Optimize Your Hiring Process to Win the Competition for Talent
Hiring is a challenge, even in the best of times. To win the best talent, you need a great job advertisement, a streamlined job interview process, and a clear way to assess candidate viability and fit.
When a job seeker decides to apply with your company, it is a great moment of accomplishment. It means that your recruiting strategies are working and that your job ads are attracting candidates. In good circumstances, you will receive a high volume of applicants. However, in most markets today, it truly is a job seeker’s market. This means you will receive fewer applicants, if any at all. Whether you have too many applicants, or too few, choosing which is the best fit for your organization is time-consuming and difficult! To avoid the mistake of hiring the wrong candidate, you may take too long. Then, when you finally decide on a great candidate, they have taken another offer.
Have you ever heard that saying, “Time kills all deals?” It is especially true in recruiting. The best candidates tend to get hired faster, and often get multiple offers.
Slow Hiring Limits Recruiting Success And Damages Your Bottom Line
The time between the initial application and the moment a candidate is hired can turn into a limbo. The risk of losing valuable candidates increases every day, and the negative impacts resulting from slow hiring are numerous.
What Are The Biggest Risks Of A Slow Hiring Process?
Competitors Beat You To The Job Offer Stage
When great candidates are in high demand, your competitors for talent will work especially hard to win those candidates. You may be competing with above-market compensation, extra perks, paid training or continuing education, and much more. Hiring is difficult, and competitors constantly refine their hiring process to stay one step ahead. Win the best candidates with attractive job qualities and by moving quickly through the job interview process.
Top-quality candidate are only on the job market for a short period of time. If you stretch out the hiring process, the most in-demand candidates will drop out, forcing you to start over.
Decreased Quality of Hire
You might think that taking more time to make a hiring decision would result in better hires. You could have more time to gather information and feedback, weigh your thoughts, and select the finalists. Unfortunately, a slow hiring process often has the opposite effect. The longer you take, the lower the quality of candidate you will hire. This is directly correlated to competitors making decisions more quickly, and winning the battle for top talent.
In fact, the longer you take, the more likely even those who would have been your 2nd, 3rd or even lower choices will have moved on, leaving you to choose from the least desirable candidates.
Lost Revenue And Productivity
A long hiring process means that vacant positions go unfilled for months. Some think that having position vacancies saves money because you save payroll costs. However, smart businesses calculate the damage vacancies can bring to your bottom line. Damages may include reduced sales, missed appointments, or the inability to grow when you could have otherwise. Staff members are forced to take on the responsibility for the vacancy, which will reduce their productivity in other areas.
A long vacancy may even have detrimental effects on your customer base, and cause you to lose customers because of poor service quality.
What Is The Secret To Hiring The Best Candidates?
Time is the secret. You must optimize your hiring process to ensure you can hire quickly when the right candidate presents him or herself.
Follow These Steps To Optimize Your Hiring Process
- Know what kind of candidate performs best in your job opening before you begin interviewing.
- Write a great job ad focused on how you meet the needs of the job seeker.
- Show respect for the time candidates have taken to complete your application process. Follow up within 48 hours.
- Communicate with candidates in ways they communicate in day-to-day life. Texting is often is the fastest and easiest way to get a response.
- Keep candidates engaged in the process. Inform candidates about next steps.
- Ask candidates if they’re interviewing elsewhere. If so, inquire as to what is appealing about that opportunity, and where they are in the process.
- Overcommunicate. Candidates left to guess whether they are still being considered will move on to other options.
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