How to lose top talent: have you got the hiring process from hell?
The best people in the business know their worth, and are willing to take a leap. We know that the recruitment process takes time: careful planning, screening methods, budget, internal politics. But your candidates don’t care about that! Here’s why it’s in your interest to cut to the chase and get the best talent on board.
You’re too slow
It takes around a month for a candidate to find a new position… but the best candidates are already snapped up within 10 days.
Let’s face it, they don’t have to look far and wide for jobs; their skills and experience are much in demand, and the jobs come calling for them.
The longer you string out the hiring process, the more you risk losing them to other companies who took the initiative to seal the deal while you’re still mulling it over.
Top employees are fast decision makers
Top people like to think fast on their feet, so if you move slowly then you’re waving a loud and clear red flag: you’re not for us, and we don’t respect your time and effort.
This is a fundamental reason why these people drop out of the recruitment process more quickly; they’d rather work for fast-paced companies that take initiative. With other great companies (perhaps your rivals) vying for their talent, they don’t need you if you can’t see their value straight away.
By the same token, maybe your company is of the slower-moving kind, and that’s not a problem in itself. It’s problematic if you target candidates who tend to move at lightning speed, and if you don’t manage their expectations.
Is there a disconnect between who you’re targeting, and your business objectives and culture?
Only the weakest survive a long process
Again, it’s a candidate’s market. When a company takes too long to ponder their decisions, top candidates decide quickly that the role is not serious enough for them and they drop out.
According to Undercover Recruiter, 60% of candidates have quit applications because it dragged on for too long. You’re potentially left with weaker candidates in the final stages of the selection process.
Don’t leave it until the bitter end to decide on the right person; if you think you’ve found the right candidate, then make the first move and put in an offer.
Slow hiring makes top candidates drop out quickly
Top candidates can feel devalued and frustrated by slow hiring, even to the extent that 64% of those who had bad experiences would share it with family and friends. Almost a third would actively discourage others from applying to that company.
Remember, word of mouth works both ways, and a poor recruiting process can hurt your brand inside and outside the industry.
Treat top applicants with diligence and make a swift decision – and you’ll be rewarded with a candidate eager to hit the ground running and to do great work from day one.
Slow hiring decisions cost YOU more money in the end
Empty seats in your company cost money, but taking too long to put bums on them can hurt your budget too.
If top talent, (even the individuals who don’t know their true worth), are left on the back burner for too long, you could end up forking out more to tempt them on board.
This is because in the time it’s taken you to make your decision, those applicants are weighing up even better offers, which means you now have to outbid them. If you act quickly and put in the first offer, you could save a lot more money.
So, when you see a golden candidate standing out in the early stages, don’t string them along. Make them an offer, make it good and make it quickly!