Do you want to get better results from your hiring efforts? You might not realize it, but speeding up your company’s hiring process could be the answer. When you stop and think about it, it stands to reason that dragging your feet on making a hiring decision could mean the top candidates have taken other offers while you’re still making up your mind.
When all the top talent has been gobbled up by faster-hiring companies, you are left with the “also-rans” that everyone else passed on. You’ll end up with mediocre workers who will probably produce mediocre results.
If you aren’t convinced you could benefit from speeding up your hiring process, take a look at some of the costs you could incur from hiring more slowly than your competitors:
The enormous costs of slow hiring decisions
When you lose top talent because of your protracted hiring process, the economic damage to your business adds up alarmingly. Here are just some of the ways your company loses out:
- Reduced productivity: Every day you have job vacancies, your business is missing an opportunity to produce goods. Being slow to fill these openings multiplies that loss of productivity that much more.
- Your competitors reap the rewards: If you are taking too much time to make hiring decisions, your competitors could be grabbing the top talent while you’re deciding. When they get the best workers, their bottom line improves instead of yours.
- You end up with weaker performers: Because the best candidates are hired quickly, you end up with the leftovers, which are typically lower-quality hires. The subpar performances that accompany these hires will raise the cost of slow hiring over the many years they stay with you.
- More stress to the workforce: Having to fill in when positions remain vacant can cause stress and longer hours for your workers. Overly fatigued and rushed employees are prone to making mistakes, skimping on quality or possibly getting injured.
- Fewer innovators: Machine learning professionals are in demand, which means they are snapped up before a slow-hiring company has a chance. Without these innovative types in your organization, you could lag behind your competitors for years.
- Direct revenue losses: Vacancies in sales and other revenue-generating positions will not only cost you revenue but could also result in the loss of customers.
- Inflated salary demands: Candidates who stay in the job market longer start demanding higher salaries as multiple companies start bidding for their services. Hiring the top candidates quickly gets them into your organization before the bidding wars get started.
A slow hiring process could damage your brand and impact future applications
A lengthy hiring process gives frustrated applicants plenty of time to spread the word about their experiences with your company. They will likely post negative reviews on Glassdoor and discourage their friends and colleagues from applying to your firm.
With all the harm to profits and reputation that can result from time-consuming hiring practices, every company could benefit from streamlining the process.
To learn more, contact Select Staff today.