The speed at which you hire in today’s market is so important when competing against similar companies and businesses in your industry or geographical area, as they too are also looking to recruit top talent.
See below four reasons which you may not have considered when you are planning your recruitment process to help you gain competitive advantage and save money:
- Lost Revenue and Productivity: You are likely to lose significant revenue and productivity because vacant positions are open for too many days/weeks/months. It does not only affect the team in which the vacancy is open, but also the wider departments and hiring managers. Extra pressure and additional workload on a long-term basis can cause bigger problems such as absenteeism and higher turnover.
- Potential Brand Damage and Reduced Applications: A long, slow hiring can reduce the number of applications you get for vacancies as it can result in a poor candidate experience and damage the employer brand. For example, seeing a position on the job boards for 3+ weeks will make candidates question the reason that particular company is having issues hiring and would usually assume a bad company culture or similar problem and not apply.
- Missing Out on Top Candidates: Slow decision making on the candidates CV or interview will ensure you miss out on that one person because you wanted to see “who else is out there”. Candidates need to know promptly, (within 2 -3 days) if they have been successful and then be given the next step. Don’t be surprised if you leave it a week to give feedback and the candidate has found another role!
- Hidden Costs of Extended Hiring: An extended hiring process can raise “hidden” costs especially if your lengthy hiring process is a result of requiring an excessive number of interviews (more than four), the cost of hiring will go up because much more management, recruiter, and employee time will be spent interviewing.
Simply put, in the current climate you focus on creating a well thought out, efficient and relevant hiring process from start to finish, as if you don’t you run the risk of the competition will taking these candidates off the market before you have the time to make a hiring decision and back to the start of the process you will go!
Need Assistance with Streamlined Hiring?
If you’d like to find out how the Recruitment & HR team at Kingswood Group can help save you time, money and stress when creating your recruitment processes then contact Debbie Carey today for a confidential discussion.