While there is a higher demand for talent, there is a smaller pool of genuine skilled talent available to meet that demand. In point of fact, the demand for certain "future crucial" positions is at an all-time high, particularly in specialised fields.
When you add that to the reality that most of the talented workers available are already employed, the environment for hiring becomes even more difficult.
According to the poll conducted by Bidding Partnerships:
• 21% of jobseekers will only wait seven days following an interview to hear back from a potential employer.
• 52% of candidates would lose interest if the hiring process is too sluggish.
Six reasons why fast hiring process is so important
When candidates who are already employed, they will choose to remain with their existing company rather than risk being passed over for other positions.
In addition, when your organisation has a faster hiring process, you're also more likely to hire high-quality individuals.
Here's why a fast hiring procedure improves hire quality:
#1 Speed reduces in-demand candidate dropouts. Again, delayed hiring processes eliminate top prospects who are often the first to quit.
#2 Slow hiring keeps the average. Once your top achievers are eliminated, you're left with lower-performing candidates.
#3 Quick decisions attract top talent, since fast hiring reflects your company's culture.
#4 Candidates make swift decisions. Faster hiring decisions mean your "bird in the hand" offer gets accepted first.
#5 Fast hiring cuts bids. If you wait too long, your competition may offer the candidate a bigger wage, causing a bidding war and higher costs.
#6 Diverse candidates move fast. If your hiring process is too long, you risk losing high-quality prospects to a more diverse organisation.