As it has been for a while, most companies take their time before hiring the right candidate. And it makes sense, right? As an employer, you should take time before hiring to ensure you hire top talent. Unfortunately, that’s not the case. Even in a slow job market, the competition for top talent is fierce. If you want to stay ahead of the competition and attract the best talent, you should be quick with the hiring process. Uncertainty is in the air, but top talent doesn’t wait.

We don’t mean you start rushing the process, but rather be contemplative and logical. After all, you’re investing in a stranger and want to be rigorous in the assessment to be confident they’re fit for your team. However, the longer you wait, the stronger the possibility of missing out on a good asset. Then, you’ll have to start from scratch.

It’s no secret that a fast-hiring process benefits the candidate – but is it beneficial for the employer or business? The short answer is yes. Let’s find out how:

Be Quick With The Hiring Process to Avoid a High Total Financial Cost

Most businesses miss out on hiring the best talent, but this situation is avoidable in most instances. A survey done in 2015 found that around 1/3 of job vacancies in the United States were open for at least a month or longer.

As a result, the total monthly cost incurred was a whopping $1.3 billion – meaning approximately $160 billion goes down the drain yearly on companies that fail to hire recruits within a reasonable period. Plus, missing out on top-talent means you have to hire a second, third, and sometimes, a fourth candidate to fill the role.

Top Talent Doesn’t Stay on the Market for Long

The hiring process is a thorough process of juggling options till you find the perfect candidate. Given our current job market, the employees will also keep their best interests in mind, so they’ll search till they find the ideal job opportunity. The more skilled the candidate is, the higher their demand for their services and the quicker they’re likely to find a great offer.

Once they find an appealing offer, they will take it – even before seeing what other firms can offer. In this case, you can’t do anything if an employee receives an appealing offer that they can’t reject – but you can try to enhance your hiring strategies by making a reasonable offer in advance.

Be Quick With the Hiring Process as Less Productivity Means Less Revenue

You’re likely hiring for two reasons: First, you might be looking for someone to replace an employee who recently resigned or got a promotion. Second, you might be expanding your company and need an extra workforce.

Either way, you have less manpower, and your current team only has so many hours to work and complete their assigned tasks. This means that other work is set aside. Thus, you must delay or neglect it if your employees are already overburdened. Speeding up your hiring process can ease the burden of overworking your existing employees, minimize stress, and increase your revenue.

Destroys an Effectively Nurtured Reputation 

A good business reputation is everything. It usually takes years to establish a good reputation but can be easily lost in a moment. If your business has a bad hiring reputation or is too slow and unorganized, it can impact the overall reputation.

The top talent is unlikely to apply or show interest if they assume it’s a waste of time. Ultimately, it will be hard to attract top talent no matter how captivating your package is. While it’s recommended to take time and be considerate, unnecessary delays can have a long-term effect on your company’s reputation when hiring.

Affects Your Clients

Generally, the most important person in any company is the client. Without clients, the business can’t exist. An understaffed workforce can’t be able to perform to their full capabilities. Some clients can be forgotten or skipped because the crew isn’t enough to cater to all clients. This is just as true for any industry. For instance, when phone calls are not answered, or emails are ignored, the client will look for somewhere else where they’ll feel valued.

The potential costs of a slow hiring process can have huge implications. The money saved for the salary or employee benefits might be a short-term saving tactic, but there are potential long-term implications.

Learn More About Why Employers Should Be Quick With Their Hiring Process

Time is money and the more you wait, the more money you lose. Spend less time hiring and more time running deals that can expand your business. Still, it’s not always easy to speed up the hiring process without the risk of selecting the wrong candidate on a whim – that’s why it’s recommended to seek expert advice.

The last thing you’d want is to spend all your time looking through a list of semi-qualified candidates. If you want professional help in your search for top talent, contact Bishop & Co. As one of the best and most reputable executive recruiting firms in Hawaiʻi, we can professionally speed up your hiring process with discretion and long-term results. In addition, our expert team can provide tactical and practical talent solutions for all businesses at any stage. For more information on the best talent in Hawaiʻi, don’t hesitate to contact Bishop & Co.