There’s no denying that the hiring process can be one of the most frustrating aspects of running a business. Losing a valuable asset to the team is already a tough pill to swallow, but even worse is when it comes time to find their replacement.
You may think that you have all the time in the world–especially if there are no approaching deadlines. But while that spot sits vacant, two or three other employees have to take on the workload. They’re now doing double the work for the same salary, quickly growing exhausted, while the work is done much slower than the company is used to.
This is just a glimpse into why a slow hiring process can be detrimental to any business. Not only can it potentially cost you a lot of business, but it can also cost you quite a bit of money.
Still not feeling the pressure to fill that vacancy? Follow along as we discuss the true cost of a slow hiring process.
The True Cost
If you’re looking for top-quality candidates, you have to be quick. The candidates you want most will also be highly sought after by other businesses. If you wait too long, they’re going to accept another position at another company. Consider reaching out to a recruiter to speed up your hiring process. A search firm like Talent Partners ensures that you fill the vacancy with an employee well-suited for the position, so you’re not losing more money down the line. If you’re rushing to get the spot filled because you waited too long, you may get stuck hiring a less-than-ideal candidate.
If your workload is constantly increasing, yet you aren’t receiving a pay increase, you will grow burnt out quickly. Even with a pay increase, you can only handle so much work every single day before it becomes too much for one person. Being forced to pick up the slack is naturally going
to cause low morale amongst current employees. If not careful, this burnout can become yet another vacancy within the company.
Costs The Company Money
When running a business, it’s only natural for your number one priority to be making money. Unfortunately, vacancies can be extremely costly. The longer you leave a role unfulfilled, the more money you lose out on. The loss in productivity from current employees is bad for the company wallet, and you have one less person to help bring in more potential revenue. In fact, it can cost you up to 30 percent of an employee’s first-year salary.
If you’re forcing employees to take on more work and causing them to feel burnt out, you’re running the risk that they’re going to talk to other potential candidates. It’s important to remember that people talk, and sites like Glassdoor exist for a reason. Current and former employees have an opportunity to review their experience with you, and if morale is low, they’re more likely to talk poorly about you and your business. This has a domino effect in terms of the candidates who are going to apply–and remember what we said. A poor hire can cost you thousands.
DEI recruitment is an essential part of any successful hiring process, but unfortunately, many companies struggle with the speed of their DEI hiring processes. This can cause organizations to miss out on top, diverse talent, leading to a weaker workforce and organizational culture. By prioritizing speed in your recruiting efforts, you can ensure that your company stays ahead of the curve and remains competitive in today’s fast-paced business world.
Unlock the potential of your team with the help of Talent Partners. With our expertise in hiring specialized talent for several practice spaces like HR, sales and consulting, you can build a stronger, more effective team that can take your organization to the next level. Join us in building a more diverse, equitable and inclusive workplace. Contact Talent Partners, your trusted partner in DEI recruitment strategy today.
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