Last month we looked at Barriers to Making the Hiring Decision part 1, this month let’s look at part 2, some of the effects and results of a slow interview/hiring process.
You will probably lose your best candidates if the hiring process is delayed. It is a candidate’s market, with unemployment at an all-time low and they will probably have multiple offers to consider. Some candidates are “off the market” in as little as 10 days and you thought a 30 day time to hire was really good.
Slowing the process and the continuing to see what the market will deliver only diminishes your quality of hire. The best candidates are gone sooner versus waiting on you.
A slow process can affect your revenue and production. Of all the talent functions recruiting has the greatest impact on revenue, production and profit.
You will have to pay more for the best talent especially if you have a delayed process and the candidates have multiple offers to consider. Don’t you just love to hear “well why can’t we offer them the same as they make now” – “why wouldn’t they want to come work for us for the same total comp package”. The HR and Hiring Managers that think people are lined up to come to work for you are not living in reality. Most people know their true market value.
Having a slow hiring process does damage to your image and damages your brand. Both of these can cause a firm to not be as attractive.
A slow hiring process reduces the excitement that can be created when you are seeking that new top talent only to have the process become drudgery and be a long-drawn-out process.
What metrics are you tracking?
Even though you may have a good “time to hire metric” it may not be giving you the correct message, metrics tell a message and sometimes the message (s) may be hidden. Such as what is the hiring time for “mission-critical roles” or revenue-generating roles. Leadership should realize that you reduce hiring time to get a better quality of hire. We have all heard the phrase “speed can kill” in this case being slow kills the quality of hire.
What does your hiring process look like? Speed by itself can be devastating but speed in regards to your hiring/interview process with the right understanding, having buy-in from leadership and tracking the right metrics can be a win-win for your organization.
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