A ‘Need for Speed’ When Hiringover 2 years ago
Attracting top tech talent at each stage of the journey and retaining your hires is the key to accelerating your company’s growth. The race to secure top talent is competitive and a seamless hiring process is essential.
If your hiring process includes too many stages that progresses at such a slow rate, your candidates WILL go elsewhere, who could blame them? And even worse, go to your direct rivals, making competition even more fierce. With top-quality candidates, they will have other interests and opportunities on the cards, so having a lengthy interviewing process will only allow for more time for your candidates to get tempted by other roles in the market.
On the flip side, having a job role vacant costs money. The opportunity cost of spending lots of time on a drawn-out hiring process whilst having a job vacant job role is MEGA money, time, and resources that you don’t want to be wasting! The quicker you fill the role, the quicker the rise in productivity, and the smaller the opportunity cost.
Candidate experience matters. If a candidate has a poor encounter with a company, they’re not likely to proceed with the role. This can be detrimental to your employer brand. With other potential hires refraining from applying to roles in the future when they have heard of other's poor experience with the company.
Ultimately, your hiring process is aimed at attracting the best talent in the industry to your company and getting them up-to-speed so that they start making a difference to the company as soon as possible. Having an efficient hiring process will increase the quality of your hires and improve the overall experience for the candidates, keeping them engaged through the process. At the same time, a speedy hiring process will minimise the costs of a vacant job role in the business and loss of productivity.