Your company’s hiring speed is strongly linked to the results of your hiring. If you take a long time to fill a position, you won’t end up hiring a strong employee. Either the top talent will lose interest or they’ll accept a job with your competition, leaving you to choose from the remaining mediocre talent. Here’s how a slow hiring process can damage your company.
The more time you waste, the more time candidates will have to think about whether they really want to work for you. And if you’re dragging your feet, they’ll get frustrated with you. And as they wait, they’ll apply elsewhere. And if you leave them with a bad taste in their mouths, they might never reapply to your company. This means you’ll be left with having to hire weaker employees who aren’t productive and aren’t innovators. A low-performing employee might be stuck working for you for years, meaning the low-quality hire will also cost you money.
Poor decision making
If you drag out the hiring process across several months, you’ll have trouble making comparisons between candidates because your interviews are to far apart. So you might end up hiring the one who’s fresher in your mind even though a candidate you interviewed a few months ago was a lot stronger. And eventually, your hiring managers will get frustrated, too, and they’ll start making brash decisions just to end the whole process—settling on a weaker client instead of seeking out the right one.
Direct revenue loss
Vacant positions in your company will mean direct loss of revenue—it’s hard for people to make your company money if they’re not there. And you might even lose customers if they’re unhappy with your service, an even further loss of revenue. Plus your current employees will be stressed, trying to compensate for the vacant position. Though an increased workload can actually result in more errors, poor performance, and maybe even turnover.
Losing talent to a competitor
Even if you don’t directly lose a top candidate to a competing company, the fact your drawn out hiring process leaves you with lesser quality employees means you’ll lose a competitive edge. They’ll be hiring the most hardworking, innovative, proactive problem-solvers while you’ll have…mediocre, possibly lazy, employees.
Higher salary demands
The longer a position remains open, the more desperate you become. And your candidate pool understands that. In fact, if you have a really strong candidate and companies start bidding for them, you’ll have to up your offer if you really want to snag them.
Damage your brand
Those worn-out, frustrated candidates will start to complain about your company publicly. They’ll tell friends and colleagues and might even post negative reviews on Glassdoor, LinkedIn or Facebook, deterring other top talent to apply in the future.
For more tips on how to streamline your hiring process, contact PrideStaff St. Pete Clearwater today.