The Best Candidates Are Off The Market In 10 Days
The best candidates may already have several offers coming their way, quickly. so if you find a top talent candidate, you should try to move fast. You want all-star players on your team, and you need to do whatever it takes to get them.
How To Secure Top Talent: You need to find the “just right” scenario of recruitment, meaning, don’t make the hiring process too long and complicated that it becomes daunting to the candidate. But, don’t make it too simple either, making the position less ‘exclusive’ and desirable.
The Average Cost Per Hire Is A Whopping $4000
This is a pretty alarming statistic. What it takes to recruit an employee has changed because the opportunity cost of hiring the wrong employee is too much of a loss. Recruiters now administer more advanced tests, bring other managers into the process and spend on more expensive and diverse job listings.
Don’t Forget To Consider This: Make your money count. Your candidate may have great experience and be a good fit on paper, but do their values and personality fit with the company culture? If not, you might want to reconsider the hire.
Unfilled Positions Are Costing You
Think about the lost revenue from missed business, the lost money from employees who have to do more with less, the money from mistakes made when employees are doing too much to handle, etc. This is a constant, arguably unnecessary stress for employers.
Focus On Building Your Employer Brand: This is crucial to reeling in top talent. It isn’t an overnight process but it’s one that can’t be ignored. SparkHire gives some great insight into employer brand techniques.
Applicants Spread The Word About Bad Experiences
The candidate experience is so important, and companies can’t ignore this process because your reputation is at stake. One bad candidate experience might seem trivial, but with inevitable word of mouth and today's prolific use of social media, there can be residual effects that leave an indelible bad image on your company on more than just one person.
Be Respectful: If you decide not to hire a candidate, be sure to send them an email or give them a call to let them know that they haven’t been accepted. And to kick it up a notch, if they happen to ask for a reason, taking the time to share your insights would be so greatly appreciated.
If It Takes Too Long, You’ll Lose Them
This is a big opportunity wasted, and you risk losing great candidates because your process isn’t well optimized. Google is a good example. They realized that after working so hard to optimize the hiring process, they had too many steps in the interview process, and therefore brought the number down to 4. Now they’re able to get candidates through the door much faster.
Something To Think About: Just like an author can revise and edit their book an infinite amount of times, sometimes you just have to decide to be done. Don’t overdo the process. Nothing is ever completely perfect, and you won't know if it's really a great fit until you try.