The average time to fill a position in the United States is 44 days or longer. It takes time to recruit and hire for a job, but if you take too long, it can damage your company in the following ways.
1. Economic Costs
Having to replace people always carries some economic cost. There is a drop in productivity. If the position is directly revenue-generating; having it vacant can lead to a drop in revenue as well.
These economic costs become larger if the hiring process is slow. The drop in productivity and revenue will become larger. Teams waiting for a replacement may experience decreases in productivity as well.
Not only that, top candidates are usually more productive or more revenue-generating than average ones. The trouble is, most top candidates will be snapped up in two weeks or so. If you take longer than that to hire, you may be losing out on top candidates. More average candidates may be less productive for years to come.
2. Negative Candidate Issues
Having a slow hiring process can cost you top candidates, because they may accept other, more quickly offered positions. Top performers may also lose interest and return to their existing jobs if the hiring process drags on.
As a result, the overall quality of your company’s talent pool could be lowered.
3. Damages to Your Brand
Remember, in the age of social media, nothing happens in a vacuum, including a slow hiring process. Candidates may complain on sites like Glassdoor.com or Salary.com. They may leave comments on Facebook, Instagram or other social media.
Other candidates can see the complaints. As a result, your entire company can get a reputation as one that does not move quickly in the hiring process.
4. Poor Decision-Making
If the hiring process is compressed and relatively quick, hiring managers can compare and contrast candidates fairly easily. But if the process is protracted, they may not be able to summon details about the initial candidates by the time they have reached the end. They may end up not choosing the best candidate – because they no longer have a sense of who the best one is.
Managers and human resources professionals can get frustrated at a slow hiring process. They need people, and they can find a hiring process that drags on tedious. They may find themselves leaping to quickly choose a candidate just to get the process over with, rather than thoughtfully choosing.
Your Partner in Business
The hiring process is crucially important, but can take considerable time from your already busy schedule. Staffing agencies like Nesco Resource can help you be as productive as possible while fulfilling your hiring needs with high-quality IT and engineering staff. Contact us today to learn more.