Did you know, your recruitment decisions profoundly impact your business outcomes? There have been examples where companies have settled for average candidates because the top talent dropped out of the recruitment process. Even if they tried to bring them back, they had to offer more salary or benefits.
So what went wrong?
66% of job applicants said that they wait only two weeks for a reply from a recruiter after which they move on to other opportunities, as per a study by CareerBuilder.
The wait time narrows even further as the job positions rise in importance and hierarchy. For example, a highly suitable candidate for a General Manager position would not wait for two weeks before grabbing on another opportunity if a company is slow to respond to his candidature.
Also, any candidate looking for a new opportunity applies for suitable positions at a few different companies. If the wait time is too long, the candidate is bound to take an alternative offer, which comes first. Most of the candidates do not wait for a long time if they are sincerely looking for a change.
An insight into understanding how the long and tedious hiring process and poor recruitment decision making impacts business results
Missing out on top talent
In this competitive scenario, top talent is in high demand. So, when candidates with the most sort-after competencies and skills make themselves open to new opportunities, companies acquire them by making a quick job offer.
Not to mention, companies having a long and tedious recruitment process are likely to miss out on them. Expert recruitment leaders believe that the top candidates are off the job marketplace within ten days of entering it.
So if you want to compete for the top talent, you need a streamlined and fast recruitment process.
Damage to employer brand image
Candidates who drop out from long hiring processes are quick to inform about their candidate experience in their social circle and even on online reviews. Besides, the slow recruitment process of the company gets evident on social media and job portals as the position is open for a long time.
The recruitment decision management also comes under scanner as people perceive slow decision making as a poor performance indicator. Such companies get lower applications both in quality and numbers.
So, if you want a desirable employer image, you need a recruitment tool that speeds up your hiring process via automation.
Increase in hiring costs
When a person, after having worked for many years with a company enters the job market, it is more likely that he does not know his worth and will accept your offer. With fast recruitment decisions, companies can save a considerable amount by making a quick offer before the candidate gets competitors offers.
When companies take a long time to decide and make an offer, they have unknowingly given ample time to the candidate to assess his real market value by applying at multiple companies and even receiving offers. Such candidates then demand a higher package over what they would have settled for earlier.
Additionally, the traditional hiring process involves managers to take time out of the routine work to evaluate and interview candidates repeatedly resulting in accrued productivity costs. The hiring costs climb further when recruiters interview the same candidate several times before making a recruitment decision.
So, if you want to lower your recruitment costs, you need a platform to facilitate fast evidence-based hiring, while eliminating human bias and errors.
Loss of productivity and revenue as well as lower customer experience
If a revenue-generating position is vacant for long, it leads to income losses to the company. Similarly, if an unoccupied job position is responsible for carrying out critical tasks, there is a loss of productivity.
High turnover, low retention rates, and empty customer support positions adversely affect the morale of existing employees, who need to compensate for the missing team members’ work as well. The quality of customer service drops, and it does not take long for the customers to realise the same, resulting in lower customer experience.
So, if you don’t want to make revenue and opportunity losses, you need e-recruitment and selection mechanism.
