The cost of a lengthy hiring process boils down into three vital resources; time, money and talent. Understanding all the resources you could lose due to an inefficient hiring process will help you identify the areas in your business and HR department that could use some fine tuning.
A long hiring process takes up the time of your applicant as well as your team. In fact, employee retention is so important because hiring your team members takes so much time and effort in the first place.
On the applicant side, they need to take the time to fill out an application, do any tests you send them, have an interview and then wait for the decision. Here’s a tip from HR pros; Don’t make any candidate wait if you can help it. Respond to the people who didn’t get hired, and if you get numerous applicants for a position automate the responses.
On the HR side, they have to take the time learning about the position that needs to be filled and writing the job description. They have to sift through resumes and applications, and then they have to do multiple rounds of interviews trying to find the ideal fit. After that they have to train the new hire and make sure he or she has everything needed for success.
A good hiring process may be long and worth the time, but you should periodically reevaluate whether it is too long or if things can be done better to save time.
Time = money. It’s a common saying for a reason. Think about how much someone makes an hour, then multiply that by all the time they waste on lengthy and inefficient hiring “requirements.” Think about the gas and mileage it takes for a candidate to drive out for multiple interviews. Think about the resources you’re devoting to finding new talent (HR specialists, even a recruitment agency) and how they could spend that time in other company pursuits.
Ensuring a seamless hiring process will help you save all the wasted effort, which translates into wasted money.
If you make applicants wait too long for an interview, you are telling them you don’t value their time. The top professionals in their fields understand the value of time even more than money, and will not likely want to work with a mediocre company who cannot figure out what an efficient hiring process looks like.
However, the loss of talent doesn’t just refer to all of the applicants who are deterred by a strenuous hiring process. It also refers to the talented people in your HR department who get tired of executing your extensive hiring process. In order to help retention and to attract top talent to your company, you need an efficient, effective hiring process that doesn’t drive away talent.
Want some help in your hiring process?
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