When you accelerate the hiring process—whether you’re hiring entry-level workers or directors — you may risk making a costly mistake.
Most companies drag out the hiring process. In fact, the average time to hire — from interview to offer—takes just over six weeks to be exact.
Why the glacial pace of hiring? Experts attribute it to the growing cost of making a bad hire. In fact, a study of hiring managers found that 57 percent believe a bad hire is more costly than an open position. It’s no surprise that company leadership will often leave positions open for months — waiting endlessly for the perfect candidate to appear.
On the other hand, some companies accelerate how they recruit talent. To keep the process moving quickly, hiring managers skip reference checks and schedule back-to-back interviews in the interest of filling a position as soon as possible.
Why take the fast lane on hiring? Usually, it’s because a position needs to be filled urgently.
So what are the perils of hiring quickly? Here are some starting points:
Fast hires may quit right away. After putting effort and time into training your new hire, they can walk out the door. That can leave your business short-staffed and scrambling at a busy time. In fact, the Harvard Business Review reveals that 80 percent of employee turnover may be due to bad hiring decisions.
Skipping a reference check can be risky. It’s estimated that 53 percent of applicants put inaccurate information on their resumes and job applications. A reference check can prevent you from hiring someone who’s a fraud. References can also reveal lies and embellished resumes.
A bad hire can hurt morale and productivity. An accelerated hiring process doesn’t leave enough time to accurately determine whether a candidate truly fits your company and has the work ethic and motivation you need. Left unchecked, a bad hire can be a bad addition to a team; that will impact your company’s morale and productivity.
Hiring quickly is a risky endeavor: It can lead to more turnover, lost time and wasted training resources. Getting the right people into your company can be challenging and time-consuming, but it’s not an impossible task. If you’re looking for help with the search for talent and the hiring process, turn to Nesco Resource.