Slow recruitment process is the topic of discussion in many corporate set-ups. The ones who are impacted the maximum, are the lean organizations who cannot afford bench strength.
Some easily discernible ways in which slow hiring process impacts an organization are loss of revenue and brand image. But there is more to it than what catches the eye.
In this blog we would discuss some damages that stay beneath the surface yet are compelling enough to act upon.
A longer recruitment process generates a lot of loopholes in the organization. Not onboarding candidates on time make uneven work distribution in the team that needs the team member and create a lot of stress. This directly hampers the efficacy of the work in the team. Ultimately it yields into poor product or service which you offer to the customer.
Utilization of Time:
Too many rounds implies too much investment by the hiring managers which are equivalent to lost billable hours. Under those circumstances, a recruiter or hiring manager may end up with mediocre hires. This not only wastes the time but also hampers the company business.
Late onboarding means delayed productivity and delayed billing equivalent to lost revenue. Know the job role, know the market, target the right candidates to get the right hires faster. The key is to understand the definition of right hire for the role and the organization. Many a times we see hiring managers getting livid about getting profiles where stability is the issue. Stability is subjective. So can the job role have someone where you need someone with a fresh perspective every two years?
Drop-in Offer Acceptance:
Once out for job search, candidates will use their time to appear for more interviews. Delay in offer only gives the candidates more time enough time to shop around and get the best offer in the industry. Look for patterns in your offer decline ratios to uncover some insights.
Most often than not recruiters are incentivized on the number of joiners that they get. Getting a candidate on board successfully provides a morale boost to the recruiter. This not only helps the organization to grow but also it contributes to business revenue. In contrast, the delayed recruitment process leads to delayed incentives and leads to low confidence and motivation.
If not all, some of the above can certainly be fixed by improving the collaboration between the recruitment team and non-recruitment stakeholders.
These impacts, though, are just the tip of the iceberg. What lies below are the reasons of delay and that is where Talent Acquisition Leaders should focus most.
Take a look at our next blog to know about some easily overlooked reasons of delay.