We’ve all heard the phrase ‘hire slow, fire fast,’ and while it’s important that you get the right candidate for the position you’re recruiting for, here are our top 3 reasons why taking too long in the hiring process can actually be detrimental to your business.
1. Losing the best candidate.
The job market is competitive and the best candidates won’t be around forever. If you take too long to contact candidates, or have too many stages in the application process it’s highly likely that the best candidate will be swept up by your competitors while they’re still waiting to hear from you or going through stage 7 your application process. By keeping your recruitment drives short and contacting candidates straight away you’re making sure your preferred future employees remain available.
2. Losing out on productivity.
The longer you take to get a new candidate in the door and started, the longer that overdue project will sit untouched and the longer the to-do list becomes. Stretching out the hiring process means that vacant positions can be left unfilled for months, meaning workload just grows and grows. Each unfilled vacancy can have a significant impact on productivity and revenue generation
3. Increased cost.
If you take too long to get back to potential candidates or arrange interviews, it’s likely you’ll have to repeat stages of advertising or interviewing which can increase the overall cost of hiring.
Hiring fast doesn’t mean a rushed hire. With the right job advert which clearly states the role and the requirements needed to complete it, you can hire the right person and hire them quickly.