Hiring managers and recruiters are constantly attempting to maximize the results of their hiring process, but did you know that increasing how quickly you hire someone is one of the most effectives methods of ensuring your company receives only the best candidates? Today, the average time to fill a position hovers at forty-four days, which is a 50% increase since just 2010, but many companies don’t realize what slow hiring is really costing them.
Here are a few reasons to speed up your hiring process:
Lower quality hires. The top candidates are often gone within ten days. If your company is taking a month or more to make a hire, you are sure to bring on a weaker performing candidate, and we all know hiring a weaker candidate can cause your company years of decreased productivity and revenue, should that person even stay on.
Direct revenue loss. Leaving a revenue-generating position open – such as multi-unit or new business positions – naturally loses money for your company. However, leaving any position open for even a few weeks can cause a direct loss of profits, as understaffing can lead to customer dissatisfaction and employee underperformance.
Reduced productivity. When even one position is left unfilled, productivity is lower for the entire team. It is difficult, if not impossible, for employees to be as productive as usual when members of their team are missing. Not only are they over worked, but morale is greatly affected too. And if multiple positions are left open for extended periods because of slow hiring, a team will never be able to reach its full potential.
Losing talent to a competitor. Now this one really hurts! Top talent is in even greater demand today. You’ve seen those unemployment numbers! The cost of losing a fantastic candidate to a competitor is even greater because of the effect that candidate will make on your competitor’s bottom line.
Inflated salary requirements. If your hiring process takes too long, you’ll find yourself in a bidding war with top candidates. Don’t make this mistake. Get to them first and eliminate the need to offer a higher salary rate just to win.
Candidate unhappiness. Candidates naturally become frustrated when hiring managers take an exorbitant amount of time to make a decision. Their discontent with your hiring process can cause them to drop out, apply elsewhere, reject your eventual offer and/or never reapply to your firm.
Damage to your reputation. Candidates who have particularly bad experiences can and frequently do share their negative feelings with others, not only with their personal and professional contacts but also on websites like Glassdoor. Negative reviews, both spoken and online, lead to a decrease in the number and quality of applicants and even a loss of sales.
For better hiring, hire faster. It’s as simple as that! As unemployment drops lower and lower, the power is shifting back to the candidates in the competitive job market. In this kind of landscape, we need to be sure that we are listening to job seekers’ wants and needs!
Thanks for reading,
“Without a sense of urgency, desire loses its value.” – Jim Rohn