The Impact of Hiring Delays
Hiring delays can cause all sorts of issues for companies and businesses. From losing out on stellar candidates to slowing down the development of projects and sales, there are many things at stake when recruitment and acquisition timelines begin to stretch. Furthermore, a candidate-driven market means top talent usually come off the market in 10 days or under. All of this means companies need to adapt and act quickly if they’re going to source the best talent for the job.
What affects time-to-hire?
Size of company – Less applicants and fewer levels of hierarchy mean that the hiring process for smaller companies tends to unfold in a more timely manner. Strong talent is often pivotal to the growth of SMEs and small businesses, so the search to find these candidates can take on more urgency. With hundreds, even thousands of applicants sending in their CVs to job postings placed by large established companies, it can take time for recruiters and managers to finalize an appropriate shortlist. Larger companies also tend to have more levels of management. It can take time for candidate profiles and CVs to pass through each of these for approval.
Level of skill and seniority – Roles that require higher levels of technical skill, responsibility or experience tend to take longer to fill. Unclear role definition and skills gaps can further exacerbate this issue which can lead to further lag. It’s also common for the recruitment process to involve layers of competency reviews and background checks.
Limited resources – Having limited access to resources such as budget, time or key team members can also slow down talent attraction. Furthermore, these can grow even more stretched the longer a position sits open. While there are ways of combatting this – such as by advertising internally and improving candidate experience – not having everything you need at your disposal to make key hiring decisions can affect the outcomes of the process.
Other factors that can substantially affect time-to-hire include:
- Economic challenge – such as during or right after the bounceback of a recession.
- Changes to employment regulation – for instance, employee rights, contract terms and hiring equality.
- The number of stages in the hiring process – especially when there are bottlenecks, particularly at the CV review stage.
- Perfectionism – Believing there is one ‘perfect’ candidate out there and subsequently passing over strongly qualified candidates that could have been onboarded sooner.
Potential Impact of hiring delays
While it might not seem it on face value, there could be very serious consequence to recruitment delays for your company, including:
Decreased productivity & revenue – Without the people on hand to fill key positions, delays can directly impact product manufacturing, marketing and sales. From running late on fulfilment to not having enough sales and marketing professionals pushing deals through the pipeline, hiring delays can wreak havoc with companies bottom line
Delayed product development – This is especially true for software and development companies who are attempting to build and take products to market. Without the right talent and skillsets, product development can halt, leading to loss of revenue and even investment.
Damaged company reputation – Positions that are left opened for months on job sites, a promising series of interviews that ends up fruitless – all these things can lead candidates and industry players to talk. A drawn-out hiring process can directly affect a company’s reputation and lead top talent to look elsewhere. Delays may also lead HR managers to rush in making their decision, which could result in a bad hire which in turn affects brand reputation.
Rising costs (in terms of time and money) – When a position remains unfilled costs can be driven up whether from delayed production or decreased sales. But there is also a cost in the form of time lost. For instance, hiring managers may end up spending unnecessary time on hiring tasks such as interviewing the wrong candidates.
Losing out on top talent to competitors – Speaking of top talent, there’s a very real chance that a lengthy recruitment process can persuade candidates to look elsewhere. Highly skilled and top-end talent, in particular, want a smooth and hassle-free interview series. They can start to get itchy feet when they’re told they just need to go through ‘one more set of meetings’. That usually leads to one thing – a competitor swooping in and making a better offer, faster.
Don’t let recruitment slow you down
Leonid is a recruitment group dedicated to helping companies source and win the best talent in the R&D tax and Innovation sectors as well as Tech, Corporate Governance and Executive Search. Working collaboratively with your internal Talent Acquisition team, we’ll help you carefully plan and execute your recruitment project in a timely manner. Please, click here to get in contact with Leonid to discuss their innovative award-winning solutions to save your time and money.