Companies can lose top candidates when their hiring process takes too long. How does this happen? There are numerous ways to keep adding time to the hiring process. Setting that first interview may be delayed in an attempt to make sure every available candidate is reviewed, no stone left unturned. Top performers earn top compensation and it is tempting to hold out to see if there is a bargain candidate in the job market. Once the decision is made, the busy hiring executive must find the time to schedule that initial interview. It then takes more days to schedule the subsequent interview on the calendars of busy team members. After the interview, it takes more time to reach a consensus and then more time to draft the terms in the offer letter.
You can begin to see how more and more time is added to the delay at each step of the process. Most companies don’t give a second thought to the speed of the hiring process, mistakenly believing that a slow process is a careful process. There is also a belief they are saving money with a vacant position because they don’t have to pay a salary.
Whatever the reason for the delay, the fact is that when the hiring process takes too long, good candidates are lost to more decisive companies, managers look inept at hiring and it gets harder and harder to fill that vacancy. It is now well known that the longer the position remains vacant, the more money the company loses. For example, if the opening is a sales position, the company loses the revenue that person could generate making sales.
The time in which great candidates are available has become even shorter; studies show they may be available for an average of only 10 days. When top talent decides to enter the job market they can attract numerous offers within a few days. Even if your company is a highly desirable employer, these top candidates will not have the patience to endure a long process. It is important to realize that these top candidates will end up at your competitor. Where are you in the hiring process within 10 days?
It is possible to streamline the hiring process and make the right decisions. Time is of the essence at two critical points in the hiring process. First, once a top performer decides to interview, it is important to demonstrate quick, decisive action by giving priority to scheduling interviews. Second, it is important to minimize the time between the interview and the offer letter. Unless there is good communication and a valid business reason for any delay, that top performer equates delay with indecision or lack of interest.
Lastly, it is important to extend the best offer possible to the successful candidate. Some companies begin with a low offer and then hope to negotiate to the final offer. The candidate’s first reaction is disappointment – not a good way to begin an employment relationship. This adds more time as negotiations take place and gives competitors opportunity to present a better offer to that candidate.
A great recruiter can help streamline the hiring process; quickly presenting qualified candidates and then ensuring great communication every step of the way. If you are looking for top talent for your team, contact JK Consultants. We find the right people you need quickly.