Hiring in today’s marketplace is not easy.
Well, let’s clarify that. Hiring correctly in today’s marketplace is not easy.
And that’s where the problem lies for companies of all sizes. On the one hand, taking too long to fill an open position can allow top talent to be wooed away by the competition. On the other hand, if a company fills a position too quickly, it runs the risk of making a mis-hire.
So it’s pretty much a “darned if you do, darned if you don’t” situation. Companies either incur the costs associated with keeping a position open too long, or they incur the costs associated with hiring the wrong person and then getting rid of them . . . and then the costs of having an open position again.
According to the Dice-DFH Vacancy Duration Measure, companies are taking an average of nearly 26 working days to fill a position.
What are some of the reasons for this? Below are five such reasons:
- More and newer screening measures
- Smaller HR departments (and corresponding personnel)
- A growing desire on the part of hiring officials to find the “perfect candidate”
- The use of multiple methods for sourcing candidates, including job boards and social media
- An increased emphasis on a candidate’s cultural fit
Once again, though, a hiring process that stretches nearly 26 working days provides plenty of opportunity for candidates to bow out of it. If those candidates are A-level candidates, then drawing out the process for the purpose of finding the “perfect” candidate makes the strategy counterproductive.
Not only does a hiring process have to be efficient, but it must also be flexible and be constructed in such a way that sound decisions can be made at any point. In other words, the number-one goal of that process is as follows:
To locate, recruit, and hire the best possible candidate in the shortest amount of time.
A company’s hiring strategy should be designed around the achievement of this goal. If that means extending an offer early in the process because the candidate is stellar, then that’s what should happen. If it means waiting because none of the candidates seen early in the process are worth an offer, then that is what should happen.
However, this is one of the reasons that many companies enlist the services of an executive recruiting firm, because these firms are capable of helping to achieve this goal. When you locate, recruit, and hire the best possible candidate in the shortest amount of time, you both avoid the cost of leaving a position open for an extended period AND the cost of hiring the wrong person.
With the help of an experienced recruiting firm with a proven track record of success, your company can solve this modern hiring dilemma and acquire the candidates necessary for future growth and prosperity.