Companies are taking longer and longer to hire. In 2017, the average time to complete the interview process stood at 23.8 days compared to 22.9 days in 2014. (Forbes, 2018)
What’s the hold up? According to Scott Wintrip, author of High Velocity Hiring, many companies are operating based on fear. They don’t want to choose the wrong candidates, and they mistakenly assume More Time + More Energy = Better Hiring. Unfortunately, this equation does not hold true, as slow hiring often leads to less-than-desirable results.
Here are five ways inefficient hiring can undermine your organization.
Loss of Talent
Dr. John Sullivan, an internationally recognized talent management thought leader, claims, “the top 10 percent of candidates are often gone from the marketplace within 10 days.” When hiring procedures take too long, in-demand employees may either lose interest or accept an offer already on the table. Innovative and productive individuals bring an enormous amount of value to any organization, so your competitors may take advantage of your indecision and win a talent battle simply by acting faster.
In addition to losing out on high-performing employees, slow hiring results in a variety of other expenses including:
- higher salary demands from top candidates who now have multiple offers;
- lower-quality workers, many of whom may stay for years;
- lost revenue from unfilled positions;
- time away from regular responsibilities because of interviewing and hiring duties;
- lower productivity of current employees due to increased workloads and job stress; and
- unsatisfied customers.
A Bad Reputation
Long, drawn-out hiring procedures with no decision in sight will upset your candidates. And, at some point, they are likely to not only dropout, but also share their bad experiences. This may be through word-of-mouth or through social media and/or online review sites. Their comments will create bad press for your organization and hurt your image. Eventually, these negative reviews may cause your company to lose future candidates, customers or both.
More time spent mulling over candidates can waste time and generate worse outcomes. In fact, hiring managers and committees may become so overwhelmed trying to find the perfect employee that by the time they finally make a choice, their top candidates are long gone. To compound the problem, this usually means starting over with a pool of less-qualified candidates. At this point, frustration may lead to snap decisions or the selection of simply good enough employees.
Like other professionals, recruiting and HR managers want to do their jobs well. If an overly complicated and bureaucratic process repeatedly hinders their hiring efforts, they will put in less effort and be more reluctant to tackle hiring assignments again. This lack of enthusiasm further complicates an already strained system.
Is your company looking to avoid the negative effects of slow hiring? At Aventure Staffing, our professional recruiters can help your organization implement more effective and successful practices. Learn more about our employment solutions today!