Is Your Hiring Process Costing You Talent?
By Brad Chambers in the Harvard Business Review, published June o2, 2022
More than 20 million Americans quit their jobs in the latter half of 2021, leaving many companies struggling to find talent to refill their ranks. With 11.3 million job openings, which is about 5 million more than unemployed workers as of March 2022, job seekers certainly have the upper hand — and they’re demanding more from future employers.
Job seekers aren’t only looking for higher pay and better workplace benefits. They’ve also lost patience with ever-cumbersome hiring processes. They know that they are in demand, and they want to see that employers recognize their value.
Create a hiring process that is a positive experience for candidates to foster a good relationship from the start. By asking yourself the following four questions, you can make sure your hiring experience isn’t causing you to lose future talent.
1. Is your time-to-decision fast enough?
Finding out whether someone is a good fit for your company might take a little time, but you could lose candidates to companies with faster hiring times if you drag your feet too long. The average time-to-hire includes multiple interviews and lasts around 43 days. However, 62% of working professionals say they lose interest two weeks after an initial interview if they haven’t heard back.
To help prevent this, look for ways to speed up the hiring process and eliminate wasted time. For example, if you require candidates to complete assessments, try integrating them with your company’s application tracking system. Administer assessments aligned to the capabilities required for success in the target job when candidates submit applications instead of having a recruiter send them days after.
2. Do you share information on company culture?
The decision to work with a candidate is a two-way street; informing candidates about the company and the role is just as important as learning about their skills. Communicate to job seekers your company’s commitment to not only filling openings, but also to aligning people with jobs where they will thrive…