Grizzly Force Blog

At the core of business, people are the real revenue generators. Having a solid team with the right amount of team members is critical to keeping your organization profitable. So what happens when a position becomes vacant? Recruiting the right employees is a critical part of any successful business, but the recruitment process can be long and expensive. If you have lengthy recruitment cycles, it could be costing your business in more ways than one. In this blog post, we’ll discuss the ways long recruitment cycles are impacting your business and profitability.

 

 

Time Is Money – The Economics of Long Recruitment Cycles

The more time it takes for you to find a new hire, the more money you risk leaving on the table while those positions remain unfilled. While the unfilled positions might not seem like they're costing you, this could be impacting the business's ability to accept new projects or orders. Current projects are also more susceptible to failure if the appropriate personnel are not there to see them to completion. Additionally, other employees will feel stressed while filling the skills/labour gap, which can lower their overall output. In addition to output loss, the cost associated with advertising the vacant position, interviewing, and decision-making meetings are also costing your business. Setting realistic timelines for recruiting new employees can be critical to reducing revenue loss when a position becomes vacant.

 

 

 

Candidate Turnover Rate Increases With Lengthy Recruitment Process

A lengthy recruiting process often triggers high turnover rates of qualified candidates. Many frustrated applicants tend to withdraw from the recruitment process, costing your company valuable time and money. Factors that lead to this include long wait times between application and a response, or simply unresponsiveness on your end. When companies do not provide candidates with a clear timeline of their application process, these frustrated applicants will search for other opportunities. Keep prospective candidates engaged throughout the recruitment cycle, and you will be able to avoid costly setbacks due to candidate turnover. Employers should strive to keep their recruitment timelines shorter and make sure all candidates feel respected throughout the entire process. As well, all decision-makers on your end should be aligned on the timeline of hiring.

 

 

 

Current Staff Turnover

Often times if a business is short-staffed, current employees need to pick up the slack. This can lead to job fatigue, burnout and increased workplace stress. Unexpected high levels of stress can increase absenteeism, long-term disability, and workplace accidents. By addressing staffing shortages, Canadian businesses can provide relief to existing staff, decrease WorkSafe claims, and improve job satisfaction. Another short-term measure to help your current staff during these times is to implement an employee recognition program. You can find out more about ways recognize your employees without breaking the bank here.

 

 

Reduce Costs by Streamlining Processes

Finally, streamlining the recruiting process by reviewing and refining the workflow can help reduce costs associated with long cycles. Each business will have a different method that works for them, but a regular process review can help you remove any unnecessary roadblocks. Make sure the people in your organization that will make the final hiring decision are aligned on the workflow to prevent internal conflicts.
 
Automating certain tasks such as scheduling interviews or sending out emails can save both time and money. Software automation helps to ensure that candidates receive consistent communication throughout the whole process. Employers should also ensure they have well-defined job descriptions and expectations before beginning their search. Clear hiring goals prevent wasted time on applicants who aren’t qualified for the role they are trying to fill.

 

 

Take Away

Finding a new recruit will always come with challenges. But by having a clear hiring goal in mind, you will be able to quickly find the right candidate for the job. By reducing costs and improving your strategy your company can gain the competitive advantage you need.