10 Dec SLOW RECRUITMENT PROCESSES LOSE HOT PROSPECTS
I just had a client request a meeting with a star candidate I recommended to them four weeks ago and low and behold I had to let them know that the candidate had started work with an opposition company a week ago.
WHY? Slow recruitment processes!
This is not a once off. It occurs at least twice a week. I am sure that all HR and Recruitment Consultants who hunt top talent have experienced this.
I understand that big companies often have more red tape and recruitment processes to follow. I also understand that it is difficult to get panels together and difficult to get signatures of authorisation for interviewing candidates, but at what price? There is a war for talent and if you don’t re-look your selection process you will not get the top 5% of candidates in your industry, but rather candidates who are available and definitely not the best for the business.
Top talent has at least 3 offers or interviews in recruitment processes. They are being hunted daily and when they make the decision to move companies, they do have options. It is no longer a market where candidates are desperate and will wait 3-4 weeks for an interview. Skill shortages is not just a South African issue, it’s global and yes, we are losing the war.
The root of unemployment is not only a lack of jobs, but a key underlying issue is also the inadequately educated workforce. Companies who understand that top talent do not stay looking for work for long, have a distinct advantage. Those companies who have tailored their recruitment processes to see top talent quickly, are those companies who are beating you to the candidates.
Many firms now go the first step and track some variation of the “time-to-fill” metric. But despite that metric, not only are firms still almost universally guilty of painfully slow hiring but to compound the problem, few recruiting leaders truly understand the many negative recruitment processes that impact and result from slow hiring process timeline.
I estimate that the impact at most corporations exceeds tens of millions of rand’s each year and the rand loss from this factor may be as much as 10 times higher than losses resulting from low recruiting efficiency related to the more popular “cost-per-hire” metric.
It’s not enough to be conscious and aware of slow hiring. Identify and then quantify in rands each of the negative impacts of slow hiring, so that everyone from the CEO down will support the streamlining of the recruitment process.
A big misconception that needs to be addressed is the old-fashioned way of thinking is that a slow recruitment process improves the quality of those you hire. You will lose most of the candidates who are in high demand during the late stages of your recruitment process. You also will lose significant revenue and productivity because vacant positions are open for too many days and essentially you end up paying new hires more in salary because they will be bid on by opposition.
Your image of being slow decision-makers will cause you to lose many top prospects. Recruiting is a lot like acquiring a Grade 12 dance date. If you wait 40 days to make a selective decision, you must realize how relatively “ugly” your new hire is likely to be!
Connect with us should you need help in moving swifter in your recruitment process.