Your hiring process is costing you more than just money
The average length of a recruitment process in the UK is 28 days, although many go on for three months or more.
Companies invest in layers of pre-employment admin, such as questionnaires (one company asked a candidate to fill in a 30-page survey) and algorithms to search resumes, with interview processes consisting of up to six rounds sometimes. Not only is this a large investment of time and money, but it has both immediate and long-term negative effects on your business.
1. You Lose High Quality Candidates
Of course, this can be caused by a series of inevitable issues such as the hiring manager being on holiday, or the type of role requires a very particular set of skills - but do not expect top-level candidates to stick around for long.
23% of candidates say they lose interest after a week of hearing nothing after the first interview, with this figure double to almost half after two weeks. You may find after a week or two, your top candidates have been hired by a competitor… Snooze, you lose.
2. Damage Employer Branded
A long hiring process, combined with long waits for interview feedback, or emails with empty promises such as 'We'll get back to you by Monday’ with no such promise met, can cause candidates to question the business in general, feel treated with indifference, and affect their confidence.
Does this reflect their decision-making in other areas of the business?
If I got the job, would I even want to work for a company that treats people with such disregard?*
This long process can damage the wider impression of your company and again create a further talent leak.
This is the first interaction a candidate has with your business. Giving candidates a great experience will increase their interest in the opportunity and the company as a whole.
3. Incurred costs from inefficient processes
39,480 rounds of interviews don’t just waste time, but lose you money:
a) Revenue-generating positions remain unfilled
b) Agency and/or job board fees
c) Lower quality talent pool caused by lengthy interviewing process, long-term cost
d) Poor staff efficiency, detracting them from other areas of the business (or their main job function)
LESSON TO BE LEARNT
High-quality candidates are few and far between. Losing talent due to slow process is, quite frankly, a self-inflicted pain point that has detrimental knock-on effects to the wider business. It’s damaging to your company’s efficiency and innovation - and, even more concerning, you’re likely losing quality talent to competitors.
Here at Tempo we don't mess around. Our fastest placement was made in 28 minutes, not 28 days… That's 1,440 times faster. You are guaranteed top-quality candidates at record speed, so create your free profile with Tempo to keep your competitive advantage.