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Hiring budget. It’s the cap that doesn’t budge when you’re trying to grow your team no matter what the state of the market. And the actual costs of hiring are often unclear to hiring teams.
The costs associated with unreliable technology, scheduling conflicts, ineffective collaboration, poor hiring decisions, candidate dropout, and offer rejection rates are – sometimes devastatingly – overlooked. Many of those challenges are often connected to the same source: a slow hiring process.
Fortunately, boosting speed to hire can be simple with the right strategy and hiring tools in place. Take a look at some of the ways your hiring budget is wearing thin and what you can do to reduce hiring costs:
High candidate drop-out
The candidate experience matters. When your hiring process is too slow, candidates are more likely to drop out, meaning you lose access to high-quality candidates who can make a difference for your bottom line.
An average of 80% of candidates drop out during the application process. Not only do you need top-quality candidates to make it through to your offer stage, but those who drop out due to a poor candidate experience are also more likely to think poorly of your brand.
Here’s what you can do:
To reduce candidate dropout from the start of the hiring process, you can include video introductions from your careers page through the interview process. Video messages can be used to share a clear timeline with candidates and details about the hiring process, team, or job for a deeper understanding of what to expect. Keeping candidates informed keeps them engaged and helps them feel valued in your hiring process.
Low offer acceptance rates
Candidates apply to multiple companies at one time. In fact, it’s recommended they apply to several jobs a day when actively on the job hunt.
Sometimes, it doesn’t matter if your offer is better…if it’s not in first, you lose the opportunity to extend it. When candidates decline your offers, you’re back to the drawing board, especially if silver-medal candidates already moved on. For many companies with lower hiring budgets, the impact of starting the hiring process over and keeping seats empty longer can be devastating.
Here’s what you can do:
One way you can get candidates on board with your offers is to show them your company values their time and consideration. One-way video interviews are a great way to give candidates the opportunity to show their merit from stage one of the hiring process. Not only do candidates have a unique opportunity to share their personality and experience first-hand, but they can also do it on their own time.
HR/Hiring manager burnout
HR and recruiter burnout is at an all-time high. In fact, a startling 98% of HR professionals in a Workvivo study report feeling burned out and more than 75% say they’d be open to a new job. What’s more, that stress trickles down through the organization.
It’s hard to support managers and empower them to do their best work when they are caught in a spinning wheel of sluggish hiring decisions. A long hiring process reduces productivity and over-taxes team leaders. The cost of replacing these team members can be devastating to your hiring budget.
Here’s what you can do:
If in-person and panel interviews need to be scheduled when a key stakeholder isn’t available onsite, live video interviews make it possible to meet with candidates from anywhere. Additionally, live interviews are automatically recorded, making it easier to share with hiring managers at a more convenient time. Providing and sharing interview evaluation feedback from everyone in one place makes it simple to come to collaborative decisions about who to advance and speeds up the hiring process.
Employee burnout
Employees are also at risk for burnout when it takes too long to fill an empty seat. They have to pick up the slack, and problem-solve on their own while hiring managers/HR are distracted by the hiring process. Especially if your company has a high turnover rate, keeping employees in this environment long-term can cultivate a negative employee experience.
The cost of turnover is significant compared to the cost of hiring a new employee, considering now you have two or more additional seats to fill. Once this cycle starts, it can be hard to get your team back to full capacity and recover your company culture.
Here’s what you can do:
Generally, anything you do to improve speed to hire will relieve the burden from your current staff. While the tools and strategies you use to speed up hiring don’t directly impact most employees, there are steps you can take to reduce employee burnout and turnover. As you work to improve your time to hire, be sure to keep employees informed of the steps you’re taking and how close you are to landing a new hire.
Poor brand reputation
Candidates and employees who experience the drain and drawbacks of your slow hiring process and poor hiring decisions are likely to lose trust and interest in your company. Depending on the severity of the circumstances, they may even share their poor experience with others. The impact on your brand reputation can be crushing.
A survey by CareerArc found that 82% of candidates consider employer brand and reputation before applying for a job. The majority of people would abandon the application process if they read a negative review online. And odds are, they are going to find them.
Here’s what you can do:
Your brand reputation could be one of the most costly consequences of a slow hiring process. Keeping your brand reputation positive means putting people first in your hiring and talent management strategies. Relying on smart scheduling and collaboration tools to streamline decision-making, in addition to ensuring the interview process is fair, accurate, and convenient produces the best-quality hires in the shortest time.
It may be hard to believe you can deliver on this many expectations with video interviewing software, but that’s why it’s considered an all-in-one solution for your speed to hire challenges. Investing in a faster hiring process means investing in your company’s growth and supporting the employees and decision-makers who contribute to company success every day.
