It isn’t fair to expect good candidates to remain unemployed or in jobs they don’t enjoy while you take a significant amount of time to make a hiring decision. In order to prevent quality candidates from getting snatched up by other companies, try to speed up the hiring process.
The 10 Consequences of Slow Hiring
- You will lose most of the candidates who are in high demand during the late stages of your recruitment process.
- You will lose significant revenue and productivity because vacant positions are open for too many days.
- You’ll have to pay new hires more in salary because they will be bid on by other groups.
- Your image of being slow decision-makers will cause you to lose many top prospects.
- Slow hiring will reduce applications because it will damage your external employer brand image and the candidate experience.
- Slow decisions will cause you to lose a high percentage of “head-to-head” talent battles for top candidates.
- Slow hiring dramatically reduces hiring manager and recruiter excitement.
- Your customers and employees will also feel the negative impacts of slow hiring.
- An extended hiring processes can significantly raise “hidden” hiring costs.
- Using standard speed-of-hire metrics can severely mask slow hiring problem
We have put together an example of a 4 week hiring timeline to illustrate how to speed up a hiring process.
Please see below:
