In a competitive labour market, recruitment managers who take longer to decide on candidates can miss out on key talent snapped up by speedier competitors

Hiring the right person for the job is key to any successful company, whether you’re a small family business or a multinational corporation.

In the past, recruitment managers were able to interview, shortlist and make hiring decisions quickly but, in this increasingly digital world, the talent pool from which they’re now fishing has become much more extensive.

A recent report by leading research and advisory company Gartner suggests that a slow and indecisive hiring process could mean that companies are losing out on key talent.

It shows that the average time it takes from interview to job offer is 33 days, which is a massive 84% increase from the data collected in 2010. The latest report also shows that these lengthy decision-making processes have caused a 16% drop in candidates accepting offers.

And while this figure is often dependent on the industry and company location, the global employment market is on the whole becoming increasingly competitive, with a much greater choice of candidates competing for fewer jobs.

The report also shows that hiring decisions are increasingly made by a board of managers and executives rather than just one or two decision-makers – a major factor in making the process take so long. But in today’s highly competitive market, a company could lose out on the best person for the job as they’re snapped up by a quick-witted competitor.

Of course, there are additional benefits from having a much quicker and more streamlined recruitment process.

The company will benefit from reduced costs and a smoother onboarding procedure; filling vacancies quicker reduces the need for temporary staff (and makes a better impression on candidates looking for the right fit for them). Perhaps most importantly, applying efficiencies across the board is more likely to secure the very best candidates to drive business forward.

As the world’s largest serviced-office group, Regus has plenty of meeting rooms and interview space that can be booked either in advance or last-minute – which is one less thing to worry about when hiring staff. This vast network of professional workspace allows recruiters to focus on the task at hand and find the right person for the job.

The post Why it pays to hire quickly appeared first on Magazine Hong Kong.

Source link

About the author

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Sign Up for Our Newsletter

Get notified of our weekly selection of news

You May Also Like

Thai Industrial sentiment at 10-year high

The Federation of Thai Industries (FTI) has reported a rise in the Thai Industries Sentiment Index (TISI) in March 2023, attributed to an increase in foreign tourist numbers and domestic tourism promotion measures.

Chinese investors eye Thai property as travel resume between the two countries

According to data from Thailand’s Real Estate Information Centre, Chinese buyers have been the largest group of foreign buyers of condominium units in Thailand since 2018, accounting for almost half of the units sold to foreigners.

Thailand Opens Digital Free Trade Hub in partnership with Alibaba

The launch of the digital free trade hub is part of Thailand’s efforts to position itself as one of Southeast Asia’s key logistics centers for trade and e-commerce.