The Importance of Having a Faster Hiring Process
Slow moving hiring processes and inability to move swiftly on key hiring decisions is crippling many organisations ability to attract and retain talented candidates.
You could be forgiven for thinking that in today’s fast-paced race for talent, where skill shortages are increasing and organisations are in competition for the best candidates, that hiring managers are sharpening their recruitment processes and looking for ways to put themselves ahead of the game.
Highly-skilled candidates are quickly inundated with recruiting requests and offers as soon as they place themselves on the job market. Often, they will only be in the job market for a matter of days. A longer hiring process means that the most sought after candidates will have many opportunities to make quick offer decisions; even if a candidate has expressed interest in a position with a company, the likelihood of them still being available when you reach the late stages of the hiring process, is almost zero. In many cases, this is due to the candidates being forced to make a decision based on a job offer that currently stands over one that is viewed as a possibility.
A slow hiring process does not necessarily equate to better candidates
It is assumed that taking the time to make a hiring decision results in better quality of candidates, that seeing as many candidates as possible will mean you find the best of the best. But in reality, by extending your hiring process in this way, the most in-demand candidates will receive alternative offers while you are still only mid-way through hiring, leaving lower level candidates in the talent pool.
As a result, many hiring managers are forced to start the process again to find the right candidate, adding several more weeks of interviewing time. The added pressure against time can cause hiring managers to make poor hiring decisions by hiring candidates who are unsuitable, simply because they need to fill the vacancy.
What are the disadvantages of slow hiring processes?
1. A depleting Talent Pool
As already mentioned, highly skilled candidates who are in high-demand will go elsewhere if they feel that the hiring process is taking too long.
2. Loss of productivity and revenue
As the position continue to remain vacant, companies risk losing revenue or even more employees who are undertaking extra responsibilities.
3. Increasing salary costs
If the chosen candidate gets another offer, a bidding war often ensues resulting in an increase in salary costs.
4. Low company reputation
Companies risk gaining a reputation for being slow decision-makers. Not only can slow hiring processes lose many organisations the opportunity to attract top talent, it can also have an effect on their ’employer brand’. With sites like Glassdoor and LinkedIn, candidates often share their experiences which can inadvertently damage a company’s brand.
5. Loss of clients and / or customers
Customers and clients may feel the negative impact of the employee shortages, especially if the vacant position is client or customer facing, thus affecting existing employees morale.
6. Lower employee morale
Slow hiring can dramatically reduce the hiring manager’s interest in the process if they are required to carry out lengthy checks to satisfy protocol.
How can a faster hiring process help?
One of the goals for many organisations is to have the competitive advantage in their industry. Therefore, a faster hiring process can help to elevate companies ahead of their competition as after employing the highly-skilled candidate, their productivity and innovation rates will rise immediately. There are also other advantages to speeding up the hiring process:
1. Less expensive to hire
Research from Oxford Economics found that the average cost of replacing an employee costs more than £30,000. This is broken down into the cost of lost output while a replacement employee is yet to become fully productive, and the logistical costs of hiring and absorbing a new employee.
2. Less time spent in the hiring process for hiring managers
For hiring managers, taking the time to interview candidates will have an effect on productivity levels. Streamlining of the hiring process with few stages and fewer people needing to be involved in the decision-making process, will ultimately increase productivity and efficiency within organisations.
3. Better response rates
If a candidate knows what to expect and is given a realistic time-frame from the outset, they are more likely to engage in the process and stay for the entire duration
4. An increased chance of attracting top talent
Highly-skilled candidates are in great demand and the faster the recruitment process, the less chance they have to be employed by competitors.
5. A positive employer brand
A positive application, interview and feedback process for candidates increases the probability of the candidate to consider the company for future roles.
How to improve your chances of winning top talent
As we have discussed, time is of the essence whenever you are recruiting for a new employee. But to achieve this without making rash decisions means that it’s crucial for businesses to implement a structured and streamlined hiring process to avoid losing out on top talent to those who are equipped to hire in the fast-paced change to talent acquisition). For this, hiring managers need to put the necessary arrangements in place, adopt the right technology to facilitate talent acquisition and ensure team alignment to successfully drive the process from start through to offer and beyond.
Other things employers need to do:
1. Develop your employer brand
Your hiring process is a fantastic way to showcase information your candidates would like to know such as your business values, company culture and the direction of the business. Companies are therefore encouraged to build their employer brand where candidates can access information on the brand thus encouraging transparency which helps to develop a personal approach to the entire process.
2. Create and manage an effective candidate experience
Every stage that candidates experience on your hiring process is a direct reflection of your company. The candidates are being given insight into your decision-making process and overall business structure. It is imperative to sell your organisation structure to them as this is often a reason companies miss out on top talent.
3. Build a relationship with the candidate
The competition to hire a highly-skilled candidate is ever increasing. Hiring managers should be managing this process proactively through continuous communication throughout the different stages. This places you in a stronger position ahead of competitors, giving you the opportunity to alleviate any possibility of an additional offer winning your candidate.
4. Continual relationship building with the unsuccessful candidates
Although unsuccessful, positive and effective management of the relationship with candidates gives them a good experience regardless of the outcome. Often, this can lead to referrals, increased brand loyalty and continued relationships. It is very important to consider how your brand reflects upon all of your candidates even post-process.
Fast decision-making could lead to bad decisions, so it is very important to have the right strategies and tools for speedier hiring. Sign up to get Endorsed