Companies Are Losing Top Talent Because of Slow Decisions
Is your hiring process fast enough? Here’s a report from Top Echelon Network….
Top Echelon Network, Inc., the world’s largest network of professional recruiting firms, surveyed its Preferred Members in search of hiring practices throughout the country. The recruiters whom we surveyed place candidates in middle – to upper-level positions in many specialties and industries, including engineering, manufacturing, data processing, sales, accounting, etc. These recruiters are involved in the hiring process on a daily basis with companies of all sizes.
Timing is Everything
Corporate America’s traditional interviewing, evaluating, and hiring processes are causing companies to “let the good candidates get away.” The following guidelines have been established to help hiring managers get the qualified candidates before their competitors do:
- 94.4% of the respondents encourage Telephone Interviews within five days of becoming aware of a qualified candidate.
- 85.8% of respondents encourage Face-To-Face Interviews within eight days.
- 78.7% of respondents encourage Extending an Offer within six days of the face-to-face interview.
Today we have a candidate-driven, critical-skills-driven marketplace! The Hiring Manager’s responsibility is to “sell” the quality, financial stability, and advancement opportunities of the company to the candidate. Today, the “best candidates” are receiving multiple offers from the “best companies.”
You are competing with these companies for limited resources. In the Top Echelon Network Survey, 81.5% of the respondents indicated that there is an extreme shortage of available candidates who are truly qualified for their clients’ job openings, and 86.2% feel the shortage is getting worse!
The Bottom Line
Slow response time is causing many companies to lose their most valuable resource — personnel. Companies are allowing “top candidates” to go to their competitors, leaving positions unfilled and costing millions of dollars in lost revenue! Why? Survey respondents agree that the #1 reason why more than one-fifth of their clients’ job openings go unfilled is that their clients move too slowly to interview or to extend offers to qualified candidates. Companies who move quickly to hire gain a huge competitive advantage by getting top talent and maintaining full staffing levels.
Recruiters’ Advice to Clients
Preparation is the Key to Success
Your company’s hiring manager should work openly and honestly with a top-notch recruiter in order to prepare your company for the hiring process. You need to focus on a job description that will get results. A top-notch recruiter will ask the right questions to help you identify your company’s needs and expectations. A good recruiter will also help you identify human attributes (personality, communication skills, corporate culture, etc.) that the “right” candidate should possess, including “must-have” attributes and “preferred” attributes. The better your job description, the faster your job opening will be filled!
Adopt a Sense of Urgency
Once you make the decision to fill a position, be committed to that decision and make your hiring decisions quickly. View the hiring process like a project; meet your goal of hiring the “best candidate” in the shortest amount of time. Indecisiveness, time delays, budget reviews, etc., send a message to the candidate about the company’s lack of focus. Streamline the hiring process. The time involved in interviewing, evaluating, and hiring can be greatly reduced when participants in the hiring process are present for each step, ready to participate, and ready to make decisions. Eliminate second and third interviews. Remember, the greater the talent of the candidate, the shorter the time he/she will be available and the better “recruiting” you will have to do in order to gain his/her acceptance.
The survey respondents’ #2 reason why their clients’ job openings go unfilled is that their clients misjudge the pay rate, benefits, perks, etc., necessary for the best quality candidate to accept the position. Good people are an “investment”– not an “expense.” If you want “the best” people working for your company, you have to be willing to pay them “the best.” Extend your best offer the first time. Don’t play games. Keep abreast of changing salary scales, and price your jobs competitively. Listen to your “recruiter of choice” regarding the market’s going rate. Listen to the candidate’s concerns and produce an offer which alleviates these concerns. Offer a realistic relocation package. Add 10-15% on top of the cost-of-living differences to ensure that you do not lose top quality candidates over small details. Good recruiters know how to put together an overall package that will be accepted.
Get the Best Recruiting Help Available
All companies use professional recruiters from time to time. Instead of working with dozens of recruiters, create a “preferred list” of just a few recruiters based on their performance and attention to your needs. This will save you time over the long haul and maximize your results. Include the recruiter on your company’s hiring team. A preferred recruiter is very helpful in structuring and extending a job offer to the candidate. In addition to recruiting top talent, good recruiters possess skills to help candidates evaluate and accept good offers. Remember, you get what you pay for. The best recruiters know they are the best and will not cut their fees.
Speed is the Key in All Parts of a Successful Hire!
Warm Holiday Regards,
Joe Pelayo, C.P.C.
Joseph Michaels International
Global Recruiting Solutions
One of the top 75 Recruiters in the United States ~ Recruiter Life Magazine