To adapt to the demands of a tight labor market, it is smart to consider certain adjustments. Organizations lose some of the best talent in their recruiting pool to competitors who move quicker and keep candidates more engaged throughout the entire hiring process.
According to recent studies, the United States industry with the longest delays in their hiring cycle averaged 53 days to select a candidate, whereas the median across industries and countries was 23 days. In the current labor market, qualified talent usually have several job offers pending, which makes prolonged, nonresponsive waiting periods the least attractive option. And once employers are finally ready to extend an offer, the candidate—under their own financial pressures—have already said yes to competitors. Both candidates and employers may miss out on their top choice because of lengthy timelines and minimal engagement.
However, there are some small steps that may curb the loss of top candidates, and they all stem from a common thread: Communication. By establishing realistic expectations and providing relevant content (employee benefits, company culture, etc.) about the employer, candidates may feel more comfortable waiting out the arduous timeline. After the phone-screen/in-person interview stage, recruiters are recommended to touch base with candidates every 48 hours.
“In this day and age, there is no excuse not to engage with candidates throughout the entire process—and then some,” QED National President Colleen Molter says, “given the accessibility of technology which makes communication much easier.”
In a similar vein of communication, organizations must brand themselves to qualified candidates, leveraging traditional and social media, email listings, and company publications. The more personalized the interaction—such as including candidates on appropriate correspondence with recruiting firms—the better. This drives a deeper connection between candidate and employer and keeps the opportunity fresh within the candidate’s mind.
As many great business leaders have previously expressed, talent is the most valuable resource of any organization. Without qualified resources positioned within a company, productivity and caliber of work falter. This occurs indiscriminately, regardless of company size, prestige, or unique offerings. Companies are only as good as the people they employ, and no organization wants to sacrifice potential talent because of inefficiencies in their hiring process.