In today’s day and age, top talent is in high demand and in short supply. Despite the demand, many organizations have slow hiring processes. According to The Wall Street Journal, employers, on average, are taking 25 days to fill vacant positions, with the average increasing to 58.1 working days at companies with 5,000 or more employees. Time is money. If you leave a $150,000 position open for just one additional month, that equates to $37,500 to $62,500 of lost opportunity the company will never see (according to a study done by CareerBuilder).
Do not lose talent to competitors, counteroffers or frustration due to a long hiring process. In part one of my two part post, I provide my top 5 tips to quickly search and find the right talent you wish to vet.
As the talent pool continues to shrink and becomes more competitive each day, organizations must keep their eye on the prize. You do not want to and cannot risk losing a quality candidate. In a nutshell: plan ahead – know what talent is available and make it easy for them to apply. Organizations that learn to improve the speed of simply finding a candidate to interview will gain a competitive advantage.
Be on the lookout next week for part two of my two part post, which focuses on how to speed up the vetting/interview phase once you have a group of solid candidates.