Are You Losing Top Talent to Your Competitors?

On television, top talent is usually offered the job at the end of the interview. And with little more than a handshake and a smile they are led down the hallway to meet with HR and find out where their office is. In real life, however, it never quite works that fast.

In real life, it starts with an initial round of screening, often done by an automated system. You’ll be lucky if you can get by with just two rounds of interviews. Don’t forget background and reference checks. From the time a candidate submits their resume to the date you say you’re hired, weeks, sometimes months, can pass.

Did you know that an extended hiring process can actually cost you top talent?

Top Talent Won’t Wait Around

Chances are you aren’t the only company looking for a top-level performer. And that means candidates have options. An in-demand candidate is not likely to sit around and casually wait for you to make your decision, especially if a competitor is offering a similar opportunity and an expedited recruitment. A long, drawn-out hiring process means that your ideal, in-demand candidate has time to get other offers from other companies.

Extended Hiring Process Doesn’t Equal Superior Employees

While you may think all the extra time and effort you’re pouring into the candidate evaluation process will deliver higher-quality employees, the truth is, it has little to no effect whatsoever. If anything, it can have the exact opposite effect. Those candidates who stick around to wait out your extensive hiring process are typically those who are not actively sought after by top recruiters; they just aren’t in that much demand.

Loss of Revenue, Productivity

You’re in the process of hiring because you either have a vacancy, or your current staff can’t meet production needs. Either way, you need someone new, or you wouldn’t be looking, right? Well, consider the cost in weeks and months spent on an extended hiring process when you could have had an employee in the job and working. Every day without a person in the position you’re trying to fill is lost money and lost productivity.

Of course, you want to be diligent in your hiring process, but taking too long can have a disastrous impact on your company. By establishing an efficient recruiting system, you’ll be onboarding top talent faster than you ever expected.

Are you are looking for ways to improve and streamline your hiring process? Let the team at Morris Bixby help you to connect with top talent before your competitors do. Morris Bixby can help you develop a competitive hiring practice that will attract, and retain top performers.

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