As companies vie to land talent in an already tight job market, they have to ask, “Is our company’s hiring process too long?” The amount of time it takes for a company to make a hire is a barometer that discloses so much. It is an indicator of the culture, the organizational processes, and the growth trajectory of the company. A lengthy interview process can indicate that a company is extraordinarily particular about finding the right person for each role or perhaps…that they are utterly disorganized. The ramifications of a hiring process that is too long affect all areas of the business slowing growth and creating frustration within the company culture.
What is the benchmark for hiring process length?
So, what is a good rule of thumb to use for hiring process length? The overall average time to hire right now in the US is hovering between 42 to 43 days. But this number can be deceiving as the time to fill can vary dramatically based upon industry. Here are just a few industry averages from a recent report by Workable (https://resources.workable.com/tutorial/time-to-hire-industry):
- Leisure and Hospitality – 20.7 days
- Finance & Accounting – 45 days
- Engineering – 60 days
- Healthcare – 49 days
What do candidates expect?
It is pretty simple. Candidates expect you to get back to them in a timely fashion. Candidates in today’s hot job market are in the driver’s seat. Nearly 40 percent of candidates say that 7 to 14 days is too long to wait to hear back from an employer. Twenty-three percent of candidates say they will wait just one week before they move on to seriously considering other positions.
What is the cost of a long hiring process?
The actual cost of a hiring process that takes too long is that you will lose the candidate. Additionally, your hiring process may cost you from ever even hearing from top talent down the road. Today’s candidates rate your company’s hiring process on Glassdoor, Indeed, and other social media. Poor hiring process reviews result in lower interest and decreased applications.
The value of an excellent candidate experience
The overall value of improving your time to hire cannot be underestimated. Organizations that invest in a strong candidate experience improve quality of hire by 70 percent.
Imagine the savings that come from improving the quality of hire by 70 percent! Your company will reap the benefits of higher production, improved culture, and lower turnover. The value is tremendous.
If you are looking to improve your time to hire, consider reaching out to Goodwin Recruiting as soon as you have a new position to fill. Frequently companies wait 30 days and attempt to fill positions on their own. Time to hire can often be cut in half by merely letting a recruiting firm begin sourcing on day one. Connect with us here.