“Time kills all deals.” This statement seems to float around many industries, but in the world of recruiting it rings particularly true. Finding qualified candidates is not as easy as it may seem, even as the number of Americans quitting their jobs surges to a 16 year high. A large pool of talent means more to sift through, as often times hiring managers just don’t have the time to talk with every interested candidate, let alone reach out to recruit industry leaders. Or many hiring managers set such a high standard, they overlook many great candidates in hope to find that “mystical unicorn.”
As a result of these recruiting strategies (or lack thereof), the budget tends to go out the window. Not because the hiring manager cannot pay the candidate’s demanded salary, but because the organization has failed to also consider the vacancy cost of having the position open for the extra time to find the perfect candidate. And all of a sudden the pressure is on your department as you scramble to fill a position and end up hiring someone who just feels a little lackluster.
The worst part? This is probably happening at your organization, and you don’t even realize it! Here’s how this plays out in a “real-world” scenario:
Leo at ABC Bank needs to hire a Project Manager with a particular set of skills.
40 candidates apply and 2 candidates make the cut: Dick and Jane.
Dick has everything that Leo needs, except he is about 2 years shy in product development experience.
Jane has plenty of product development but doesn’t have the management experience, and really doesn’t fit the culture as well as Dick.
Leo stews over it for a week and decides that even though he has two great candidates in the mix, he should look for another candidate.
In this second round of recruiting, Leo discovers Suzie. She interviews well but has a different set of skills. In the end, she doesn’t compare to Dick, and Jane is still stronger in product development.
3 weeks after the initial interviews, Leo is ready to make his decision. He offers the position to Dick, but Dick has lost his excitement about the opportunity and has taken another offer with DEF Bank.
So, Leo offers the position to Jane. The offer comes in lower than Jane was expecting, and she decides she is more comfortable staying with her current employer.
Now, the position has been open for 9 weeks and after two turn downs, Leo is desperate to fill it. Instead of starting the entire process over, he hires Suzie.
Sound familiar? The moral of the story is that the “perfect candidate” is a myth. Great candidates become the perfect candidate when they are valued and appreciated. Slow decision-making processes cost an organization not only in opportunity cost and lost productivity, but also amazing talent with incredible potential.