A candidate from a well-known benchmark firm dropped out of our search for a General Manager position because the hiring manager took a week to respond to his interest. He said…
It’s not like I need their job. If it takes them a week to respond to a resume like mine for a job of this importance, they’re not the kind of company I want to work for. I move fast, and I can already see that my style wouldn’t fit their culture. –Wind River Associates
As a corporate recruiting leader, know that in a highly competitive college marketplace, there may be nothing that damages corporate recruiting results more than slow hiring.
Many firms now go the first step and track some variation of the “time-to-fill” metric. But despite that metric, not only are firms still almost universally guilty of painfully slow hiring, but to compound the problem, few recruiting leaders truly understand the many negative business and recruiting impacts that result from slow hiring. I estimate that the impact at most corporations exceeds tens of millions of dollars each year. And the dollar loss from this factor may be as much as 10 times higher than losses resulting from low recruiting efficiency related to the more popular “cost-per-hire” metric.
It’s not enough to be conscious and aware of slow hiring. Identify and then quantify in dollars each of the negative impacts of slow hiring, so that everyone from the CEO on down will support the streamlining of the process. After several decades of work on “speed hiring,” I have put together an extensive list of the negative consequences associated with taking too long to hire. The top 12 most damaging factors are listed below.