Key Takeaways Hiring is challenging. According to the Society for Human Resource Management (SHRM), the average cost per hire in 2023 is $4,700, and it takes an average of 42 days to fill a position. Large companies benefit from strong brand recognition, attracting more candidates at a lower cost. However, they often spend significant time filtering through a high volume of applicants to find the right fit. On the other hand, small and medium-sized businesses (SMBs) face a different challenge: limited brand awareness, which restricts their candidate pool and makes hiring both time-consuming and expensive. If you’re an SMB owner, we’re here to help. Discover the recruitment funnel, a simple 5-step framework to boost your hiring efficiency and find the right talent faster. What is a Recruitment Funnel? Recruitment Funnel is a structured 5-step process that streamlines hiring by attracting candidates, screening them, conducting interviews, and finalizing hires efficiently. 5 Steps to Build a Recruitment Funnel Attract Traffic: Post a compelling job description and drive candidate traffic through hiring platforms. Application Stage: Capture job applications from potential candidates. Shortlisting: Screen resumes and schedule interviews with qualified candidates. Interview Process: Conduct interviews, either online or onsite, to evaluate the candidates. Hiring and Onboarding: Extend job offers and initiate the onboarding process for the selected candidate. [object Object] While a well-structured recruitment funnel can improve the hiring process, the odds of finding the right candidate remains low due to significant drop-offs at each stage. Here's how the numbers break down: Click-through rate on hiring platforms: 6% Response rates for scheduling interviews(email): 8% Resume Screen rate: 20% Interview attendance rate: 30% Offer acceptance rate: 70% This results in less than a 0.02% chance of identifying the ideal candidate for your position—meaning you may need to make over 10,000 candidates see the job to find a suitable hire. We understand this process is challenging. To make it more effective and efficient, here are a few actionable tips: Craft a clear and concise job description: Include key details such as the role, location, and expected salary. Highlight your business: Share insights about your team, work environment, and company culture to attract high-quality candidates. Respond quickly: Prompt responses improve engagement (link: the impact of reply time on candidate response rates). Simplify the application process: Avoid asking candidates to fill lengthy forms or complete tests on your website. Use direct communication for scheduling: Call or text candidates to book interviews instead of relying on email. Send reminders: Notify candidates before and on the day of the interview to ensure attendance.