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Why are companies losing quality potential employees?
Nationwide Interchange Service, Inc., (“NIS”), the nation’s largest network of professional recruiting firms, recently surveyed its 1,500 Preferred Members to identify new hiring trends throughout the country. Recruiters surveyed specialize in placing candidates in middle- to upper-level positions in many specialties and industries, including engineering, manufacturing, data processing, sales, accounting, etc. These recruiters are involved in the hiring process on a daily basis with companies of all sizes.
Timing is Everything:
Corporate America’s traditional interviewing, evaluating, and hiring processes are causing companies to “let the good ones get away.” The following guideline has been established to help successful hiring managers get the “best candidates” before their competitors get them:
94.4% of the respondents encourage Telephone Interviews within five days of becoming aware of a qualified candidate.
85.8% of respondents encourage Face-To-Face Interviews within eight days.
78.7% of respondents encourage Extending an Offer within six days of the face-to-face interview.
“Speed is the key in all parts of a successful hire!”
Today is a candidate-driven, critical-skills-driven marketplace! The Hiring Manager’s responsibility is to “sell” the quality, financial stability, and advancement opportunities of your company to the candidate. Today, the “best candidates” are receiving multiple offers from the “best companies.” You are competing with these companies for limited resources. The NIS Survey showed 81.5% of the respondents feel there is an extreme shortage of available candidates who are truly qualified for their clients’ job openings, and 86.2% feel the shortage is getting worse!
The Bottom Line:
Slow response time is causing many companies to lose their most valuable resource, qualified personnel. Companies are allowing “top candidates” to go to their competitors, leaving positions unfilled costing them millions of dollars in lost revenues! Why? Survey respondents agree the #1 reason more than one-fifth of their clients’ job openings go unfilled is that their clients move too slowly to interview or extend offers to qualified candidates. Companies who move quickly to hire gain a huge competitive advantage by getting top talent and maintaining full staffing levels.