June 27, 2024

The Cost of an Inefficient Hiring Process

Have you ever been stuck in job hunt limbo for weeks, not knowing how many interviews stand between you and an offer (or even a rejection)? Has your organization ever done this to a candidate? If so, you are not alone. Across the board, the number of steps prospective employees must go through before landing the role is increasing.  

A rambling, slow hiring process costs an organization’s money, reputation, and their current employees’ energy. That said, it is important to get the information you need about a candidate before deciding to offer them a role.   Balancing thorough decision making with streamlined efficiency is possible and will save you time and money in your hiring process and in the long run, and here is why: 

  1. Long hiring processes are expensive.

A prolonged hiring process consumes significant time and resources from your organization’s HR department and hiring managers. For example, if you have a panel of 3 interviewers with an average salary of $130k ($72.11/hour), it costs the company $216.35 per interview just in payroll. That doesn’t include HR or administrative tasks after the fact, and the cost of lost productivity. 

  1. Long hiring processes negatively impact the candidate’s experience.

First impressions matter. An unclear hiring process can negatively impact a candidate’s perception of your organization. Even the most enthusiastic talent may begin to grow weary after multiple interviews with no end in sight. 

The job market is competitive. Top talent is often in high demand and may not wait around for a lengthy process, leading to the loss of high-quality candidates. It is dangerous to assume that you are the only organization that a candidate is interviewing with. If you think that the candidate is the right fit for your role, make sure that you are selling your organization to them, just like they are selling their skills to you in the interview process.  

  1. Long hiring processes can negatively impact current employees.

Vacancies lead to increased workload and stress for existing employees. Help mitigate the stress on your current employees by filling the empty role in a timely manner. If you know you will have a long hiring process, communicate clearly with your current employees on when they can expect the role to be filled. Relying on your current employees to take the work of your vacant position for too long can impact morale and potentially lead to higher turnover. 

  1. Efficient hiring is a competitive advantage.

A deliberate and organized hiring process demonstrates a company’s agility and efficiency. Your streamlined process will communicate to potential talent that you are decisive and responsive, which will be attractive to high-performing candidates who guard their time.  

Tips for Streamlining the Hiring Process  

So, how do you make sure your hiring process is as efficient as possible to maintain the morale of your current and prospective employees and land the best talent for your open position? Here are a few ideas: 

Clear job descriptions: Make sure your job descriptions are clear, concise, and accurate to the role so that you attract the right talent from the beginning. Forbes and many other publications have helpful guides for writing effective job descriptions.  

Structured interviews: Structure your interviews to gather necessary information quickly and effectively. Consider the stakeholders of this hire: who needs to interview this person to know if they are a good fit? Does everyone need to interview the hire individually, or can you combine any interviews? 

Prompt decision-making: After each interview, make sure your team evaluates and makes decisions quickly. Offer feedback to the candidate as quickly as possible and give them a clear expectation of next steps.  

 Partnership with a recruiter: An external recruiter can streamline your hiring process by working with your HR team and hiring managers to find fitting candidates, coordinate and guide interviews, and make sure you find the right talent for your opportunity.  

Streamlining your hiring process so that it is efficient and thorough is the best thing you can do for your current and potential employees. Consider evaluating your current hiring processes for any areas where you could shorten lag time and improve candidate communication, without sacrificing the quality of your process.  

Jessie Miller

Jessie Miller

Jessie Miller is the Marketing & Media Specialist at ThinkingAhead. She supports the recruiting team in a variety of ways including managing social media, generating...

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