The old idea that taking your time during the hiring process will yield the best results is dead in the water, and with the market changing drastically in the candidates favor, a ticking clock could be costing businesses both time and talent.
A recent study into the interview process, found that 67% of job-seekers have accepted a second-choice job offer because their preferred employer took too long to make a hiring decision, meaning both company and candidate are missing out on what could be a much better cultural fit. It is also those who have multiple offers who are likely to be the best caliber of worker.
Something Professor of Management, Dr John Sullivan remarks upon, writing “the longer you take, the lower the quality… all of the top candidates will likely drop out, leaving only weak ones to choose from.”
In fact, Sullivan estimates that the top 10% of candidates are often gone from the marketplace within as little as 10 days. Despite such drastic numbers, the hiring process is, in most industries, taking longer than ever, with 55% of job seekers waiting longer than a month to receive feedback and 31% longer than 6 weeks. These long waiting periods aren’t just putting candidates off during their job search but could follow your company for much longer.
Statistics show that 32% of candidates form negative opinions of a company as a whole, based on a slow-hiring process and with social media sites like Glassdoor enabling those opinions to become public, old interviewees could be putting off potential ones. It’s important that we begin to address just why the hiring process is taking so long, despite candidates becoming scarcer than ever.
In the Internet and Tech sectors, where a lack of skills is becoming a major concern, jobs take an average of 24.4 days to be filled, however when 23% of candidates lose interest in a role within just one week after interview, this is simply too long. “You might assume that taking more time to make a hiring decision would result in better hires, simply because you had more time to gather information… unfortunately slow-hiring has the opposite effect.”- Dr John Sullivan