What Is Your Slow Hiring Process Costing Your Business?
Is your slow hiring process costing your organization more than just top talent?
If you’ve ever thought that the hiring process seems to just be getting longer and longer (and slower and slower), you were right: The average hiring process now lasts more than three weeks.
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.
So what's behind the slowdown?
Between 2010 and 2014, the study found that:
- The number of employers using background checks almost doubled (from 25% to 42%).
- Pre-employment assessments became more popular:
- The use of skills tests rose from 16% to 23%.
- The use of personality tests rose from 12% to 18%.
- There was a slight increase in the number of employers utilizing drug tests during the hiring process (from 13% to 23%).
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.
Consequences of a slow hiring process
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:
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So how can employers be both methodical and swift in their hiring process?
Speed up your hiring process with an applicant tracking system.
As with most process conundrums, the answer is technology. When it comes to recruiting, the use of technology is nothing new – online job postings are now considered a must, candidates can easily search for jobs on Twitter, etc. But candidate sourcing isn’t the only aspect of recruiting that can be improved using technology.
Applicant tracking systems (ATSs) are online platforms that simplify and streamline the entire recruitment process – from sourcing to selection – by allowing recruiters and hiring managers to seamlessly to direct every stage of the process all from one electronic system, eliminating the never-ending paper chase of traditional recruiting.
What features does an applicant tracking system include?
Every ATS is different, but below are a few of the features that are common to many platforms:
- A searchable resume database that allows users to both conduct a broad search of all candidates in your area, or narrow down their candidate pool by factors like experience, education, availability and more;
- Automated workflows to easily move applicants through the hiring process;
- The ability to communicate with applicants securely directly through the system, including email and video conferencing;
- Real-time interview scheduling with calendar integration; and
- In-depth reporting tools that allow organizations to optimize recruiting efforts.
Keep your hiring process moving forward with G&A Recruit.
G&A Partners’ applicant tracking system, G&A Recruit, completely transforms how employers find and connect with top talent. By replacing manual process with automated and easy-to-use tools, this ATS significantly shortens an organization’s time to fill and time to hire.
Learn more about how G&A Recruit can help your organization source, recruit and hire the best candidates quickly and efficiently.