What Happens When It Takes Too Long to Hire
Posted May 5th, 2014
Many companies take a long time to fill open positions. They have the mistaken notion that the time lag will save them money, or that they need to take a longer time to find the candidate that is just the right fit. But the truth of the matter is that the longer you take to fill vacant positions, the more harm you are doing to your firm.
Why? There are a number of reasons.
• The candidates who are highly sought after will be snapped up early and won’t be around later on in the process. When top talent enters the job market, they quickly attract a lot of attention and receive numerous offers. They may be on the market for just a few days before accepting an offer.
So when you are going head-to-head against other companies in the race for the best people, you need to move fast or else you will be out of luck. Research by some human resource experts has shown that the top 10 percent of candidates are hired within the first 10 days they are on the market.
• The amount of time you take during the hiring process actually has little effect on the quality of the person you hire for the reason cited above. The best candidates are usually hired the most quickly, and as a result, the quality of candidates that remain in the applicant pool isn’t nearly as strong. But, if you drag your feet, that is all you will have to choose from.
• The longer you take to fill a position, the more money you will lose. It is a mistake to assume that you will be saving money just because you won’t be paying a salary. If the opening is a sales position, you will lose all of the revenue that a person would generate making sales, or all of the revenue generated from a person in a revenue collection position, for example.
• Finally, if your firm gets a reputation for taking a long time to hire, you will lose candidates because they won’t want to go through the lengthy process they know will follow if they apply to your company.
If your IT company is in the San Francisco Bay area and is looking for top-flight professionals from the leading employment firm in San Francisco, contact Bayside Solutions. We can find the people you need.
