Over the past few years, the job market has changed from being an employer focused market to a much more candidate-centric market. Highly qualified candidates are hired as fast as they apply for positions, and if companies don’t adjust to the changing market, they will miss out on obtaining top talent for themselves.
Here are our top 5 reasons of why a slow hiring process damages your business.
1. Efficiency is Crucial
If your interview process is long, tedious and drawn out, it reflects on your company culture. In this day and age, people are driven and inspired by fast moving, decisive companies who make smart, speedy decisions, and are most importantly, efficient.
The best talent is always the first to get offers. If you’re slow about hiring, you’re going to miss these top candidates to your competitors – they could have several offers on the table before you get to the next stage.
2. Lower Quality of Hire
Slower recruitment strategies do not always mean you get a better quality of candidates because you’ve taken the time to research either. Instead, the top candidates will have already been picked out, and you’ll be left with the ones who are sub-par – someone else’s second choice.
3. Time is Money
Spending too much time looking for, interviewing, and even re-interviewing candidates takes up a lot of your valuable time. If your candidate gets another offer during this process and you have to repeat it all– this is wasted time and effort and counter-productive.
Also consider this – when a revenue generating position is left vacant for too long, it has been proven that companies can lose up to $5000 a day due to a loss of productivity.
4. People Talk to Each Other
Not valuing your candidates can spread negative news and affect your customers and discourage future candidates, therefore, damaging your brand equity and employer branding. A slow recruitment process can reflect on how your company operates in general and being a company with an indecisive culture.
5. Employee Dissatisfaction
Co-workers often have to pick up the workload from the vacant position. If the position is open for too long, employees start being disengaged and losing morale due to being tasked to work longer and faster. Internally, this creates a negative culture, and reflects poorly on your company.
We at Seuss+ understand the necessity to work precise but time conscious to find the best match between candidate and company. Are you ready to take the next steps and revolutionize your recruitment strategies?
Contact us to accelerate your hiring process and get the right candidates on board.
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