Be honest about your hiring process. How long does it take to extend an offer to a candidate at your company? Three weeks? Longer? All your efforts to find top salespeople or the best software developers won’t matter if your hiring process takes too long in regard to extending job offers.
Recruiting and HR expert Dr. John Sullivan says when you need top candidates in competitive industries such as nursing and software engineering, one-day or same day job offers are necessary to hire candidates who don’t stay available for long. It reduces candidate dropout rates, provides a competitive advantage by reducing opportunities for counter offers, and gets higher acceptance rates.
Increasing your hiring process with fast job offers makes your recruiting process keep pace with advances in technology and social media and changes in the job market. If any of the following recruiting fails are happening in your company, you might want to consider drastically cutting through your recruiting process by adding one-day hiring.
Your Company Loses In-Demand Candidates Late in the Process
If your company loses in-demand candidates late in the hiring process, it means they are getting competing and more attractive opportunities faster than you can make them an offer and hire them. Candidates with their choice of offers won’t wait around for your hiring process to catch up. Even if you are finding and attracting top candidates, unless you have a highly effective employment brand like Google, they won’t stick around for a month-long hiring decision. Sullivan reports that that the top candidates are often only on the job market for 10 days, and employers lose out on over a million dollars for every game changing innovator candidate they lose to a slow process. Hiring them in one day takes them out of the job market quickly and eliminates the chances of many competing offers.
Your Company Loses Revenue Because of Vacancies
If your company loses revenue because key positions are vacant for too long, your hiring process needs an overhaul. Excessive vacant position days cause economic havoc with lost revenue and productivity because critical work will stop or have to be picked up by existing employees or temps. Productivity and output of existing employees is also negatively affected, creating a domino effect in departments and teams that are short-handed. If existing employees or temps fill in to get some of the work done, the quality won’t be the same and could jeopardize projects and clients.
Boston Consulting Group has proven that recruiting has the highest impact on revenue and profits of all HR functions. The study “Realizing the Value of People Management from Capability to Profitability” reports the results of surveying more than 4,000 participants in over 100 countries and showed that recruiting impacts profits more than other HR functions. The fact that a slow hiring process affects revenues should be a motivator to improve the recruiting process.
Your Company Has to Keep Raising Salary Offers for Top Candidates
When you try to hire passive candidates that have been out of the job market for a while, it’s more cost-effective to hire them before they have a lot of opportunity to talk to many other potential employers. If you have a slow hiring process, you are giving your competition time to make offers to the top talent you need. Once candidates have multiple employers recruiting them, their salary demands increase and they will rarely accept your first offer. It’s to your advantage to shorten your hiring process and make fast hiring decisions, especially for in-demand candidates. You’ll have better control over the salary offer and you’ll save time and money.
Andrew Greenberg’s roots in recruiting date back to 1996. He has experience both on the agency-side and corporate-side of the staffing business, with a focus in the financial services space at companies like Bloomberg and UBS. He also has core experience with information technology staffing, and has worked for major software companies such as SAP Business Objects and IBM/Informix Software. To get in touch with Andrew, you can reach him by email or by phone at (800) 797-6160.