One of the most common phrases we hear is “slow and steady wins the race.” The idea is that if you take your time and don’t rush through something, whatever it is you’re doing will come out far better than if you were to try and hurry along. This can apply to any number of things, from writing a paper to building a house, but it’s also applicable to the hiring process.
In a recent study it was found that the time it takes to hire talent is at an all-time high. In February of 2015, the average position took 26.8 days to fill – over five business weeks. The study was conducted by Steven Davis from the University of Chicago, who has spoken extensively on the issue. According to the study, this time range goes from the time it takes a company to find an employee, to the time it takes to give them an offer.
Certainly, seeing something like “all-time high” when it comes to the length of time it takes to bring a candidate onboard can be intimidating. But the real problem comes with the concern over the length. Some companies react to the length of time it takes, look at their needs for employees, and think they need to expedite the hiring process. Cutting corners in the talent acquisition process for the sake of putting bodies in positions can be a danger to an organization. Trying to cut corners means candidates aren’t being vetted as thoroughly, which can result in higher attrition and lower performance.
Sourcing candidates, especially for professional positions, is one major contributor to the longer hiring process. In addition, the hiring process includes more steps. Including things like interviews and phone screenings, there’s also pre-hire assessment processes, which are being used by over half of larger employers, as well as countless medium and smaller employers. Pre-hire assessments can add time to the hiring process for both the candidates and employers . For the candidate, a hiring assessment means more commitment to the hiring process and more time it takes for them to get from point A (making first contact with the employer) to point B (getting an offer). For an employer, it means making sure a candidate takes these assessments in a timely fashion to avoid delays in the hiring process and then reviewing results to see which candidates would be the best fit for the company. If a company doesn’t understand how to analyze the data, the hiring process can take even longer.
However, the longer timeframes for onboarding a candidate really isn’t a bad thing. The extra time, if used properly, isn’t being spent waiting around one way or another – it’s being used to help further vet, evaluate, and decide which candidates are the best fit for the company. The extra time it takes can save time for a company in the future via a reduction in voluntary and involuntary turnover. Additionally, the extra time can have a greater ROI in the long run because the candidate will not only likely stay longer, but also perform better in their roles. And with the use of pre-hire assessments, a company can build a strong foundation for data analytics to help improve the hiring process even further and leverage their information better than if they were to try and rush through the hiring process and “just fill positions.”
Slow and steady truly does win the race, and talent acquisition is a race – whether it be for finding the best talent, ensuring your candidates are good fits, or identifying key traits and skills. If you'd like more information on finding and identifying the best recruits, read our whitepaper on building a quality of hire report card below:
Topics: Talent Selection Ideas