Are you missing out on top talent because your hiring process is too slow? According to a new report, the answer is yes, at least for small and mid-sized businesses.
According to the 2019 BerniePortal Recruitment Report , nearly half of respondents reported an average time to hire of between 15 and 30 days, and 13 percent of small businesses said their average time to hire is longer than 45 days.
“This prolonged hiring process puts small businesses at a disadvantage, but whoever can increase the efficiency of their hiring puts themselves at an advantage,” the report says.
Recruitment has taken on new urgency in recent years as a severe labor shortage has plagued employers nationwide. According to the U.S. Bureau of Labor Standards, approximately 7.5 million jobs were available in April of 2019, but only 5.8 million people were looking for work.
“With unemployment at its lowest in 50 years, the survey indicates that streamlining the hiring process presents a critical opportunity for HR leaders to improve recruitment and retention rates,” the report states.
Many businesses have long hiring cycles because of inefficient HR workflows or lack of personnel to handle HR. The report found that any business with a drawn-out hiring process is at a disadvantage and more likely to lose out on the top talent available.
“To compete for talent, HR professionals and small and mid-sized businesses must hire faster,” the report says. “…optimizing applicant tracking, hiring and onboarding processes can improve the hiring experience for both HR and new employees, creating a positive impact on retention.”