When you don’t hire you’re losing money, not saving it
After submitting a job application, the inevitable question that follows is “when will I hear back from the company?”
While it is important to make the best hiring decision, long delays in doing so resentfully affect company performance and revenue.
Why?
Most importantly, Loss of Talent: Candidates will have more time to rethink whether they want to join your company, leave their current job, team & make certain changes to their already set life. Candidates may also receive offers from other companies, a promotion or salary increase from their current job.
Revenue Loss: Extended openings in revenue-generating positions directly impact a company’s profit. Not only can vacancies result in lost revenue, but also lead to lost customers.
Reduced Productivity: Longer interview processes equals more work to be done & some that’s incomplete. Multiple vacancies will not only affect the output in individual jobs but will affect the productivity of the whole Talent Acquisition team.
Hidden Costs: A long hiring process can raise hidden recruiting costs. A hiring process requiring multiple interviews comes at the expense of a larger recruiting time spent interviewing. These costs are often hidden from the usual cost-per-hire calculation.
Team Stress: Employees must work harder and longer when positions on their team remain open. The pressure could lead to more errors, reduced productivity, and overall, an unhappy staff.
Hiring Process
Did you know 49% of candidates turn down job offers due to a bad recruiting experience? Many of these turn downs then discourage others in applying to your company, then losing more potential candidates. Delivering a poor interview process does far more damage than simply lucking out on one person. It can cause reputational harm. This is why it is crucial to give all potential candidates a great first impression from the very beginning all the way to the very end, even those who may not be offered a position. It’s worth your time, the company’s and theirs.
Here’s the breakdown of the Athenaworks hiring process, generally:
- Screening
This is the first part of the process where we first meet the candidate and we get to know each other. We talk about what Athenaworks does, what we stand for and what it’s like to be an Athenian. We also want to get to know you, your likes & dislikes, what you value and how we can make a good match.
- ✨Gatekeepers✨
In this space, you’ll get to meet any one of our experienced Devs and touch base on what’s expected from this role, the team’s dynamic within a certain project and be presented with a coding exercise.
- Coding Challenge
The coding challenge is an exercise to assess the candidate’s tech skills needed for the position. It’s a space where we get to know you and your tech knowledge a bit better. This way we can both learn something from each other!
- The Formal Offer
If we and the client feel we’d be a good match, you’ll receive your offer via email along with salary, start date, all Athenian benefits listed & detailed out for you and next steps to follow!
The average time to hire in the IT/Technology industry is 30 days.
Here are the Pros to a faster, more agile workflow in the hiring process:
Saving on Costs & Resources: Each day a position is not filled, is another day the talent acquisition team must keep sourcing, researching and screening candidates. Also, there is an ongoing cost for every day that passes and the position doesn’t get filled. This affects not only your costs but the happiness and life-work balance of your employees, since the workload of the unfilled position is divided among current employees. By having a faster hiring process, you’ll save not only on valuable resources, like the talent acquisition´s team time, but also on all the costs associated with the unfilled role.
Higher Quality Hires: Usually, the best talent is not on the market for a long time. The longer the hiring process takes, there is more risk of losing the high quality candidate because they lose their interest or accept another job offer. A faster hiring process will increase the possibility of hiring a high quality candidate.
Improved Candidate Experience: Candidates will be happier with their experience in their recruiting process if you are getting back to them faster. A better candidate experience is not only an improvement for the candidate, but an improvement for the company too, since candidates with better experience are more likely to recommend your company.
A few tips to optimize your hiring process to make the experience as efficient and effective as possible:
Build Talent Pipelines: Talent pipelines are groups of candidates your team has screened and engaged with before a position is posted. When you have an open position, you can immediately contact these candidates without having to wait for applications and organizing screening calls.
Use an Applicant Tracking System (ATS): An ATS transforms your recruiting processes by helping you with organization and creating easy communication between candidates, the recruiters themselves. Many provide built-in templates you can use and calendar scheduling options that will lower the time you spend on administrative tasks. Your ATS can also help you source, keep track of metrics through detailed reports and post jobs to multiple job boards in just a few clicks.
Bottom Line
Finding amazing people to join your team is a constant challenge. Recruiters must do more than make the right hire; they have to give every candidate a great experience, so no one gets hurt in the process.
Now that you understand the benefits to speeding up the interview process, like access to higher quality candidates and cost savings, why not partner up with us?
If your hiring process has been unable to provide you with top of the line Tech professionals for your open positions, get in touch with us. We’ll match you with the highly skilled developers and scale your team!
