The longer a hiring process drags on, the more it costs your company – in money, time and attention that could be spent on tasks essential to the business.
Here’s why you need a shorter hiring process.
Unfilled jobs eat revenue.
Any time a position is unfilled, the company loses the revenue generated by that position – to the tune of $13 billion per month nationwide, according to some estimates. You’re also losing revenue generated by staff who must leave certain tasks undone to ensure the open position’s key work is completed.
The rest of your team suffers.
The essential tasks required in a job don’t disappear when the job is open. Instead, other team members must pitch in to ensure those tasks are done. The result is lower productivity and higher stress on the rest of the team. One study estimates that employees under high-stress levels cost a company 40 percent more than the average worker.
Your ability to innovate suffers.
What’s one thing all open positions have in common? There’s no one in them to contribute to your business. Filling these positions, however, means adding another perspective to the team. Additional perspectives, especially from diverse sources, improve your ability to innovate, create, and avoid problems that might otherwise hinder your company from meeting its goals.
Candidates lose their enthusiasm.
The longer a hiring process drags on, the more likely it is that your best candidates will walk away. They’ll accept an offer from another company, or they’ll decide that a business that doesn’t take their time seriously isn’t one they want to work for.
Studies estimate that the average period of time a candidate will wait before dropping out of the hiring process is 24 days. For top talent, that time period is even shorter – about ten days.
How can a company shorten its hiring process? One way is by partnering with a staffing firm that specializes in efficient hiring. Your recruiter can recommend top candidates and reach interested applicants, making it easier to find the right person at the right time.
At THE RIGHT STAFF, LLC, our recruiters connect St. Paul businesses to some of the best available local talent. To learn more, contact us today.