Hiring speed has a substantial impact on your business. Because most top candidates will either drop out of your hiring process or not accept a job offer from you if the process takes too long, you will be forced to hire lower quality candidates who significantly lower your bottom line.
Smaller Candidate Pool
A lengthy hiring process results in a smaller candidate pool. Preferred candidates will have time to rethink working for you and are likely to drop out of the process. They may continue applying at other companies and accept a job offer from your competition. Candidates most likely will tell other workers not to apply with your organization because you move too slowly.
A slow hiring process results in a loss of innovators. Innovative candidates are quickly extended job offers because of the value they provide. Your competition will benefit by hiring such candidates, increasing both their edge over you and their bottom line.
Higher Salary Demands
A prolonged hiring process typically results in higher salary demands. If a top candidate remains on the job market long enough, they will be more likely to demand more salary, benefits and perks. Also, because other companies may be extending them job offers, you will enter a bidding match you may not win.
Lower Offer Acceptance Rates
A lengthy hiring process may result in lower offer acceptance rates. Being slow to hire may give the impression you are slow at making other decisions. Most candidates want to work for a company that makes fast decisions. They may reject your offer if it takes too long to receive. Candidates also may post unflattering company reviews on Glassdoor and discourage others from applying with your company.
Increased Recruiting Costs
A slow hiring process increases your recruiting costs. You typically lose top candidates when they have to wait longer than 10 days to be offered a position. As a result, you may have to bring aboard lower-quality hires who are available after 30 days or longer. Retaining these weaker performers adds up over the years, due to lower productivity.
A drawn-out hiring process may result in decreased sales. Candidates may share their adverse experiences on social media. They may stop purchasing products/services from your company and encourage others to do the same. Sharing a bad experience may result in 15 percent of the people who hear about it deciding to do business with another company.
A slow hiring process leads to lost revenue. When roles remain vacant for a long time, especially in sales, less revenue is being generated. Also, open roles mean lower productivity in those jobs and throughout the team. Additionally, teammate stress from taking on more work may result in additional errors, lower-quality output, and greater turnover. Plus, if your customer service reps are short staffed, customers may be lost, as well.
Gain Hiring Efficiency With USA Staffing Services
Are you looking to gain efficiency in your daily tasks and hire faster? Talk to the team at USA Staffing Services to learn how our back office support services can help.