How to Avoid Losing Top Talent to a Slow Hiring Process

Is Your Slow Hiring Process Costing You Top Talent?Innovators and top performers are in high-demand – especially within the confines of our economy’s immensely competitive tight labor market. With a slow, drawn-out hiring process, your company is not only allowing top talent to slip through your fingers, but you're also running the risk of damaging your brand's reputation by communicating to potential hires that their time and value isn’t worthwhile.

Delaying your hiring process will reduce your quality of hire. This is because in today’s candidate-driven marketplace, highly sought-after candidates are entertaining multiple offers and are likely to accept a position with a competitor over your company when subjected to a lengthy interview process. In addition, your company will be shouldering a significant financial loss when revenue-generating positions are left unfilled. Prolonged hiring can negatively impact productivity, especially if your team must compensate for the added workload that comes with needing an extra worker in place.

To reduce time-to-fill and ensure you’re maintaining a competitive presence in the marketplace, there are several factors to avoid when navigating your recruitment and hiring process. Here’s a look.

Lack of Interview Availability

As your staffing agency partner, the most effective way to mitigate the painfully slow back-and-forth process of identifying available interview times is to set aside time in your schedule up front. By providing your recruiter with your availability beforehand, they will be able to quickly and efficiently coordinate with top talent to ensure you’re able to have a face-to-face meeting as soon as possible. Living in an era ruled by technology, another solution is using digital means for scheduling time with candidates. For example, many employers are using programs, such as Calendly, which allows recruiters to view your availability online and reserve a spot on your calendar with a mere click of a button.

Weeks of Delays Due to Busy Managers

Stretching out your interview process over weeks and weeks of time is a great strategy for losing out on top talent. When the hiring process involves multiple individuals, it’s important to coordinate internally and set aside time on a weekly basis when all parties involved will be available to meet with prospective candidates. Just as daily or weekly department meetings are a standard practice, incorporate interviewing into your company’s routine procedures. Measuring, and even rewarding, the department heads and hiring manager's ability to meet interview deadlines will help redirect the focus back on the importance of timely interviewing.

Endless Rounds of Interviews

Asking candidates to go through seven rounds of separate interviews is not only time consuming, but is off-putting to prospective hires. Candidates not only value a seamless hiring process, but for those who are currently employed, engaging in multiple rounds of interviews can easily deter them from pursuing your opportunity further. From an internal perspective, having staff members sit in multiple rounds of interviews also hinders productivity levels and minimizes time spent on revenue-generating activities.

Indecision Hinders Action

Aside from scheduling time to review resumes in a timely manner, many employers fall victim to indecisiveness. You may have just met with the holy grail of candidates, yet there’s this voice in your head asking, “what if there’s better out there?” Living by this mentality will not only cause you to lose out on great candidates, but it’ll seep into your day-to-day operations, hurting company financials, productivity, and employee morale due to the burden of unfilled seats. Don’t allow the perfect candidate to entertain and accept a position with a competitor because you were unable to make a speedy decision.

Job Requirements Are Not Realistic

Opening a job search back up 3 months down the road because you’ve made the stark realization that your job requirements and compensation were vastly unrealistic is an immense waste of time. This is where the value of your staffing agency partner really comes in. Because they are up-to-date on the ever-evolving needs of the workforce and have a thorough understanding of the marketplace, they’ll provide strategic insight into standard compensation rates and the level of qualifications you can expect from the current talent pool. You should also have a good understanding of the minimum requirements a candidate needs to possess in order to fulfill the needs of the role versus what you would like a candidate to have.

To boost the efficacy of your hiring process, implement procedures to standardize workflow using a data-driven approach to ensure you’re maintaining a competitive presence and reducing your time-to-fill. Luckily, your staffing agency will take a large portion of the administrative burden and workload off of your shoulders. But, the biggest piece of the puzzles comes down to communication, scheduling, and actively managing your pipeline.