Is the amount of time it takes you to hire affecting the quality of your new hires?
Britain is currently seeing the lowest unemployment rates in years, resulting in fewer people being available to take on new jobs and contributing to a shortage of workers, especially in the engineering, hospitality and care sectors.
Skilled workers are in demand, but are also in short supply, leaving many organisations scrambling for the remaining talent available that can help to drive growth and productivity.
As a result, the most sought-after candidates are only on the market for around ten days.
At this time, the average time to recruit a new hire is around 28 days, but, with some organisations, it can be a lot longer, causing many to find it difficult to recruit the most sought-after candidates who don’t remain on the market for that long.
Ineffective hiring and a slow decision-making process could be damaging your brand and your bottom-line
A slow or delayed hiring process plays into the hands of rival companies competing for the same talent. Deliberate on a hiring decision and your first choice candidates could have already been snapped up elsewhere, leaving you with lesser quality candidates to choose from. With a lengthy time to hire, an organisation could not only be left with the also-rans, but could be at risk of damaging their brand and reputation.
One of the biggest influences on a candidates opinion of an employer can be the length of the recruitment process, with 79% of job seekers being turned off by a long time to hire, an applicant might have been enthusiastic at the start, but, as time wanes on, they are more likely to become frustrated and give up on the role completely; this could lead to the candidate viewing your company negatively. In addition to this, if a candidate receives little or no communication during what they deem to be an unnecessarily long hiring process, this could severely add to the already-poor impression that have of your business.
Impressions are therefore important. So, if a candidate has a negative recruitment experience with you, not only are they going to be put off your organisation, but, through social media and company review sites, such as Glassdoor, they are more likely to spread their negative experiences to others which, if perceived as true, would aid in deterring many other job seekers from applying for your roles. The knock-on effect of this would be that the negativity around your recruitment brand could also spread to your company brand and put people off from becoming, or even remaining, customers.
A lengthy hiring process might not only be costing you in talent, but it could also be affecting your organisation's bottom line.
The cost of recruitment, including advertisement and agency fees, are expensive enough without extending the amount of time it takes to hire, not to mention the amount of time that recruitment takes from your hiring managers – plus, consider the amount of time it takes away from other staff members who are left covering vacant positions.
Failing to fill in a vacant position could lead to a loss in revenue, a lack of productivity, and an increased reliance on existing staff members to cover other responsibilities. Staff members who are forced to pick up the slack from a vacant position could end up becoming stressed and burnt out, leading to low morale, more sick days, and even less revenue.
Traditional hiring processes no longer meet candidate expectations
Every organisation wants to find the right person for their business, especially with the negative costs associated with a bad hire. However, if recruiting using traditional methods, as opposed to a more modern recruitment solution, it’s incredibly difficult, not to mention time-consuming, to properly sift and assess each application that arrives in the Hiring Manager’s inbox – ultimately, this will result in either the ineffective sifting of applications, or a lengthy process to making a hiring decision. Additionally, the frequency and quality of communication are also likely to be affected; with many candidates having to wait for a long period of time, before finding out whether they have made it to the next stage or not, with some not hearing back at all.
With a traditional, manual recruitment process, it can be difficult to get a hold of candidates to arrange suitable interview times, especially if the dates require rearranging at any point; this alone can cause delays in the hiring process and even lead to candidates losing interest in the role, or being snapped up by another company. Similarly, this could easily happen during the offer stage, whereby difficulty in attaining references or other checks prolongs the offer, resulting in the loss of the candidate due to poor communication.
From candidate attraction to employee onboarding, and even Induction, the time it takes to hire can soon mount up, however, by digitising each stage in the application management process, you can streamline your organisation's recruitment processes to give you a competitive edge in attracting and recruiting the best candidates on the market.
To learn about the benefits of moving away from a traditional, manual hiring process, and advancing to a digital recruitment solution, download this free whitepaper here.