A slow hiring process can end up costing you the top talent you were hoping to onboard. Here’s a little food for thought about why that could happen.
- High-demand candidates will fall out during the late stages of recruitment. These candidates are going to be in high demand in the job market. Offers are going to fill their inboxes quickly, which translates into very little time until they are off the market. If your company is a little slower in extending an offer, there’s a chance your offer may come after several others and that could mean after the one that has already been negotiated and accepted. A long hiring process could easily mean losing out on a good candidate.
- Long delays in hiring make for lost revenue and productivity, and they also create an intimidating backlog for a new hire. It seems appealing to have salary savings by not filling positions. In reality, either staff is frantically trying to keep up with the volume of work or it is all accumulating. No one wants to walk into a new position and be set to fail.
- Slower hire could mean higher salary. With multiple offers rolling in for high-demand top talent, they know their marketplace value. You can expect greater haggling and ample competition, especially from those who may have started negotiations before you did. To lure them to your firm, you’re going to need to raise the stakes.
- You’ll be a slow decision maker to your top prospects. Often prospects are talking with other prospects. These networks discuss companies and hiring processes; you could get saddled with a reputation for being slow to move. This may cause other top candidates who are looking to move faster to forgo applying with your company altogether.
While you don’t want to rush to hire, you do want to use a streamlined and appropriately paced hiring process to ensure that top candidates are acquired to your team. PEAK Technical Consulting can help you manage your hiring and bring you the best talent for your openings. Contact us to find out all the ways we can help.