A slow hiring process has many implications, not just lost time onboarding a new hire and slower office productivity because of this gap. In fact, a hiring process that drags on has economic costs, creates negative candidate issues, damages your company’s brand, and results in bad decision making.
THE ECONOMIC COSTS OF A SLOW HIRING PROCESS
- Lower-quality hires
Did you know that a top candidate is only on the market for an average of ten days? The longer your hiring process takes, the lower quality of workers are still on the market. You will get to the point where you simply have to hire somebody and may have to make serious compromises in performance or skills with the talent that is still on the market. - Lower productivity
During your slow hiring process, your company is short-handed. Obviously, this will lead to a decrease in productivity which leads to lower revenue or sales. - Co-worker stress
As your employees work harder to cover the open positions, they are at risk for burnout, which can take a toll on them emotionally and physically; they may even end up injured or miss work because they get sick. Not only does this cause short-term productivity and morale issues, but your slow hiring process could actually end up being the reason why some of your employees look for other work at a different company. - Higher salary demands
If you have a long hiring process, you may end up having to pay more money for your hire. They may get other offers which they can use to increase their salary.
All these examples, and others not listed, contribute to decreasing the competitiveness of your company in the local industry. This can greatly affect other issues, long into the future.
DON’T CREATE NEGATIVE CANDIDATE ISSUES
Job candidates want companies to be quick to make hiring decisions. Here are some examples of how you create negative candidate issues with a slow hiring process.
- Candidates will apply elsewhere (and get hired)
This is straight-forward. If your hiring process takes too long, you run the risk of candidates applying to other jobs.
- Low acceptance rates
When you do make an offer, you may find the candidate has been hired at another company or maybe lost their enthusiasm for your company. They may also think because a company is slow to make a hiring decision they are this way with the rest of their.
YOUR COMPANY’S BRAND IS AT STAKE
The main problem for the company’s brand is a lower application rate because word will get around that your company has a slow hiring process. From negative comments on social media to low reviews on job sites like Glassdoor. These negative comments or reviews, and even word of mouth, will get around and can mean that even a great job posting might attract less qualified applicants because people just aren’t interested in your company anymore.
AVOID POOR HIRING DECISIONS
A slow hiring process can lead to frustration in the recruiting and hiring department, as well as other departments in the company. Here are some ways that it can lead to poor hiring decisions.
Less competition
With a slow hiring process, the pool of candidates diminishes and managers are left with fewer of candidates to truly find the perfect hire.
Settling on mediocre
A drawn-out process can lead to a lot of frustration throughout the hiring department and other managers in the company. Eventually, this can cause managers to just end the search and hire a mediocre candidate. This could lead to a bad hire which will start the whole hiring process over sooner than if they had made a good hire, faster.
STREAMLINE YOUR HIRING PROCESS
For advice or professional guidance on how to speed up your hiring process and improve your company, contact MS-IL Staffing & Packaging.