There are businesses that find a more involved hiring process brings greater value to the organization. It allows the company more time to collect resumes and do a careful comparison to ensure they are identifying the right candidates and top talent.
But a prolonged hiring process means more lost time and productivity. While other companies are aggressively headhunting, a lack of urgency could be causing you to lose the best applicants. The most desirable candidates are usually off the market in 10 days or less.
You should develop a hiring process that moves quickly when an ideal candidate turns up. This will not only make you competitive but also increase the candidate’s perception that your company is a good place to work.
What follows are some important reasons to streamline your hiring practice.
The longer the process, the lower the quality
It seems logical to think that the more time you have to network and do research, the better the candidates you turn up. But as the prime candidates get snapped up, the more you delay the lower the quality of the talent pool you are left with.
When these job seekers are unemployed, they won’t sit idle waiting for the perfect offer. With a slow hiring process, you may find that the candidates you had picked for recruitment or interviews may already be off the market by the time you are ready to make a move.
Even if you manage to connect with a very promising candidate, any delay raises the chance of missing out. This is especially true if you’re trying to fill a high-demand job that has a limited talent base to start with. Moving too fast may seem like a gamble, but the more hesitant you are to take decisive action, the more of an opportunity you are presenting to your competition.
Building up a pool of applicants through informational interviews for key positions even before a job opens up can save valuable time. By staying in contact with top prospects you build a network of qualified applicants, which in turn enables you to bypass the initial screening process. Since you have already done the research and developed connections, you can simply reach out and arrange an interview.
Time wasted equals money wasted
When the best candidates have been working for the same company for several years and decide to start looking for a new employer, they may not have a clear idea of their real value. If you are the first to make an offer, you may be able to hire them more cheaply than if you wait until it becomes a bidding war with competitors.
But if you’re slow in hiring, candidates with multiple offers on the table will be trying to haggle to meet or exceed the highest one. This increases the likelihood that you may not get the full value you were hoping to realize from this one individual.
The average cost-per-hire is $4,129. Therefore, it’s important to evaluate the ROI in your hiring process. Start with more cost-effective tactics, such as reaching out over social media instead of spending hours on job boards. Include the title and a quick job description, and cover important qualifications like education and experience. End with a strong CTA. When your social followers see it, they are likely to share it with contacts who are looking for a job and meet your criteria.
It portrays your company’s image
Your company depends on the smooth execution of many activities to get products and services to your customers. Recruiting and hiring are standard business practices that should be approached in the same way.
Since candidates are forming conclusions about your company based on how you approach recruiting, slow progress may suggest that your business processes are inefficient or careless and need to be improved. Furthermore, career-minded job seekers are also looking for strong leadership and timely decisions. If they feel your company isn’t well managed, they start to question whether working for you is the right choice.
The best candidates are themselves well informed, driven to excel, and able to make tough decisions. They are likely to see slow hiring practices as an indication that indecision or distractions are indicative of your business culture. It’s important to remember that the hiring process forms their first impression of you.
Having an effective hiring process helps build your image as a great employer. If your hiring process is frustrating to potential hires, they will turn elsewhere and speak negatively about your company to colleagues. It is essential to keep the process moving or it becomes a negative experience for both you and the job prospect.
You should recognize that slow hiring processes might be losing you ideal candidates. The best talent may turn away on account of frustration or poor impressions of your company. Not only are you wasting your time and money, but also lowering the overall quality of candidates that remain. Speeding up the process, however, can improve your appeal and save you the expense of having to bid for top talent.
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