Updated: Sep 28, 2020
As companies go head-to-head in Australia’s talent pool, it has never been more important to master an efficient and seamless recruitment process. When business success depends on building teams of skilled and highly talented professionals, companies need to act fast to secure finding and hiring the ideal job candidates or they risk losing them to the competition. Slow hiring practices, which result in lengthy delays to the recruitment process, can bring a series of negative consequences for companies.
Missing out on top candidates: The most common risk of a delayed recruitment process. Companies that find the most suitable candidates must act fast to onboard new employees before they’re snapped up by the competition. While 38% of job seekers in the current market receive more than one job offer when looking for a new job, almost two-thirds (63%) have accepted another offer because they waited too long to hear about a preferred role.
Damage to the company’s reputation: prolonged recruitment practices have the potential to damage a company’s employer brand online with 43% of job seekers saying they would consider writing a bad review about an employer if the hiring process took too long. a company’s reputation can also be affected by traditional word-of-mouth interactions within the marketplace. Over half of job seekers (53%) say they would not recommend a company as an employer if they had not received a timely response about the status of their application for an advertised position.
Impact on business performance: Job vacancies left unfilled for prolonged periods can place an excess and unwelcome strain on existing teams because of increased workloads, knowledge gaps and skills shortfalls. At the same time, company revenue suffers when vacant roles lead to reduced sales, ineffective customer service experiences and poor performance through lack of project or team management.
The actual cost of having a vacant role: On average, 15% of advertised positions remain vacant for more than one month. Job vacancies incur daily monetary costs, irrespective of whether those roles directly or indirectly generate revenue for the business. For example, while shortages of sales staff can lead to decreased sales, the time-to-market for revenue-generating products, services or enhancements could be impacted by the absence of project managers, developers or other support staff. Aside from financial costs, roles that remain vacant for extended periods could become harder to fill because they look “stale” to talented job seekers searching for fresh and sought-after opportunities.
Want to know the actual cost of hiring a new employee? Read up about it here.
About RedBeard Talent
Both leading industry brands such as Accor Hotels and OTA Insight as well as talent in APAC, EU and the US are working with us, and so should you. We’re your colleagues and mentors when it comes to recruitment and your career. Excited to break boundaries together?
Using our innovative approach with the latest smart technologies, we have achieved a 95% employee retention rate for our clients, 10 working days faster in filling positions than any traditional recruitment agency with 30% more in monetary savings, and accelerated work engagement significantly.
We also work with professionals to showcase their best talents and skills through our transparent, one-on-one mentoring and fully tailored resources. We are so committed to helping you advance your career that our fastest candidate received a promotion within 3 months from Business Development Manager to Assistant Director of Sales & Marketing at the age of 22.
More than anything, when we work with you, we take pride in providing an exceptional 6-star service that is transparent and meaningful to serve you.
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