In a 4 percent unemployment market, companies with slow hiring processes will lose good candidates. The reality is we are experiencing the lowest unemployment we’ve seen in 17 years, and it’s driving a talent war in categories as diverse as retail workers to computer programmers. It’s not just millennials that have grown frustrated with outdated and long hiring practices; a slew of startup companies are launching artificial intelligence (AI) tools to speed up the hiring process.
Slow hiring practices can damage a company’s ability to hire top talent, opening the door to recruiters that are hungry to fill job orders. Here’s how a long hiring process can negatively impact your business.
The Bottom Line Impact of Slow Hiring
We already know employee job churn has a significant negative impact on a corporate bottom line, no matter the industry sector or size of the business. So, we’re not suggesting cutting out the due diligence that should precede every new hire. But companies should take a closer look at how long it takes to screen candidates and even what the application process entails. Not only could good candidates disappear into the void if these processes are antiquated, but there is also a clear economic impact:
- A lower quality talent pool
It’s just common sense that the best candidates are hired first. Think about who may be left in the pool if all the fastest swimmers are dry docked. HR managers know it’s always a red flag when candidates are unemployed for a long period of time. It’s like picking teams for dodgeball; the best players are always selected first.
- Lower productivity
The longer a position stays empty, the less work will be done. The impact is felt even with one vacancy in a small business; now imagine the impact of several unfilled roles in a corporate setting. Now think for a moment about the other places negatively impacted by empty seats on the bus. How is a slow job search affecting your existing employees?
- Higher employee stress
Taking too long to fill jobs means someone will be tasked with the extra workload. Existing teams feel the heat of an unfilled job more than you might imagine. If the workload isn’t picked up by a new team member soon, this could result in lower overall productivity, increased employee errors, lower quality, burnout, and possibly, increased turnover.
- Loss of competitive advantage
If your hiring process is frustratingly slow, you open the door for your competitors to snatch up the top talent. Losing a potential “A” player means your company may lose some of the innovation and expertise so important to staying ahead in today’s competitive markets. Don’t give home court advantage to the competition; improve your hiring process by speeding things up.
Partnerships to Improve Hiring Speed
If you’ve realized your HR team is so busy your hiring process is bogged down, why not double your output by partnering with Blackstone Technology Group? We can put you in touch with prescreened talent that will improve your hiring metrics. Contact us today.