How Outdated Hiring Processes Are Costing Your Company Talent and Money.
Finding and attracting top talent is key to your success in today’s fast-moving, competitive business environment. However, many companies are still using outdated and rigid hiring practices. Is yours? If so—it’s not only limiting your talent pipeline, but probably undermining your initiatives for diversity, equity, and inclusion (DEI).
It’s shown that inflexible work arrangements can create higher attrition rates and make your company less attractive to candidates. In fact, according to a recent survey, 54% of candidates have declined job offers when remote work isn’t allowed. Restricting workplace flexibility can also increase your current employee turnover rates, which adds even greater stress to the talent gaps that you may be seeing in your workforce today.
What’s more, a daunting application and interview process can turn off many talented candidates, with 7 in 10 candidates indicating that they won’t apply for a role if the application process takes too long. Multiple rounds of interviews are also a turnoff for many talent prospects. Nearly 60% of job seekers quit online job applications mid-way due to their length and complexity. However, another survey found that about 90% of recently hired candidates reported hearing back from their new employer within about a week of applying for their job. To stay competitive today, you must act fast to be taken seriously by candidates and capture the attention of top talent.
There’s also a lot of room for improvement in communicating. About 70% of job seekers want more feedback from the employer on the interview, and 45% report being ghosted by an employer during their most recent job search. In addition, 55% of candidates believe it should take less than two weeks from the first interview to a job offer, but the average length of the hiring process is currently 36 days. This delay can cause candidates to lose interest, and cause your company to miss out on top talent. On the other hand, fine-tuning your process to enhance communication can quickly lead to better returns.
Any of the hiring practices detailed above can have a significant impact on your company’s financial health in turn. Failing to adapt to these changing job market trends could result in a loss of top talent, increased employee turnover, and lower levels of employee satisfaction. It’s also important to note that companies that limit workplace flexibility may experience higher retention costs, which can have other long-term financial implications.
Instead, by embracing more flexible and inclusive hiring practices, your company can attract and retain top talent, drive innovation, and achieve long-term success. Kelly Science, Engineering, and Technology solutions can help you reach these goals. As the experts at hiring experts, we understand the importance of flexible hiring practices, building diverse talent pipelines, and providing timely feedback to candidates. Together, we can help you navigate these challenges to create a more inclusive and efficient hiring process that attracts top talent, retains current employees, and drives business success.