The Risks of a Drawn-Out Hiring Process

The Risks of a Drawn-Out Hiring Process

Any business owner knows that the hiring process is no joke. Not only is it time-consuming, but it's also expensive. According to the Society for Human Resource Management, the average cost-per-hire in the U.S. is a whopping $4,129. And that's just the monetary cost-there's also the opportunity cost of taking too long to fill a role. A drawn-out hiring process can put your business at risk in several ways. Express Employment Professionals, one of the top employment agencies in the world, is sharing just a few ways:

Higher Turnover Rates

The longer you take to hire someone, the greater the chance that they'll get snapped up by another company in the meantime. In today's job market, top talent is in high demand and low supply. According to LinkedIn's 2019 Global Talent Trends Report, 85% of employers say they are having difficulty filling open positions. If you want to attract and retain the best talent, you need to be quick about it before you lose them to competitors. 

Wasted Time and Money

A lengthy hiring process also wastes valuable time and resources. The longer it takes to make a hire, the longer that role will stay empty-which can have serious consequences for your business. In addition to lost productivity, an unfilled position can also lead to increased stress levels for your employees who are picking up the slack. Not to mention, the longer it takes you to make a hire, the more money you'll spend on things like ads, screening tests, and background checks. 

Low Morale     

Your employees are bound to get frustrated if you keep them hanging during the hiring process. After all, they're the ones who must deal with an understaffed workplace on a day-to-day basis. Morale will suffer, which can lead to all sorts of problems-from decreased productivity to an increase in turnover rates. 

The risks of a drawn-out hiring process are clear. If the goal is to attract and retain top talent, you need to be quick about it. Otherwise, you risk losing them to your competitors. Likewise, a lengthy hiring process can waste valuable time and resources-time that could be spent more productively elsewhere in your business. All things considered, it pays to be flexible and nimble in today's hyper-competitive job market. Looking to outsource the work to a recruitment firm ? Give us a call today to get started at (503) 399-1200.  

Locally owned and operated, Express Employment Professionals in Salem, OR is a Full-Service Recruitment Firm that continually exceeds expectations by providing services to companies in our community while also helping job seekers find employment.     

Express Employment Professionals of Salem, OR    
925 Commercial St SE #100    
Salem, OR 97302    
(503) 399-1200    
https://www.expresspros.com/SalemOR