The interview process requires a delicate balance. Although it is important to be comprehensive when vetting candidates, one should be aware that having an inefficient hiring process can cause you to lose your top choice to a competitor as most candidates apply to multiple jobs at the same time. As a recruiter or hiring manager, it is important to walk the thin line between quick and effective without compromising the quality of your hires.
The average length of a job interview process sits at around 24 days. You might think that sounds like an appropriate amount of time to evaluate and hire the right candidate, but the problem is in many cases, the best candidates are off the market within 10 days! If your hiring process lasts a few weeks or longer, it is time to reevaluate it. Knowing which parts of the hiring process to change or even cut entirely is never easy. However, for the sake of efficiency, you need to make changes that will speed things up. Discover the benefits of hiring fast and learn why speed is crucial to netting the hires you need.
Key Benefits of an Efficient Hiring Process
One of the top benefits of hiring faster is the money and resources your business will save. Shortening the length of your hiring process reduces the amount of time yourself or your hiring managers and Human Resource have to spend recruiting, researching and screening candidates, that will save them valuable time to focus on their day-to-day responsibilities. There is also the ongoing cost of your unfilled role to consider. Depending on the role, you may have to supplement the vacancy by increasing the workloads of your other employees, outsourcing to freelancers, or pushing back releases of new software or products; Costing your business revenue and money. By hiring fast, you will save on these important resources.
Know that great candidates will not wait. Being decisive with your hiring process helps you differentiate yourself from competitors and improve your candidate experience as you are not forcing applicants to continually return for interviews and wait patiently for feedback. Responding rapidly to talent and making fast hiring decisions is out of the ordinary that it is definitely something candidates will notice. The hiring process is also a time when the interviewee is evaluating the company and how they make decisions. Additionally, people’s interests ebb and flow based on frequency of contact and time in between meetings. The longer you wait to schedule, the more their interest wane. No one likes to feel like they were the second choice. You want to continue to cultivate that love affair with your candidate until the deal is sealed.
Another one of the top benefits of hiring faster is potentially higher acceptance rates from candidates. The faster and more efficient your hiring process, the fewer offers you will have to compete with to land the tech expert you want. If they do not have time to interview or explore opportunities elsewhere during the hiring process, then they will be more likely to accept the job offer you extend. While a longer hiring process will give the decision makers at your business more time to fully agree on a hire, it could result in more back and forth with the candidate in terms of negotiations or a rejected job offer.
It might go against everything you have been told before but creating a streamlined and efficient recruitment process might be the secret to hiring the best candidates. While additional screening elements have lengthened the hiring process of companies across the board, there are invaluable benefits to prioritizing speed when it comes to filling in-demand roles. Whatever it is, remember that thinking about a decision more does not mean you will make the better choice in the end. There will always be things you never anticipated about a person, whether it is good or bad.