In two words: hell. no.
If you've every had the feeling that your hiring process is slower than ever, some new research from CEB actually quantifies that your gut was right. Check this out:
"More complex hiring requirements have, in turn, complicated recruiter workloads, recruiting processes, and hiring decisions. As a result, average time to fill is at 63 business days—21 more days than it was five years ago. This slowdown exposes organizations to the risk of losing talent to competitors and costs an average of US$8.5 million per 1,000 vacancies in lost productivity and additional recruiting work."
We've tricked ourselves into believing that taking longer and involving more "stakeholder" or "hiring decision influencer" types is the path to better selection. We believe that by having 4 to 5 rounds of interviews, we can better determine things like cultural fit.
Simply put, it's not true. Consider:
Let's say your Hiring Managers suck at interviewing and selection. Your best path here is NOT to let your 5 round interview process muddy up already chum-infested waters, it's to allow that hiring manager's next level boss contribute to the process and grow this hiring manager over time. It's also time for you as the HR leader to stop the 5-round interview madness.
Cultural Fit? Make sure you're not losing out on diversity of talent (defined broadly) by allowing people to decline candidates who aren't "like us". I love that one. Here's a whitepaper I did on that very topic.
Stop the 5 round interview madness. Do an initial round of interviews and involve as many people as you'd like. Bring back two candidates, have them work through final inbox exercises, etc - AND MAKE A DECISION.
What's that? You need stats? OK nerds, here you go - more from CEB:
To improve time to fill without sacrificing quality, stop focusing on enabling hiring teams, and start streamlining the hiring workflow. The best companies do three key things:
--Realign existing recruiter resources to speed up hiring for current and future requisitions.
--Identify and remove hidden process inefficiencies that slow down hiring.
--Better manage the information and stakeholders that influence hiring decisions. (capitalist note - try my Area Code Hiring process from Kinetix - click for whitepaper)
Streamlining the hiring workflow increases recruiting efficiency more than three times than simply enabling hiring teams, as it cuts time to fill by nearly half. By shaving eight weeks off the average requisition’s time, Recruiting can save an organization over US$16,000 per hire.
Take that back to the salt mine, people. That means for every week you shave off of your time to fill by eliminating additional rounds of interviews, you save $2,000.
Take the offensive and tell them your time to fill problem isn't about HR or Recruiting, it's about the number of interview rounds.