Why Hiring Slowly May Cost You Top Talent

The job market is growing at an incredibly fast pace, meaning the amount of available jobs are increasing daily. As a result, employers can no longer afford to be hiring slowly.

Not only are companies competing against other companies to hire the best people, they are also trying to manage the candidate’s hiring process expectations, which is often dictated by the market.

Presently, the average time it takes to fill a position is 25 days, which is the longest duration since 2001.

What does this mean?

 Employers are taking too much time to funnel candidates through their hiring process.

Consider this: while employers are contemplating whether to hire a sharp candidate they met a couple of weeks ago, chances are that candidate is already receiving offers from other companies (who have faster hiring cycles).

How Recruiting Firms Cut Down On Hiring Time

Let’s face it, employers are busy. Using a recruiting firm allows companies to minimize the amount of time spent finding the best fit for their open position. In order to fill a position, you have to make it a priority – a recruiting firm will make it a priority for you.

Yes, engaging a staffing company comes at a cost. In exchange for that fee companies receive expedited assistance with the hiring and onboarding process while allowing them time to tend to their daily workload.

Best Practices for Clients When Working with Recruiting Firms

• Be familiar with your company’s processes: If steps in the hiring process don’t provide significant value, take some time to evaluate a better approach to increase efficiency and cut down on hiring time. For example: is a phone interview necessary for this position?
• Get to the point: When a candidate comes in for an interview, make sure you are prepared to ask all of the right questions. Dig deep and find out all of the information you can about the candidate while you have them in front of you. The conversation should provide great insight and serve as a foundation to evaluate post interview.
• Don’t miss out: Many companies get caught up wondering if perhaps there is someone else out there that is better. While recruiting firms understand that clients feel comfortable interviewing a handful of candidates, employers need to be aware that if too much time passes you could lose your top candidate which results in going back to the drawing board.
• Trust your gut: Be confident in the information you gathered in the interview to make a decision. Trust your judgment and pull the trigger. Candidates appreciate companies that are able to make timely decisions.

So What Does All This Mean?

People are the most valuable resource within a company. In order to find top talent for your company, it is important to remember to move swiftly. Keeping positions open for too long will only result in revenue loss and declines in productivity.