Few people realize that hiring speed can greatly impact the employee retention rate. The Majority of the recruitment surveyors these days track time invested to fill the position. In fact, there is a special relationship between the hiring speed of the talent and their performance as a new hire.
To put it directly, the correlation exists in the sense that slow hiring fatigues most of the talent and as the recruitment process invests much longer duration, the applicants lose their interest.
The surveyors found that most applicants would go to the firm that has a faster recruitment process and offers them before you decide to get with your decision.
Slowness of the process means that you are invariably wasting your time on the remaining candidates as well and as the top talent gets hired at the other firm; you will be largely filled out on a high number of mediocre employees.
Here in this article, Emerging Service Consultants will list out how slow hiring can damage your firm and affects its overall well-being-
Loss of Revenue- The preeminent reason for speeding up your hiring process is the high cost your firm incurs when you lose on the top talent. As discussed above slow hiring can disinterest the best candidates. The administration will then have to invest more revenue to get the right employees and inviting new candidates.
Second-rate Hires- As you hire mediocre and weak performing candidates, it is more likely that they might leave within 30+ days of the work cycle as they are not capable of handling pressure. Even if they decide to stay with the organization, you will have years of low performance that build up more cost for your company.
Revenue-Loss- If you are hiring mediocre performing employees and that to immediately in the revenue generation positions such as sales, marketing, and customer service you will have an un-redeemable income loss through their span of work with your company.
Lower Productivity- With a second-rate employee you lose the opportunity to get work done on time. Even when you are taking the time to fill the position, you lose in productivity for all the days taken to fill the position. As a result of slow hiring, you may also have several positions unfilled and this dramatically affects the productivity of the individuals and the whole team.
No Innovation- If you are a tech firm trying to target innovators and expert professionals, you need to know that any skilled person will not wait longer. Slow hiring means that you will have a longer talent shortage and that too in critical skill areas.
Losing Talent to Competitor- As most firms target innovators and machine learning professionals, slow hiring will passive the flow of candidates and you will lose the talent to your competitor. You can also add the cost of losing the talent to the competition to the loss of your company.
Team Stress- If you are not making the hire quickly, the team members of the vacant position will have to go through the additional stress of working double. The stress and work overload may result in more errors, lower quality output, and possible turnover.
Hiring a professional recruitment partner can help to recover from the damage of slow hiring. You can collaborate with Emerging Service Consultants to speed up your process of recruitment. With over 15 years of successful experience across Africa, Europe and the UK, we can help you find the candidates with appropriate skills.