The Cost of Prolonging The Hiring Process
Many organizations feel the need to interview 5,10,15 candidates per job opening and run candidates through endless interview sessions. This approach takes time and in some cases causes organizations to lose their top candidates to companies that make efficient and timely hiring decisions.
The availability of talent is very tight and the competition for that talent is extremely competitive. Organizations need to understand that it is a candidate driven marketplace and that they need to ensure that the interview and hiring process has tight timelines, is efficient and ensures that candidates will receive timely feedback.
A typical timeline that a company should expect to hire is 4-6 weeks from the time that the position became open. Companies should focus on establishing a no more than 3 interview policy, review no more than 10 candidates, interview 5 of those candidates for initial interviews and par down those candidates to 3 finalist. This should take place over a 2-3 week period.
The remaining 1-3 weeks is focused on finalist interviews, reference checks and preparing for the new hire to start. Using the 4-6 week timeline, will ensure that hiring will get done and companies will lower the probability of losing top caliber candidates.
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