The average time to hire is on the rise. Research carried out by Glassdoor reveals a gradual increase over the last six years, with interview processes alone in the UK now taking, on average, 28.9 days. Group panel interviews, background checks, skills tests, candidate presentations and more stringent screening procedures have had a direct effect on time to hire.
With businesses facing a scarcity of qualified candidates, what is the real impact of slow hiring on your business?
Loss of talent : Three quarters of employers are reporting problems finding the people their business needs. Slow hiring will exacerbate this problem. The most sought after candidates will be on the receiving end of a number of job offers. If you don’t make a decision to hire quickly, someone else will hire the talent in your pipeline. With over 40% of candidates turning down job offers because they’ve accepted one from a competitor, slow hiring will jeopardise your business success.
Less qualified applicants : Passive talent evaluates your brand carefully across a number of sources, including your careers site and online reviews, before deciding to apply to a position. Reports of delays in the hiring process will have a negative impact on that all important candidate experience. According to REC over half of all candidates discuss their bad experience with family and friends and those opinions migrate to social media, Glassdoor and various job seeker blogs. Employers need to do more to impress job applicants. If you’re not sure of your average time per hire, invest in an effective applicant tracking system that will provide you with the metrics you need.
Lower quality of hire : A lengthy hiring process doesn’t guarantee an improvement in candidate quality or a better quality of hire. A lack of qualified candidates can't solely be blamed on a shortage of skills. With high achievers leaving your pipeline in search of a more responsive employer, HR will be left with the least qualified applicants, who are normally active job seekers, and a much smaller candidate pool. Sophisticated recruiting software will identify the point at which qualified candidates leave your hiring process and enable HR to evaluate the reasons why. Strong branding, automated candidate updates and an effective hiring process will engage talent in your pipeline and encourage them to pursue the opportunities with your company.
Increased hiring costs : A prolonged process will increase ‘hidden’ hiring costs. An excessive number of interviews (more than three) requires more time and commitment from every party with an interest in the vacancy. The increasing reliance on panel interviews suggested by Glassdoor’s research will also push up these costs. Streamline your hiring process with our tips on how to avoid ‘death by interview’
Poor reflection on your brand : REC states that ‘a strong employer brand can halve the cost per hire and can reduce employee turnover by 30 per cent’. A delay in your decision making process will imply yours is an organisation that lacks HR leadership when it matters. The top performers are fast decision makers and will seek out the same attitude from an employer. If your hiring process is slow what does that say about your company's ability to make decisions on crucial matters?
Impact on productivity, morale and customers : Positions which remain vacant for months impact not only productivity but staff morale as employees are forced to carry out additional responsibilities to cover the gap in skills. Pressure on your existing teams affects employee engagement and retention levels. Vacancies in critical positions means that some vital projects may be delayed or unfulfilled because your company simply doesn’t have the skills available in-house to meet demand. In the worst case scenario, your customers will experience the effect of unfilled positions with a subsequent impact on customer service.
You might also like to read:-
6 Reasons Your Candidate Experience Is Failing
Is Your Company Culture Your Achilles’ Heel?
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