';

Hiring delays reach all-time high, cost companies candidates

Ask any HR representative and they'll tell you: a quick hiring process is integral to securing their industry's top candidates. As basic as this knowledge seems to be, however, research shows companies are taking longer and longer to extend offers to job applicants, a trend that has them missing the window to bring the best talent on board.

For months, the DHI-DFH Mean Vacancy Duration Measure has reported that the time it takes to fill an open position has continued to climb. In the latest survey, which covers September of this year, DHI found that organizations now average more than 28 working days to fill a job. Taking the longest were the healthcare and financial services industries, which each took nearly 47 days to hire for vacant positions.

Michael Durney, CEO of DHI Group, says that while for some jobs there are more vacancies than applicants, the primary reason time to fill has gotten so long is that hiring managers are struggling to find qualified candidates.

Unfortunately, while companies may take longer to find the perfect candidate for a role, it turns out that playing the waiting game often backfires. According to John Zappe of ERE Media, 44 percent of candidates who end up rejecting offers do so because they have already accepted a position somewhere else, suggesting that by waiting, organizations tend to take themselves out of the race.

Besides further slowing down the hiring process, Dr. John Sullivan estimates the economic fallout "from missing a single game-changer, purple squirrel, or innovator recruit to be over $1 million each."

To help them identify these championship-level candidates right away, therefore increasing their chances of bringing them on board, businesses should consider working with a global executive search firm. Leveraging extensive networks and market insight, recruitment consultants can help organizations connect with top candidates for even the most specialized positions, even those who are not yet actively responding to job postings.

Finding people is easy, but finding the RIGHT people is not. YES Partners helps companies FIND the right people for all company functions, across many industries and globally.

Recommend
  • Facebook
  • Twitter
  • Google Plus
  • LinkedIN
  • Pinterest
Share
Tagged in
Leave a reply

© 2017 YES Partners, Inc.