Is your hiring process taking too long? You could be losing out on top talent if it is
Posted on Tuesday, November 14, 2017 by THE MSS TEAM — No comments
It’s understandable that you don’t want to rush the hiring process. After all, making the wrong hiring decision can prove very costly to your business. But, taking too long can prove just as costly as you could end up losing out on the very best applicants by subjecting them to a lengthy hiring process.
Why does the hiring process take so long?
If you feel like your hiring process is taking too long, you’re not alone. The time it takes to make a new hire is longer than it has ever been, at an average of 27 working days. What has caused this shift?
Employers and recruiters seem to be more cautious than they used to be when hiring new employees, most likely due to the rising cost of recruitment and bad hires. They want to get it right first time, so they’re adding in more steps to the hiring process, holding multiple rounds of interviews and requiring additional steps such as background checks and skills tests. Each of these steps adds a certain amount of time to the hiring process, as shown in the table below from Glassdoor.
The consequences of a long hiring process
We’ve seen that the average hiring process takes 27 days, but top talent won’t stay on the market that long. The best candidates tend to be hired within 10 days. This means that taking too long to make a decision or prolonging the interview process could make you miss out on this talent. A company with a quicker hiring process may snap them up before you get a chance.
A lengthy application process could also mean you miss out on some of the best applicants, as 60% of job seekers have admitted to giving up on an application because it was taking too long. Your entire hiring process should keep applicants interested in the role and excited about the opportunity. This goes for after the interview, too. If you don’t get back to candidates within two weeks after an interview, statistics show that at least half will lose interest in the role, causing them to seek out other opportunities.
How to shorten your hiring process
You don’t want to miss out on your ideal candidate by taking too long to hire them, so how can you streamline your hiring process to resolve this issue?
- Create an accurate job description – Make sure your initial job description is completely clear and accurate regarding the precise skills and experience are required for the role.
- Skip the phone interview – The table above shows that phone interviews add between 6.8 – 8.2 days to the hiring process. Skip this outdated step and go straight to the face-to-face interviews, whether via video or in person.
- Don’t waste time scheduling – Scheduling individual interviews can be unnecessarily time-consuming. Try using an automated scheduling tool or block out one or two days dedicated to interviews, so there’s less messing around deciding on the date of each interview.
Screening candidates and selecting the best fit for the role is not an easy task, but making an effort to streamline the process can improve your chances of finding the right fit before a competitor beats you to it. Don’t lose out on the top talent just because of an inefficient hiring process.
MSS People has recently launched a bespoke video interviewing software that is already providing to enhance the candidate experience and reduce the time (and cost) to hire for employers. If you are looking to make your next hire, get in touch with the team today.