A slow hiring process damages your recruiting firm’s chances of success and hurts your bottom line. Having a lengthy screening and interview process, followed by contract negotiations will encourage talent to look elsewhere for employment. Here are five reasons why taking too long to hire costs your recruiting firm money.
You miss out on top talent by taking too long to hire. They don’t stick around because they receive so many opportunities and typically are off the market in 10 days. They don’t have time to wait around and see what your offer may look like compared to the offers already received. Since finding the right candidates impacts your recruiting firm’s success, you need to get them in front of clients and receiving job offers as quickly as possible.
Reduced Quality of Candidates
Taking too long to hire means having a lower quality of candidates. Their on-the-job performance typically is not superior to that of higher-quality candidates. Because top-rated candidates go to work for companies that quickly provide job offers, average and weak candidates are left to interview for your roles.
Loss of Interest
An extended hiring process means other top candidates lose interest in working for you. When highly qualified professionals spread the word on employer review sites that you take too long to make decisions, other top talent look for employment elsewhere. Many will believe you make slow decisions in other areas and have a problematic company culture. Top-rated professionals want to work where leaders make fast, accurate decisions.
Productivity is significantly lost with a slow hiring process. When roles remain empty for weeks or months, they cannot create or capture revenue. Vacancies in mission-critical positions mean that critical work stops during that time. For instance, having nobody in management, team lead or other key roles for an extended period means productivity and output suffer. Vacancies in roles where quality matters mean error rates increase.
Greater Hiring Costs
With an extended hiring process comes hidden hiring costs. For instance, you need to spend more time interviewing additional candidates to find the right one. Having an unnecessarily high number of people sit in on each interview, or scheduling interviews longer than needed also drive up hidden costs. More time is dedicated to interviewing than other activities. Running job postings longer, requiring excessive requisition approvals, and including too many administrative steps also increase costs.
Improve Your Hiring Speed
Improve your hiring speed by partnering with USA Staffing Services. We handle all your back-office tasks so you have more time to make faster recruiting decisions. Talk with us today!