The Need for Speed in Hiring: Top 5 Reasons to Accelerate Recruitment

Five words hiring managers dread the most: “I have accepted another offer.” After the build-up of excitement around a candidate, this phrase can be crushing. The worst part is realizing that the choice wasn’t based on a better job, salary, or work environment. It largely was because the competing company asked first.

 

A sluggish recruitment and screening process is costly in many ways, and creating a sense of urgency internally can be challenging. In this post, we’ll delve into five compelling reasons you can use to emphasize the need for speed in hiring.

The Competitive Hiring Market

It’s rare-to-never that you’re the only company on a candidate’s radar. In today’s hiring market, that’s especially true for top talent. Depending on the source, research suggests that these candidates are considering three to five jobs simultaneously. That number is higher if they’re active vs. passive job seekers. 

A speedy recruiting and screening process can help you stand out and secure the best candidates before competitors snap them up, or worse, they simply drop out due to frustration. 

In a survey by CareerBuilder and Silkroad, 68% of candidates said that their experience during the hiring process would affect their decision to accept a job offer. According to Talent Board, 41% of candidates who have a negative experience with a company’s hiring process say they would take their business elsewhere.

Lost Productivity with an Open Headcount

There’s a reason you have this job opening – it fills an essential role within your company. That means every day it remains unfilled, represents a gap in productivity and potential revenue generation. And the longer it’s vacant, the greater the impact on team output and the company’s bottom line.

Consider this: A simple calculation of value lost with a vacancy is 1x to 3x an employee’s salary, but depending on factors such as the level of expertise, revenue loss, etc. the impact can be higher. These costs add up quickly when hiring processes drag on.

Frustration for Applicants

A lengthy hiring process doesn’t just affect employers. It also takes a toll on job seekers. Candidates kept waiting for extended periods may become frustrated and disillusioned with the company. 

Some top complaints are that the screening process required them to jump through too many hoops (e.g., long applications, testing, 3+ rounds of interviews) and stretched for weeks with little communication. It’s no wonder that “ghosting” has become as prevalent in hiring as it is in the dating world.

Consider this: A study by CareerBuilder found that 60% of job seekers quit the application process because it took too long. According to a LinkedIn Global Talent Trends report, 83% of talent say a negative interview experience can change their mind about a role or company they once liked. By prioritizing speed and efficiency in hiring, companies can create a positive impression on candidates and strengthen their employer brand in the competitive talent market.

Impact on Diversity and Inclusion

A prolonged hiring process can also hinder efforts to build diverse and inclusive teams. Research has shown that diverse teams are more innovative, creative, and better equipped to solve complex problems. 

Slow or cumbersome recruitment processes can disproportionately affect underrepresented groups with less flexibility or resources to endure lengthy hiring timelines. By expediting the hiring process, organizations can attract a more diverse pool of candidates and reap the rewards of creating a varied and inclusive workforce.

McKinsey & Company found that companies in the top quartile for gender diversity are 15% more likely to have financial returns above their respective national industry medians. Similarly, companies in the top quartile for racial and ethnic diversity are 35% more likely to outperform their industry peers. 

Build Your Employer Brand

Brand reputation is just as important for hiring as it is for sales. Candidates can easily share their experiences on platforms like Glassdoor and LinkedIn, so a negative candidate experience can have far-reaching consequences on recruitment efforts. 

On the flip side, a streamlined and efficient hiring process can enhance the candidate experience and bolster the company’s employer brand. Candidates with positive experiences are likelier to speak highly of the company, refer other talented individuals, and even reapply for future positions. 

55% of job seekers won’t apply to a company if they read bad employee reviews online. Monitor reviews, respond to them, and use that feedback to guide improvements in your hiring practices. Because companies with higher ratings tend to receive more applications from high-quality candidates.

As you can see, the need for speed in hiring is essential for many reasons, from attracting and landing top talent before competitors snatch them up to minimizing the financial impacts of open headcount. The good news is that, with planning, you can avoid these pitfalls and create a hiring process that benefits your company and candidates. Check out “Top 10 Ways to Streamline Hiring” for easy-to-implement ideas. While you might not be able to implement all of the suggestions above immediately. Take one or two and incorporate them as you search for your next candidate. We promise you’ll see a difference, and so will your candidates.