A High Price to Pay: Lengthy Hiring Processes Keeping Top Talent Away

Today’s hiring processes are dragging out longer than ever before, causing organizations to lose the best candidates to their competitors. According to the research by human capital advisory firm Josh Bersin Company, the recruitment process now averages about 43 days, which the report deems “unsustainable if companies are to remain competitive and keep pace with the fast-changing needs of their industry.” This is especially true for organizations in industries that are facing unprecedented talent shortages, such as the construction industry. There are now more jobs than there are skilled employees and employers are battling to secure the people they need to run their organizations successfully. The old saying, “hire slow, fire fast” is officially outdated. In our current market, businesses will have greater success if they, “hire fast, train and retain.” Hiring processes need to be streamlined if organizations are to avoid missing out on top talent.

As recruiters, we have experienced first-hand the frustration that job seekers feel when the hiring process drags on for weeks or even months. A slow hiring process is demotivating for candidates and can lead them to lose interest and consider opportunities with your competitors more seriously. Though we pride ourselves on our ability to keep candidates warm throughout lengthy recruitment processes, there is only so much we can do to keep competitors from making compelling offers. If you want potential candidates to remain enthusiastic about working for your organization, it is important to move swiftly throughout the hiring process and to get that job offer out as soon as possible.

Our team has successfully placed over 1000 candidates and has advised hundreds of Canada’s leading construction and engineering employers on talent recruitment and retention. Together, we have identified some of the most common hiring obstacles that companies face, such as pre-employment assessments, lack of structure and process, cumbersome hiring panels, and poor communication.

Hiring Roadblocks:

1. Pre-Employment Assessment Tests and Screenings:

Assessments can be a valuable tool in evaluating a candidate's skills and fit, but they can also make the hiring process overly complicated and time-consuming. To avoid delays, employers must do their research and carefully choose which assessment tools are the most applicable for their hiring needs. By doing so, employers can avoid using unnecessary or time-consuming assessments that may prolong the hiring process and discourage top talent from moving forward. While assessments can be an important part of the hiring process, it's important to use them strategically and in moderation.

2. Lack of Structure and Process:

A poor interview structure and process is another roadblock we have seen when it comes to hiring. To avoid confusion, employers need to establish clear roles, responsibilities, and timelines for each stage of the process and communicate them clearly to everyone involved. By doing so, employers can ensure that all parties are on the same page and working towards the same goals, leading to a more streamlined hiring process. Additionally, a smooth interview process can help to build trust and credibility with candidates, which can be a major factor in securing top talent.

3. Hiring Panels:

Having multiple interviewers can be beneficial in providing diverse perspectives and insights, but it can also lead to scheduling delays and decision paralysis. To prevent this, employers and hiring committees should limit the number of interviewers involved in the hiring process. While it's important to gather input from multiple sources, it's equally important to ensure that the process is efficient. Provide 1-2 designates with the resources necessary to perform a valid interview and selection process and let them get the job done.

4. Lack of Communication:

Another common issue within employers’ hiring processes is a lack of communication towards candidates. This is especially an issue in larger companies where the hiring process can often be more complex and involve more steps and approvals. This can be frustrating for candidates, as the process can drag on and lead to the candidate losing momentum and interest. To overcome this, employers and/or hiring managers should communicate with candidates throughout the process, keeping them informed of any delays or changes and setting clear expectations for timelines and next steps. By keeping candidates in the loop, employers can help maintain interest and engagement from top talent and ensure that the hiring process is as smooth and efficient as possible.

The Cost of Delayed Hiring:

When organizations delay their hiring process, there are both tangible and intangible costs incurred. Losing a top candidate to a competitor can cost you up to hundreds of thousands of dollars. A good project manager, for instance, can successfully manage between $1M-20M in projects for your organization. If your competitor hires them before you do, that’s $1M-20M less project management capacity for you and more for your competitor. Furthermore, the longer the hiring process takes, the more resources and money are spent on advertising, screening, interviewing, and training. These costs can add up to thousands of dollars.

Taking too long to hire can also damage a company's reputation and reduce their chances of securing strong talent in the future. A poor recruitment process can leave candidates feeling frustrated and/or rejected, which may lead them to share these feelings online, with peers, etc. This could be detrimental to your business considering 94% of consumers say a bad review has convinced them to avoid a business.

To avoid the issues that arise from delayed hiring, employers need to remove barriers holding back A-players from their organizations and streamline their hiring process.

We understand that the hiring process can be overwhelming for both employers and job seekers. That's why at The Pederson Group, we're here to support you every step of the way. Our team of experienced recruiters can help you overcome the roadblocks of slow hiring and start attracting top talent. Don't hesitate to reach out for recruitment advice!

Did you find this blog article helpful? To learn more ways to secure top talent, check out our recent blog post, 5 Effective Strategies to Attract Top Talent.