Many firms believe that taking their time to hire is in their best interests. When there’s no sense of urgency, firms will interview numerous qualified candidates, but take a “grass is greener” approach and decide to continue looking, leaving their first choice candidates in limbo for an indefinite period of time. Taking this approach often means that the top candidates will either lose interest or accept another position before your firm has a chance to make a final decision. This means you are now selecting from the good, but not great, candidates who are still left and interested, inevitably resulting in mediocre hires.
Lower Productivity and Loss of Revenue
The greatest way slow hiring is hurting your firm is through low productivity and lost of revenue. The longer a position goes unfulfilled, the less likely the work that needs to get done goes un-accomplished, directly resulting in a loss of revenue for your firm. Furthermore, the work that needs to be done by a new hire is often forced upon the current associates of the firm, causing them additional stress and job dissatisfaction.
Lower Quality Talent Pool
Great talent does not stay on the market long. A long and drawn-out hiring process often results in your first-choice being courted by other firms and has a high likelihood of accepting another position before you make a decision. Even if your top candidate isn’t being courted by someone else, a long hiring process gives them time to step back and assess that maybe their current firm isn’t so bad and they rather stick it out with where they are. Top candidates often know they are high quality, so they simply don’t have the patience to wait on a firm that doesn’t automatically see their value and jump on it.
If the quality talent has dropped out, accepted another position or rejected your offer once you finally made one, this leaves you with mediocre talent to choose from. These good, but not great candidates, could do the job, but not with the same efficiency as your top choices.
Future Applicant Discouragement
Having a slow hiring process hurts your employer brand and discourages future applicants. If a potential candidate were to see you have an opening in January and months later, the position is still open, the applicant starts to think something is wrong with your firm that you can’t hire anyone to want to work there.
Having a faster hiring process doesn’t mean taking the first applicant you interview or being reckless with who you bring into your firm. It simply means jumping on high-quality candidates more quickly, rather than taking a wait and see approach which hurts your firm in the long run.