Many companies fail to realize how impactful the speed of the hiring process is when it comes to meeting their recruitment objectives. A speedy and efficient approach can keep top candidates engaged, increasing the odds they will be available when you decide to extend an offer. In contrast, a slow hiring process can come with a variety of negatives, including missing out on top talent.
Ultimately, if you don’t have a streamlined hiring process, your company is being damaged. Here are a few ways your firm is harmed by a slow hiring process.
Economic Harm
A slow hiring process hurts your company financially. One of the most obvious costs is derived from lost productivity due to the time spent with a vacant position. Without an employee in the role, your operations may be less efficient, and you can miss out on revenue.
Plus, your current team often has to work hard to overcome being shorthanded. This increases their stress levels and could result in higher error rates, lower output quality, or even additional turnover.
Additionally, a slow hiring process often costs you top talent. In-demand professionals won’t wait around to see if you decide to extend them a job offer. Instead, when a competitor provides them with an opportunity, they may accept it. This could mean you don’t have access to a best-fit job seeker and may have to resort to hiring a lower-quality worker as a result.
Poor Candidate Experience
As mentioned above, most top candidates won’t sit idly by hoping you’ll offer them a job. Instead, they are going to continue looking, and may rethink whether your company is a good fit for them.
A slow hiring process often results in a poor candidate experience. This increases the odds they will remove themselves from contention, pursue other opportunities, or even refuse the role if you offer it.
Further, if the experience was particularly negative, skilled professionals may never apply to your vacancies again. The memory of being frustrated or out of the loop about any progress makes you seem like a less attractive employer.
In some cases, candidates will extend their experience with your hiring process to other areas of your business, assuming that if you can’t recruit effectively, other internal operations are likely similarly subpar.
Damage to Your Brand
At times, your company’s slow approach will also result in negative word-of-mouth. Some applicants may discuss their frustrations with others, leading their friends and colleagues to view your business in a negative light, even if they have never interacted with you personally.
Additionally, some may express their discontent online, such as on Glassdoor or other sites that allow professionals to review their experience. This could discourage a large number of job seekers from even considering your company, fearing their experience will be similar.
Ultimately, a slow hiring process rarely works in your favor, and typically damages your company’s bottom line, recruitment and retention efforts, and overall reputation. By streamlining your approach, you can become a more attractive employer, allowing you to secure the talent you need to thrive.
If you are looking for a way to speed up your hiring process, the professionals at The Squires Group can create a customized hiring solution based on your unique needs. Contact us to learn more about our available services today and see how our hiring expertise can benefit you.
