If you have a slow hiring process, top candidates most likely will lose interest in working for you. Candidates who move fast want to work in a fast-paced culture where quick decisions are made. Keeping job vacancies harms production, revenue, and employee morale. As a result, you want to speed up your hiring process to bring aboard the most in-demand talent.
Common Reasons for Delayed Hiring
Your hiring process may be delayed for various reasons. For instance, there may be more job openings than candidates to fill them, especially when labor markets tighten. Or, candidates’ resumes may remain untouched in a hiring manager’s inbox. Additionally, hiring managers may be unclear on what they need in a candidate until they see it.
Why Delayed Hiring Hurts Your Business
Delayed hiring hurts your business for multiple reasons. For instance, you will lose the majority of top candidates in the late stages of your recruitment process because they typically will have multiple offers and will be more inclined to accept one. You will have to hire a lower-quality candidate at a potentially higher salary to fill the role. Also, the longer you keep a role vacant, the more productivity and revenue you lose. Further, a company image of being slow at making hiring decisions implies that making other business decisions will be slow, as well. Strong contributors will not want to work for your company.
Steps to Speed Up the Hiring Process
Fortunately, there are steps you can take to speed up the hiring process. For instance, benchmark your hiring efficiency according to where your jobs are located, your company’s size, level of the position, the measure of local talent supply and demand, and other pertinent variables. Because some roles will be harder than others, put time-to-fill in the right context. If a more-thorough hiring process for a specific role will result in a higher-quality hire, accept the longer timeframe. Also, engage in workforce planning. Allocate recruiting resources in line with your business needs so that hiring managers can see where and when demand will be greatest, and plan accordingly. Additionally, keep your pipeline active so you have available candidates when a position opens. Use candidate relationship management (CRM) tools to keep track of interested candidates. Further, keep your scheduled interview times as much as possible. Set a plan for interview guides, assessment criteria, and how feedback gets submitted to whom. More structure leads to a better candidate experience and better hire.
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