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Why it pays to hire quickly

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.

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Three businesswomen sat around a large meeting table

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.

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