Picture this: you’re cruising through your to-do list, noticing how great the team synergy is, when out of the blue your core employee asks to speak with you. You know what’s coming next…their two weeks’ notice. As much as you appreciate this employee’s contributions, you can’t help but think about your next hire. This time you will hire someone with stronger skills, a better attitude and more experience. You will scour the internet, sift through countless resumes and shake hands with as many potential candidates as possible…all to find the right fit. You don’t care how long the process takes but you should! While you think you are doing your due diligence and being thorough, slow hiring can be detrimental to your team and your company. Why you ask? We have some answers.
The competition is fierce - top contenders for your open position will get scooped up by the competition. If currently employed top talent decides to enter the job market, chances are you won’t be the only one considering them for an open position. This means that they won’t be on the job market for long. Speed of hire is one of the most important factors when you are competing against other companies for currently employed “high-demand” top talent. There is no way around this. If you don’t make the offer quick enough, the competition could take the candidate off the market before you have the time to make a hiring decision.
If your top choices have moved on to other opportunities, you are left with the candidates that were less desirable to hire. One would think that taking more time to make a hiring decision would result in better hires, right? Wrong! The longer you take, as mentioned in the first point, the higher the chances of the top candidates dropping out, leaving the less desirable candidates to choose from. You can certainly start the recruitment process from square one, but you will be losing money, and quite frankly, who has time for that?!
Your slow decision-making can tarnish your company’s external brand reputation. Top candidates will simply view the time it takes to make a hiring decision as a reflection of your corporate culture and what business decisions may be like. Top candidates are top performers in their job, naturally making them fast decision makers. They know what they want, they know what they need to do, and they are efficient of connecting decision with an effective workflow.
Not only does a sluggish process leave a bad impression to the potential candidate, but it can also lead to bad impressions of your company online. With all of the review sites out there, Glassdoor has been a one stop shop to review a company’s internal culture AND the interview process. Glassdoor’s review process for the interviewee prompts them to not only list issues with the hiring process, but also reveals how long it takes to complete the hiring process. If potential hires have a tarnished candidate experience, they are more likely to talk about it online. In a world that revolves around social media, you can’t expect to keep a “painfully slow” hiring secret from other potential applicants. With all the above considered, you may be facing repercussions of fewer high-quality applicants.
A longer hiring process could cost you more. Can there be unseen costs in the hiring process? Absolutely! If an extended hiring process is a result of many candidates being interviewed, your costs to hire will go up. You will have more management, recruiter and/or employee time spent to interview each person. These costs can be considered as “hidden” because they are not calculated in the cost per hire estimate.
Slow hiring does not improve the value of new employees but it could cost you a potential rock star. If you find that you just aren’t meeting the right candidates, maybe it is time to revisit the job description, budget and requirements.