5 impacts of a slow hiring process
“HIRE SLOW, FIRE FAST?”
There is an old adage that relates to timing within recruiting which is “hire slow, fire fast”. This isn’t something that I agree with, nor advocate as it harks to the time of a one-sided and more archaic approach to the hiring process. The importance of time is easier to see on reflection, yet why is it often forgotten?
There are several potential impacts for not considering time in the hiring process and I have included a few examples below and how you can address them.
5 Impacts of a Slow Hiring Process:
A loss of productivity – positions standing vacant can be taxing both on your financials and your current employees. To ensure there is no lapse in the department of which there is a vacancy, overtime usually increases. This, or even the lack of, can add undue stress for other staff who are left to pick up the slack. The way to minimise this is to ensure that the gap between having a hiring need and a new team member joining is as short as possible. Communicate the progress with your existing team and think about what incentives you can offer to reward their extra effort.
Candidate loss – this may occur if your hiring process slows in momentum and your ideal candidate loses interest. The more time that candidates have to apply for other roles, the greater the risk of them accepting another offer. This issue can be avoided by having an awareness of the time of which has passed since their application and the realistic timeframe until you can make the offer. Communicate regularly to your shortlisted candidates regarding their application process. It may sound simple, but you would be surprised at how much it means for a candidate to be kept updated – your decisions affect their future.
Cost of interim hires – an interim (contractor) hire is often a necessary stopgap used to minimise the impact on a business and the broader team. A great idea, right? Maybe, but recognise that these are generally a more expensive decision. A contractor inevitably leaves on completion of their assignment, duplicating the onboarding and associated costs. The first thought for many is to make the position a temporary to permanent one, which effectively minimises the cost duplication, although it does limit the overall candidate pool.
Cost of Management time – this is arguably the most understated cost of a prolonged recruitment process. The longer the process takes, the more time is invested by a hiring Manager in pre-screening, interviews, and progress meetings. The most efficient way to reduce this risk is to establish a clear and realistic understanding of what you are looking for in a potential hire and how are you going to find them. Do this first, before you even start advertising for the role.
Loss of revenue – this can be one of the biggest costs. It becomes more evident when the vacant position is revenue generating, but roles that act as a service to the business (such as Accounts Receivable), can also have a significant impact on revenue. The clear way to decrease any potential for revenue loss is by again, undertaking a pre-planned, effective, and efficient hiring process. This will ensure that not only a speedy hire is achieved, but also puts you in the front seat to secure the best possible candidate for your business.
Like anything, there will often be impactful events that you cannot plan for, or avoid during a recruitment process, especially if the vacancy was unforeseen, but by implementing a planning stage to your hiring process, you will be able to minimise the majority of negative impacts along the way.
Overwhelmed, or unsure on how to even start? You are not alone. Click here to contact us today for a confidential chat on how Stone can help you plan your hiring strategy and help find you your next superstar.BACK