles at the right time can make or break a company’s success.
Knowing when candidates are most active in applying for jobs is extremely useful when attempting to hire top talent for an open position. In our experience, the number of people looking for new jobs increases at the beginning of the year, in January and February.
In this article, we’ll go over why the beginning of the year is the right time to start recruiting, as well as job search tips to help job seekers find the next opportunity.
- Right Time To Recruit And Hire Talent
- The Early-Year Recruiting Benefits Unveiled
- Time-To-Hire Vs. Time-To-Fill
- What is Special about This Year?
- Key Takeaways for Businesses
- Key Takeaways for Job Seekers
Right Time To Recruit And Hire Talent
Because new budgets are being established and new hiring managers are beginning, the first quarter of the new year – January, February, and March- is typically a busy time for recruitment. Employees take fewer vacation days during this time of year, which helps to speed up the hiring process in quarter one.
On the other hand, the last thing on recruiters’ minds is recruiting in November and December. Firstly, many businesses have already completed their hiring for the year and have a smaller budget for new hires. Secondly, the hiring process takes longer during this time due to the reduced availability of both hiring managers and candidates.
The Early-Year Recruiting Benefits Unveiled
The beginning of the year is a prime time for companies to start their recruitment efforts. This is because:
Fresh Start:
The start of the new year provides a clean slate for both the company and job seekers. Companies can take a step back and assess their current talent and identify any gaps in their workforce that need to be filled. On the other hand, job seekers may be more open to new opportunities and looking for a change in their careers. This combination of a fresh start and increased motivation to make a change can make the start of the year an ideal time for recruiting.
Increased Job Market Activity:
January and February are often the busiest months in the job market, as many job seekers take advantage of the new year to actively search for new opportunities since there are more job openings. For instance, there are over 11 million job openings as of December 2022 in the USA and the number of job vacancies in the UK has almost doubled compared to the range last year. This increase in job market activity means that companies have access to a larger pool of potential candidates.
Budget Planning:
Companies often finalize their budgets for the year in the early months, making it easier to allocate resources for recruiting and hiring efforts. This includes budgeting for recruitment and advertising, as well as any other expenses related to the hiring process. By starting the recruitment process early in the year, companies can take advantage of their budget and resources to secure top talent.
Competitive Edge:
By starting their recruitment efforts early in the year, companies can get a head start on their competitors and secure top talent before the job market becomes too competitive. This can help companies avoid losing potential candidates to other companies who may be seeking the same type of talent.
Improved Hiring Process:
Starting the recruitment process early in the year allows companies to take a more thorough and thoughtful approach to the hiring process. They have more time to screen and interview potential candidates and to make a well-informed decision on who to hire. This can lead to a better outcome, as companies are able to choose the candidate who is the best fit for both the position and the company culture.
Time-To-Hire Vs. Time-To-Fill
When planning your next hire, it’s critical to understand the distinction between Time-To-Hire (TTH) and Time-To-Fill (TTF).
- TTH refers to how long it takes your organization to complete all stages of recruiting from start to finish. This includes sourcing by means of selection. TTH is a metric that predicts how quickly you’ll be able to identify the best candidate once you’ve established a pool of qualified candidates. To shorten this time and fasten the process, you can consider working with recruitment companies.
- TTF, on the other hand, only counts active recruitment time, not time spent sourcing or onboarding. Once you’ve determined the need for a new employee, TTF will tell you how many days it will take to fill the position.
In general, the time it takes to fill a position is longer than the time it takes to hire someone because it includes obtaining approval to hire a new employee, posting, and advertising your new open job opportunity, and waiting for the first candidate to apply.
What is Special about This Year?
There are economic factors to consider, particularly this year. Amazon lately announced that it would cut more than 18,000 jobs, and Salesforce announced that it would lay off at least 10% of its employees.
The recent layoffs at big companies have led to a surplus of highly skilled and talented individuals entering the job market. This presents an opportunity for other companies to recruit top talent, who may not have been available previously. With a larger pool of job seekers, companies have a wider selection of candidates to choose from, increasing the chances of finding the right fit for their organization. However, the job market remains competitive, and job seekers need to be proactive and strategic in their job search in order to stand out among their peers.
Being laid off can be a traumatic and stressful experience for an employee. They may also have difficulty finding new employment, particularly in a competitive job market. However, according to some surveys, the majority of laid-off tech workers find new jobs within three months of starting their search, and many much sooner.
Especially, experienced tech workers with in-demand skills, such as DevOps, customer experience, automation, product and platform management, data management, and cybersecurity, are in high demand. Apart from having a negative impact, layoffs increase the talent pool and improve company competitiveness.
Key Takeaways for Businesses
Recruiting and hiring is a time-consuming process that should not be rushed.
When it comes to recruiting and hiring, there is no “one size fits all” solution. In order to secure the best fit for a given role within an organization, employers must understand their workforce requirements as well as the timing of candidate availability.
You may maximize your chances of finding top talent by partnering with a recruitment agency in the competitive market.
The majority of job applications are received during the months of January and February, hiring managers will need to be even more diligent in their efforts during these same months. Recruiters, after all, want to connect with candidates before they’re snatched up by a competitor.
Remember to conduct your own research to determine when the hiring season is appropriate for you. Once you’ve done that, make sure your company is prepared to meet demand by putting processes and systems in place to scale as needed during these months.
Key Takeaways for Job Seekers
Here are the steps a job seeker should follow in a marketplace affected by layoffs:
Don’t put off updating your resume until the last minute; it’s one of the most important aspects of any job search. Maintain an updated resume template so that you can easily customize your resume for each job.
By updating your LinkedIn profile, you increase your visibility to recruiters and potential employers who may be searching for someone with your skills and experience.
Education is an ongoing story. To advance in our careers, we must constantly improve our skills and learn about new areas. Take a certification course to increase your marketability.
Sometimes the most difficult aspect of job searching is simply getting started. You may go blank while editing your resume, and our schedules frequently get in the way of preparation and career advancement.
Recruitment companies work with a large number of employers and have access to a wide range of job openings, many of which may not be advertised publicly. This can give you access to more opportunities and a better chance of finding a job that is a good fit.