Time is Money

Top Candidates are still moving quickly in the marketplace. The above average candidate is still moving from resume to hire in about 3 weeks.

For example we have seen a well-known company slow down the hiring process 5 months for lower level positions. The number of interviews increased from 3 interviews to as many as 8 interviews. Almost everyone related to the position was included in the hiring process creating very different thoughts on the candidate’s “fit” in the organization.

Problems:
• Job requirements change as the search continues.
• Salary requirements are not compatible with talent required.
• Companies forget to truly “recruit” the candidate.
• Peak, maximum effectiveness of interviews diminishes after 3 interviews.
• Companies are losing top talent due to long, drawn-out interview processes. Candidates are being scooped up by your competition (or by companies that have an effective, streamlined hiring process).
• Prolonged interview processes can be perceived as indecisiveness thus turning off top potential hires.

Interviewing costs are now exceeding an average of $27,000 per hire, and can take more then 3 months to complete. Having a position open for an extended period of time can cost companies as much as one million dollars in 6-9 months for some sales positions.

Example:
A Company began a search for a position in August. In February the following year, they began to contact an “Executive Recruiter.” The job description was very vague, and the location was undetermined. The salary was $20,000 short of attracting top talent. The company interviewed only candidates who were employed and would be willing to take pay cut.

Result:
The company never made the hire. Nine months of time, effort, and money were wasted.

Solution:

•  Have solid job requirements and specifications of a qualified candidate.
•  Set realistic salary expectations.
•  Be prepared to actually recruit a candidate (sell them on the opportunity).
•  Set a timely interviewing process (no more than 3 interviews within 3 weeks).
•  Be prepared to make offers quickly.
•  Set a timely start date.

Summary:
Qualify the need, identify the right skill sets, and get a candidate through the process quickly. This will save your company thousands of dollars. “Time is Money.”