Is your Hiring Process Hurting Your Business?

Hiring the right individual for your business can feel like a daunting process at times. From drafting the job description, marketing the opening, sourcing and screening applicants, interviewing, completing background/reference checks, to making an offer. That’s already seven steps! In today’s hiring market it has become abundantly clear that the standard process of six to eight weeks is just too long for most candidates. In this current candidate-driven market, taking this long can cause you to miss out on some amazing talent.

While the talent selection process is important to your business because of the production and performance value employers get by making good hires and the high cost of replacing employees as a result of bad hires, today’s economy just doesn’t allow a 6-8 week delay which can also cost you thousands in revenue weekly. Recent studies revealed that when job seekers that are forced to endure lengthy hiring processes up to 40 percent lose interest in the position and pursue other opportunities. It also makes candidates wonder about the company’s decision making ability in not only human resources but in other areas as well. Nearly 60 percent of job seekers say the most frustrating part of searching for a job is the long waits for interviews and notice of any decision made. Let’s be honest, everyone is looking for the best fit.

So what can be done to ensure that your hiring process is a good one? To be certain that you are doing everything possible to ensure a great selection is made but how can the process be sped up? By tightening your timelines without skipping a beat you can ensure the process is smooth, timely and effective. Improving your hiring process can not only save you time and money but it can increase your chances of hiring great talent promptly and effectively.

Effective Hiring Practices Will Save You Time and Money

In this candidate-driven market, make sure your hiring process is candidate friendly. Make sure you don’t create too many unnecessary constraints or steps to an offer. For example, an effective hiring process used by a well-known technology giant looks like this:
1.) Candidate applies – undergoes internal resume and/or email screening
2.) Interview – Initial phone screen by HR
3.) Onsite Interview- done by a panel of hiring authorities
4.) Offer
During this process, the candidate is kept informed at each stage of their status in a timely manner without being left to wonder what’s going on.

Another helpful option to improve your hiring process is to outsource all or part of your recruiting efforts. Choose an established professional that can clearly define and set up the steps needed in your hiring process according to your current needs and their expertise. Having a professional highlight where there may be flaws in your hiring process is a revenue saving move. They can assist with narrowing your needs and clearly defining them, ensuring that large candidate pools are properly sourced and utilize interviewing techniques to effectively deliver strong candidates to the company’s decision makers.

There has been a shift in the dynamics of hiring which allow job seekers the ability to move on to other opportunities once a delay occurs. By establishing an effective hiring process you can save time, money and avoid losing out on great talent which may pass on your company due to its lengthy hiring process.