Why is efficient hiring so critical to your business?
In the race for top talent, you’re not only running against your competition, you’re also running against time: the speed of the market; the speed of candidates’ expectations; and the ever-increasing speed of change.
As of August – the most recent month for which Bureau of Labor Statistics numbers are available – unemployment in the United States was at 3.9 percent. Other than a slightly lower rate of 3.8 percent in May, this is the lowest number recorded in the past decade. This paints an even more challenging picture. If you drag out your hiring process unnecessarily, your company will feel the pain in a number of ways.
Top Talent Will Be Lost
The best talent on the market isn’t willing to wait around while you make a hiring decision. In fact, the most high-demand candidates are on the market for an average of only about 10 days.
- This includes the loss of the best innovators. These are the candidates who are scooped up the fastest. Slow hiring means you’ll experience key talent shortages in these critical areas.
Your Bottom Line Will Take a Hit
Productivity, revenue, sales … all will suffer as a result of your prolonged hiring process.
- A long, drawn-out hiring process not only degrades the candidate experience, but it could also cost you customers. Up to two-thirds of frustrated candidates may disparage your company on social media – and if they are current customers, up to 15 percent of them will no longer purchase your product. Not to mention what they tell their friends, contacts and connections …
Morale Will Plummet
Not only is slow hiring hard on your company, it also takes a toll on your employees. Whether it’s a department manager struggling to produce with key positions vacant or people who have to work overtime to fill in, the situation will take its toll.
- Other team members will have to work harder to fill in when jobs are vacant. The resulting stress and overwork may lead to more errors, lower-quality output, possible turnover, and in the worst cases, accidents or threats to employee safety.
Your Employer Brand Will Suffer
Word spreads at lightning speed in today’s social media world. Before you can say “we’ll make a decision soon,” the message will be out there that your company drags its feet when it comes to key business decisions. Ouch.
- Because a negative candidate experience is part of the criteria for ranking as a “Best Place to Work,” slow hiring can negatively impact your standings on these important lists.
Are you and your HR team feeling overwhelmed with the pressure of having to hire “yesterday” to fill key open positions? Haste makes waste, so you need to not only hire quickly, but successfully. Turn to the experts at PrideStaff Modesto. We’ll help identify your unique staffing needs and ensure you meet them efficiently and effectively. Contact us today to learn more.