Despite the ever-expanding workforce, there is a rapidly growing constriction of available to talented job seekers. It’s easy to understand why: Big firms do not let go of their best, and those available are quickly snapped up by firms in search of talented candidates. Thus, stretching your allotted time to fill in a position could hurt your entire recruitment process.
Eventually, the aim of any recruitment strategy and process is to hire the best candidates. For those who have hastily employed the wrong candidate before, it might seem like a good idea to take your time while seeking out the best. However, with the increasingly limited supply of qualified job seekers, is this always a good idea?
Exit of best talents
Job seekers have identified the window period between interview and eventual employment as the most frustrating part of any employment process. A long wait could lead to a loss of interest and pursuit of other opportunities. Your best candidate could easily be somewhere among those who exit the process due to time wastage.
In like manner, candidates are easily put off by a slow and heavily bureaucratic organization that spends so much time getting little things done. A slow-moving organization could mean a lot of things for an individual’s career. Similarly, with several organizations on the look-out for top candidates, a good candidate would easily choose a fast running firm which provides opportunity for immediate growth, with little bureaucratic entanglement.
Unnecessary vacancies impact your organization economically. It is believed that a position would not exist unless it contributes to your overall business output and revenue. Thus, a loss of potential revenue is a direct consequence of an overly extended recruitment process. Is the unpaid salary worth the loss in revenue? If so, you’ll be better off not filling the position at all.
What would you love to see associated with your brand? A lengthy recruitment process could give you a public image as an indecisive firm, and could very easily put-off future candidates. No one will love to waste the time and resources involved in job application and interviewing if there is uncertainty about how long it would take you to hire.
Talent battles and increase in salary
As you linger in decision making for so long, top quality candidates could be identified by other firms who desire their services. This might eventually come down to a head-to-head battle with competitors for who wins the candidate. Losing these battles is expensive, and winning them is expensive as well. When you enter too many talent battles, you discourage top talents who dislike the haggles of the entire process. An eventual loss will mean a loss of the best qualified talent to a rival. Conversely, salaries generally increase due to a bidding war. So, you get to pay more for someone you would have hired for less.
Make your recruitment process a quick but informed one. Before advertising job postings, be certain of the quality you wish to hire, craft a job description that is clear about your needs, have a schedule in place, and make your decision before the deadline. You do not want to incur unnecessary costs for being slow.
Net Gold, LLC is a leading recruitment and consulting agency based in Dallas, Texas. Bringing experience and technical qualification to play, we match top talent with great companies. Contact us at firstname.lastname@example.org or call (972) 839-0415 to learn more.