‘Hire slow, fire fast’ is a mantra that is repeated as gospel in the talent sourcing and recruitment community. According to a Harvard Business Review article, sticking to this principle allows companies to be highly selective about new hires to ensure cultural fit as well as job fit. Following this template, getting to the offer stage requires phone screens, multiple interviews, and shadowing team members
While a rigorous evaluation is critical to the hiring process, that doesn't mean that hiring managers should take forever to find the right hire. Understanding the motivations, skills, and temperament of job candidates can be a streamlined process. In today’s job market, companies need to move fast in order to land the top talent. Here’s why!
The best candidates won't wait
If you're hiring process is slow, laborious, and fails to properly engage potential candidates, they'll simply drop out to take other opportunities. This is especially true of the top candidates, who know they're desirable and are always looking for the best place to land. These are the applicants you want - don't alienate them with a drawn out hiring process.
Open positions mean lost revenue
Slow recruitment and hiring often means that a vacant position will stay open for extensive periods of time. Open positions, especially when they are revenue-generating, have a direct impact on the bottom line. The longer you take to select a candidate, the more likely you are to lose out on a major contract or cost-saving opportunity because your current workforce may not be able to seize the opportunity.
Morale and productivity take a hit
Slow hiring forces existing staff to assume the responsibilities of vacant roles, which can be overwhelming and demoralizing. Typically, there is no additional compensation for covering open roles, which leads to resentment and reduced productivity, a vicious cycle which can continue to affect companies long after the position is finally filled.
Companies should have two goals when looking to fill open roles – hire the best candidate available for the position, and make sure the hiring process is streamlined so that you don't lose business opportunities because of long-term open positions. Don't worry about hiring slow, just hire right!
Hoops will help you fill your open roles quickly with the best person for the job. Give us a call at (877) 262-7358 and in 15 minutes we’ll show you how we’re transforming the h