Competition for skilled candidates is high. It was and always will be. Within the snap of a finger, top performers come and go, and the speed of your hiring process will determine whether or not you get your pick of the best candidates. We live in an instant gratification world where coveted applicants will take advantage of the speed and efficiency of your competitors.
Candidates are no longer willing to “work through the process” to find their ideal job. Currently, the best candidates are off the market within 10 days.
Unfortunately, many hiring managers miss out on this pool of viable candidates as they spend weeks, even months, going through hundreds of applicants. It doesn’t reflect positively on the company or the executive management as a whole. Not to mention that this lengthy process wastes time, manpower and money!
Here are some reasons you need to get the ball rolling on a speedier hiring process.
Slow hiring = weak performers
Slow hiring practically GUARANTEES a weak performer. Top talent is rarely available after the 30-day mark because of alternative offers they’ve received. Passive candidates will be unwilling to wait and oftentimes they’re the most qualified candidates. If these lower-quality hires stay, the cost of low-performance work accumulates fast. Just as bad, if they quit or get fired, you’re now back at square one.
Not preparing is preparing to fail
Transparency should be expected. Be honest about the next steps and a timeline. If you are unsure about your timeline, create one. Just as with any goal, it is oftentimes impossible to accomplish things in a timely manner when there’s no standard for the team. Streamline your process to prevent candidates from losing interest and moving on.
Many candidates are going to ask about your timeline at the end of your interview. If you’re answering with a “We are willing to wait as long as it takes, we don’t really have any deadlines”, there is a problem.
The longer you wait, the pricier it gets
The longer a top candidate is in the job market, the more expensive they become. You want to move the process quickly when a top candidate has just applied because the competitive bidding hasn’t started. You’re actually saving money if you can nab them before they’ve circulated through the job market.
Verbal offers aren’t reliable
So, you’ve given them a verbal offer. That’s good enough to buy you some time, right? Wrong.
If you’ve provided a verbal offer, you need to get the written offer back to them within 24-hours, ideally, on the same day that you spoke to them. Nothing is ever official unless it’s in writing. Candidates are keener on competitive offers that are typed out. There needs to be no confusion between the hiring manager and the candidate.
The process is a waste of time
This is one of those situations where you need to make time to save time. Identify why the process is taking forever in the first place. Is it because you have too many interviews? Is it because you aren’t using a recruitment firm? Is it because the candidates are ghosting? Managers can’t complete their managerial work when the process is taking an eternity. The entire recruiting process will suffer, which takes the manager and recruiter time while amping up the initial hiring costs. Dedicating concentrated time, in the beginning, is almost always worth it. Candidates are certainly expected to make time to interview, and so should management.
Outsourcing to a recruitment firm can widen the talent pool and increase your hiring speed. At JDI, we offer quality candidates after just 3 business days. Reach out to one of our recruiters here.