Hiring Too Slow is Costly

Hiring Too Slow is Costly

Taking to long to make a hiring decision can cost your company talented employees. As you have probably heard, a record number of people quit their jobs at the end of 2021. Hiring will probably remain tight in 2022, with many companies pursuing the same talented candidates. Despite this urgency, many companies take up to two months to decide to hire a candidate. A Robert Half survey showed that 62% of candidates lose interest if they have not heard back from a company within two weeks of an interview. And that figure rises to 77% after three weeks.

Be Prepared Before Starting the Process

Many companies simply post the same job description each time they need to hire for a position. While that strategy will work if you are adding a new team member, it will not work if you are hiring a replacement. The longer an employee has been in a position, the more they have likely changed the role to bring in more responsibilities that they enjoy. Having an accurate idea of what responsibilities are attached to the role will help you refine what kind of a candidate you need to hire.

Before you start the interview process, you should also have a strong sense of the salary range you are willing to pay. The salary question should be a range for the typical candidate and also how much flexibility you have to go above that for the right candidate. To make sure your salary range matches with current candidates, you should do some research and make sure your salary and experience expectations line up.

Stay in Touch with Candidates

Once you begin the interview process, good communication with candidates will make a significant impact. Many firms prioritize communication with candidates while setting up a phone interview or a Zoom/in-person interview. However, after the meeting, communication with the candidate stops. With so many companies essentially ghosting candidates, is it surprising that they assume companies are not interested? Even if you send a quick email, it lets the potential employee know you are interested.

One factor that might be unnecessarily drawing out the hiring process is waiting for the ideal candidate. There is no ideal candidate. There are talented potential employees who will fit with your firm and learn how you do things. It is unrealistic to expect to hire someone who can check every item in a job description. Within the candidates you interview, spend time evaluating if you like their attitude/approach. Do they understand the essentials of the job? Do they have ideas that you had not considered? These qualities are far more important for hiring than if they exactly meet your job description.

Hire a Recruiter

If these seem like too much to handle, let our expert recruiters handle the hiring. At Real Estate Executive Search, we can help you target and hire talented commercial real estate professionals. Working with a recruiter will streamline your hiring process, letting you avoid the costly mistake of taking too long to hire. Contact us to learn more about our process.