How Costly Is Your Current Hiring Process
How Costly Is Your Current Hiring Process

A recent uptick in business has forced you to start recruiting for a key role that has been vacant for a while. You interviewed several candidates, a few are very qualified, but you want to “think about it” awhile before making a decision. Besides, you have a busy week ahead of you preparing for your vacation. Those candidates will still be available when you’re back – right?

Due to an improving economy, potential employees also see an uptick in interviews and job offers. Employers who are indecisive about what they really need, or who are accustomed to taking their time to call back candidates, are finding themselves having to start the entire process over. According to the U.S. Department of Labor, the time it takes to fill a job opening has increased over 50%.

Informed business owners and hiring managers understand the need to plan and act decisively when filling jobs.
Not acting “intentionally” can be costly in a number of ways:

• Time spent by you or your hiring manager to recruit, screen and interview new candidates
• Advertisement Costs
• Loss of productivity within your firm = slower response to your customers = potential loss of business
• Reputation – when potential candidates receive call-backs for positions that were recently closed or when job announcements reappear , it is often perceived among job seekers (as well as the business community) that an organization is ill-prepared and unsure of their needs and the current job market

Meeting with key staff, hammering out a needs analysis, determining a competitive salary, and establishing a timeline before pulling the trigger does take some time, but the alternative takes much longer and can be very expensive.