You don’t want to be impulsive when hiring new employees because that can lead to bad decisions. But at the same time, you don’t want to be too slow because that can hurt your company as well. Here are some of the main consequences of a slow hiring process.
A 2016 SHRM study found that the average time to fill a position is 42 days, and the average cost is $4,129. That’s a significant amount of money as is. But if it takes your business even longer, you’re likely looking at even bigger costs. Why?
You’re going to make lower-quality hires simply because the top candidates are often gone after 10 days. Having a sluggish hiring process means you’re left with the weaker performers because those are the only ones that are still available. In turn this can result in:
- A lower-skilled staff
- Reduced productivity
- Fewer sales
- A poor customer experience
In the long run, this can really take a toll on your company financially and adversely affect your bottom line.
It Can Create Issues With Candidates
Job seekers don’t want to wait forever for a company to make a hiring decision. If they don’t get a response within a reasonable amount of time, many will look elsewhere for other job opportunities. And it’s likely to leave a bad taste in their mouth. This is especially problematic when it comes to top-tier talent because you may end up missing out on a rock-star employee simply because you took too long.
It Damages Your Brand
Word spreads quickly these days through social media and other digital outlets. If candidates feel frustrated with your hiring process, they may vent and spread negative comments. In turn, this can reduce the number of future candidates you get and can sour your overall reputation.
It Can Result in Bad Decision-Making
And it can be equally frustrating for your recruiters. Having an overly lengthy hiring process makes it harder to compare candidates if there are large chunks of time between interviews. This makes it more difficult for your recruiters to choose the right person. You’ll also find this often leads to settling on someone out of sheer exhaustion, which doesn’t tend to end well.
It’s one thing to take your time, think it through and find the right candidate. But as we’ve just learned, it’s important your hiring process doesn’t become too slow because it can hurt your company in several different ways. At the end of the day, it’s about finding the right balance and striking while the iron is hot.
Struggling with your recruiting? Contact the friendly professionals at PrideStaff DFW today and learn how we can help.