That number is from a 2015 report by Glassdoor’s research division, which found that the average hiring process now lasts 22.9 days, a 10-day increase from 2010. Other sources estimate that the hiring process can drag out even longer, as much as 28 or even 34 days.
Between 2010 and 2014, the study found that:
There’s nothing inherently wrong with an employer having a slower hiring process. In fact, it’s often preferable for an employer takes the time to take the time to thoroughly vet candidates to ensure they really know who they’re hiring, rather than risk hiring the wrong person. Taking too long to make a decision can, however, seriously damage a company’s corporate recruiting efforts.
Case in point: According to Officevibe.com, top talent candidates move much more quickly than employers, and are in fact usually off the market in just 10 days. Although employers may not be looking for an A-list candidate to fill every posting, missing out on a great candidate because the hiring manager or team just couldn’t make a decision can be a serious blow (especially if they get scooped by the competition).
Losing out on a great candidate isn’t the worst consequence of a slow hiring process, however. Much more alarming is the quantifiable daily cost of an open position going unfilled: Every day a position remains vacant results in lost productivity, lost opportunity, lost service, etc., all of which have a real-world impact on a business’ bottom line.
Want to know just how much your open positions are costing you? Just use the simple three-step formula below: