What is Lost When Hiring Too Slow

When you take a look at the changes in business and best practices for hiring, things have changed drastically over the years.  No longer can we drag our feet and take our time going through the hiring process as we please.  Doing this affects many things from your business profit to your chance at adding top talent to your team.

Profit and production

Anytime you have a vacant position on your team, you are sacrificing profit and production within your business.  Not only do you need to factor in the time it takes to identify top talent for the position, but you also need to think about the amount of time it will take to get the person hired up to speed in the job.

It is a rare thing to hire someone who is able to immediately jump into the position upon day one and hit the ground running.  Most new hires require some form of training before they are able to perform as needed in the new job.

When you are considering adding an extra day or week into your hiring timeline, make sure you take into consideration the amount of production you will be losing in the long the run.  How much will this additional time affect your profit and bottom line?

Limited Talent

Anyone who has been responsible for hiring in the last several years has noticed a change in the available candidate pool.  No longer can we simply rely on a steady flow of talented and skilled candidates to choose from when hiring.  Gone are the days of relying on top talent to wait around for us and accept our first offer.

As ERE points out, today’s available top talent is extremely slim and we need to jump on them when we find them.

Consider what you lose when you wait until a position need is immediate before you are open to hiring top talent.  Take into consideration the possibility of hiring top talent when THEY are available versus when your position is available.

It is understandable that this is not a feasible option for some companies based on changing needs and priorities.  However, if you are certain that you will have an open and available position in two or three weeks, is it possible to hire top talent a few weeks early and get a head start on the training?

What are some other reasons why you might consider speeding up your hiring process?

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