Are you losing good applicants because your hiring processes are taking too long? In this rebounding economy there are more jobs available than ever and it's an applicant's market. The best applicants are receiving multiple job offers and hiring decisions often move quickly. It's already a challenge to secure the best talent in a competitive market, so don't lose applicants because of slow hiring processes. It's more important than ever for your hiring processes to be effective and efficient.
The hiring process is slower than ever in the US, due to an increase of screening steps. According to Glassdoor the interview process is up to 3.7 days longer than in 2010. Here are some factors that can cause the process to take longer:
- Longer interview processes
- Reference checks and background checks
- Skill and behavioral assessments
- Regulatory or legal requirements
- Bureaucracy and internal barriers
Organizations want to ensure they're making quality hires, but lengthening the hiring process can have a negative impact for the following reasons.
How Slow Hiring Processes Can Hurt Your Organization
- Lose top applicants - The most desirable applicants are getting gobbled up quickly. They don't stay on the market long because they're receiving numerous offers.
- Increased hiring costs - Involving more people in the hiring process and adding assessments and checks result in higher costs. These resources can add up quickly.
- Vacant positions - The longer it takes to fill a position, the longer it stands vacant. This has a negative impact on productivity. Current employees have to absorb the extra work and it can also affect morale.
- Poor applicant experience - Applicants can easily be deterred or frustrated if the hiring process is lengthy and complicated. Having a drawn-out hiring process can damage the reputation of an organization.
Dr. John Sullivan, HR thought-leader specializing in strategic talent management solutions, highlights how slow hiring processes damage recruiting in this article.
What should you do now to ensure that your company isn't suffering from current processes? Reevaluate how you are doing things and determine if you should make any changes. Take advantage of applicant tracking software to improve your processes. TAM is helping clients do exactly that with an intuitive and modern applicant tracking system.
In addition to providing applicant tracking, TAM is also fully integrated with background checking,reference checking and behavioral assessment partners to save clients even more time. Simply initiate these services within the TAM interface. TAM is also excited to announce a partnership with SparkHire, a video interviewing platform, to increase the speed of the screening process. A full integration will be released this fall. TAM is committed to helping clients do their job as efficiently and effectively as possible.