Let’s not beat around the bush; if your hiring process is slow, you are missing out on top talent.
When hiring talent, time is essential as competing companies and recruiters aggressively pursue top candidates. Companies that adapted to the tight labor market have streamlined their hiring processes because they know losing a top candidate can be costly. Empty seats cost companies lost productivity and misused resources to compensate for the vacancies.
The Cost of a Slow Hiring Process
In a perfect world, companies are advised to “hire slow” to reduce the risk of a bad hire. Yet, moving too slowly in the hiring process during a tight labor market can also have negative consequences:
• Losing out on top candidates: Top talent is a hot commodity and employers making quick hiring decisions win.
• Increased recruitment expenses: The longer the process drags out, the more it costs.
• Reduced revenue and productivity: While the position remains unfilled, you lose productivity resulting in lost opportunity costs. And you staff may feel resentful for the extra work stress while they cover the void.
• Poor candidate experience: Many candidates walk away when there’s a torturous interview process and long delays.
Why Do Companies Drag Out Their Hiring Process?
• Perfect hire/Right Fit
• Hiring managers are busy
Often companies are holding out for the “perfect candidate.” In that quest, a drawn-out hiring process often includes multiple interviews with long delays between each interview along with multiple assessments. All these steps are important, yet companies often move too slow through these steps because hiring managers are busy and overworked. These delays can cause top candidates to lose patience and walk due to the marathon hiring process.
If you need help accelerating your hiring process, give us a call at 317-578-1310.