Hiring the right candidates is crucial to the success of any business – but you already knew that. What you may not know is that the speed of your hiring process can make a large impact on your long-term production.
In this economy especially, top candidates can come and go in the blink of an eye. Sitting back and waiting could mean losing those hard-workers to competitors, right? In part, that’s true. There are plenty of success stories of companies that sped up their hiring process and landed the perfect candidate.
However, there are also an equal amount of stories of companies that rushed a hire before adequately evaluating them. Take, for example, Matthew Corrin, CEO of Freshii, who said he hired a candidate he fell in love with too quickly. The result was a bad hire and ultimately a costly decision.
So take a minute. Sit back in your chair and think about how long your hiring process typically takes. Are you the go-getter, snatching up top-tier candidates the moment they enter the job market? Or does your hiring process take longer than a month to complete? Believe it or not, there are benefits to both approaches.
Hiring for Speed
Dr. John Sullivan wrote an article a while back outlining the three biggest reasons fast hiring is the key to success for any business. Although it’s a dated article, there are still some quality takeaway points here. Sullivan’s top three reasons why fast hiring is essential to running business are as follows:
- Ability to land high-demand candidates
- Economic incentive (Filling job vacancies)
- The ‘sudden’ availability of currently employed individuals.
On the flipside, you have situations similar to Matthew Corrin (above) who made a quick hire that ultimately didn’t fit the company culture.
We’ve stressed the importance of background checks, assessment tools, and personality tests in order to effectively evaluate candidates. The biggest downside to fast hiring is the lack of implementation of these tools. At that point, it’s almost a shot in the dark whether or not these candidates will benefit your team.
The Baby-Step Approach
Corrin points out that instead of taking the quick-hire approach he took in Freshii’s early days, he now takes a slow, organized process. While there are clear downsides to his approach like time commitment, and economic loss, the upsides are appealing for any business owner.
- Full evaluation of candidates
- Risk avoidance
- More potential candidates for evaluation
Taking the time to fully evaluate potential employees is a must. But it takes time. Some companies don’t have the time or the resources to delay the hiring process similar to Corrin.
One other point to mention is that the economy is still slow. There are plenty of opportunities to evaluate your financial situation before making a decision. Delaying the hiring process will ultimately slow your business growth until you make your hire. Take that into consideration before you make your decision.
There are clear benefits to both quick hiring and delaying the process. Make sure to evaluate where your company stands before proceeding with the hiring process.