Top Candidates are still moving quickly in the marketplace. The above average candidate is still moving from resume to hire in about 3 weeks.
For example we have seen a well-known company slow down the hiring process 5 months for lower level positions. The number of interviews increased from 3 interviews to as many as 8 interviews. Almost everyone related to the position was included in the hiring process creating very different thoughts on the candidate's "fit" in the organization.
Problems:
Job Requirements change as the search continues.
Salary requirements are not compatible with talent required
Companies forget to truly "recruit" the candidate
Peak, maximum effectiveness of interviews diminishes after 3 interviews
Companies are losing top talent due to long, drawn-out interview processes. Candidates are being scooped up by your competition (or by companies that have an effective, streamlined hiring process).
Prolonged interview processes can be perceived as indecisiveness thus turning off top potential hires.
Interviewing costs are now exceeding an average of $27,000 per hire, and can take more then 3 months to complete. Having position open for an extended period of time can cost companies as much as $1 million dollars in 6-9 months for some sales positions.
Example:
A Company began a search for a position in August. In February the following year, they began to contact an "Executive Recruiter." The job description was very vague, and the location was undetermined. The salary was $20,000 short of attracting top talent. The company interviewed only candidates who were employed and would be willing to take pay cut.
Result:
The company never made the hire. Nine months of time, effort, and money were wasted.
Solution:
Have solid job requirements and specifications of a qualified candidate
Set realistic salary expectations
Be prepared to actually recruit a candidate (sell them on the opportunity)
Set a timely interviewing process (no more then 3 interviews within 3 weeks)
Be prepared to make offers quickly
Set a timely start date
Summary:
Qualify the need, identify the right skill sets, and get a candidate through the process quickly. This will save your company thousands of dollars. "Time is Money."
About the Author
Brett Stevens has enjoyed remarkable success in the Executive Search Business. He has received numerous regional, national, and international awards through meeting the needs of his clients. He has been recognized in many trade magazines and is a notable guest speaker and most recently, Brett was recognized internationally by the American Stroke Association for his fundraising efforts.