Stop Losing Top Talent to Your CompetitionJanuary 9th, 2014 | Articles, Hiring Resources | No Comments »
No company wants the top candidates to fall through the cracks of the hiring process. The market has changed so much since 2003, where it was only common for 1 out of every 4 candidates to be actively looking for other opportunities. Now, companies have to wade through even more candidates as 3 out of 4 professionals are actively looking for new opportunities. This can be a headache for any company, so when you find the right person, you can’t afford to lose them.
There are several reasons why companies miss out on hiring good candidates:
The Hiring Process is Too Long
The old adage “Time kills all deals” definitely applies to the hiring process. Companies want candidates to wait but the process of waiting can be downright overwhelming at times. Who would settle for a maybe when a sure thing comes along?
The average length that most candidates are willing to wait (from the initial interview to the start date) before looking elsewhere is typically two weeks. Sadly, I’ve seen companies take 6 weeks just to give a candidate an initial interview! In that time, the excitement that a candidate has about a new position can dramatically dip.
Now, the ease provided by job boards and social media allows great candidates to quickly apply for other positions when hit with the big letdown of a prolonged wait.
Competitors Take Your Candidates
Allowing competitors to snatch up the top talent before hiring them not only prevents you from filling a position, it can prevent you from being #1 in your industry. The truth of the matter is that most IT candidates want more than just a great salary: they want a great work culture. Any of your competitors that can offer both quickly will win over an otherwise committed candidate.
Recruiters Aren’t Given the Right Info
Many companies use recruiting firms to handle their candidate search but some companies run into trouble when they don’t disclose their full needs. Companies need to be clear as to the skill sets they are looking for and the actual time frame in which they are able to bring someone on. Recruiters sounding confused as to the actual process a candidate is supposed to go through can make it harder for candidates to take it seriously. Companies giving slow feedback to recruiters hurt the recruiter’s ability to effectively hone in on the right candidate.