It’s never a good time to have a slow recruitment process and/or a slow hiring process as an employer or organization.
It’s bad during a candidate-driven market, like the one we were experiencing up until recently. And it’s bad during a down market, like the one we’re currently experiencing.
Speed is essential in the recruitment and hiring process . . . always. That’s because speed is how you’re able to find, recruit, and hire the best job candidates in the marketplace. (And remember, just because we’re in the midst of a pandemic and quite possibly a recession does NOT mean that the best candidates have simply disappeared. They’re still out there, waiting for you to find them.)
Here’s the problem. The recruitment and hiring process in the United States has become slower than ever. Now keep in mind, this didn’t happen all at once. It’s occurred over a period of years, during which more people became involved in the process, more steps were implemented, more “red tape,” etc.
Reasons for a slow hiring process
Below are the top reasons why an organization may start to suffer from a slow recruitment and hiring process:
- Longer interviews, including phone screens and in-person interviews
- Reference checks and background checks
- Skill and behavioral assessments
- Regulatory or legal requirements
- Bureaucracy and internal barriers
Okay, we get it. You don’t want to make a bad hire. If you think about it, nobody wants to make a bad hire. So you might think that you’re justified in taking your time, vetting the candidates, and carefully selecting the “right one.” It may seem that way, but in reality, you increase the chance of making a bad hire the longer that you take to make that hire.
It may seem counter-intuitive, but the key is not to take a long time to ensure you make the right hire, the key is to do everything better and faster so that you can make the right hire more quickly.
The impact of slow hiring process
Let’s cut to the chase, shall we? A slow recruitment process and slow hiring process can have a negative impact for the following four reasons:
#1—Loss of top candidates
Top candidates are passive candidates, which means they need more convincing to first enter the hiring process and then stay in that process. The longer the process takes, the more likely it is they will drop out of the process.
#2—Poor candidate experience
The issue of employer branding is a separate one, although it can have just as damaging an effect. And in this instance, the experience of a B or C-level candidate is just as important as the experience of an A-level candidates. That’s because the Internet and social media “level the playing field.” You don’t want anybody, regardless of the caliber of their candidacy, to be bad-mouthing your organization to their many friends and colleagues.
You know how the story goes. The longer an important position stays open, the more productivity your organization loses. And the more productivity your organization loses, the less profitable it is overall. This underscores the importance of not only filling these positions with the best candidates possible, but also filling them in the shortest amount of time possible.
#4—Increased hiring costs
This is where the “double-whammy” gets you. That’s because not only do you lose money when you leave an important position open for an extended length of time, but you also lose money when the recruitment and hiring process drags on and on. It makes sense. The longer that it takes to keep something going in the business world, the more it’s going to cost. Now you’re losing money at both ends of the process.
Improve your recruitment process with TAM!
What’s the solution? What should you do to ensure that your organization doesn’t suffer from a slow recruitment process and/or a slow hiring process? Here’s a simple two-step solution:
- Reevaluate how you are doing things during the recruitment and hiring process and determine if you should make any changes.
- Take advantage of applicant tracking software to improve your processes.
The Applicant Manager (TAM) is helping clients improve their processes with an intuitive and modern applicant tracking system. In addition to providing applicant tracking, TAM is also fully integrated with background checking, reference checking, video interviewing, and behavioral assessment partners to save clients even more time.
Do NOT fall victim to a slow recruitment process and/or a slow hiring process. Let TAM help you to make the right hiring decisions more often and more quickly. We can streamline your applicant manager, hiring, and onboarding efforts with a talent management software package that’s as affordable as it is powerful.
Request a live demo of TAM today and see what it can do for your organization!