The Competitive Advantage Of Speed In Hiring
Every company occasionally makes mistakes in hiring and understands the cost of a bad hire. Even if the math is a bit fuzzy, it’s possible to quantify the impact of employee turnover.
On the other hand, do you know the cost of losing a prime job candidate that you could have hired if only you acted quicker?
That is much tougher to wrap your head around, and it’s one of the reasons why hiring processes can be so time-consuming. It’s human nature to protect for the downside of hiring the wrong person without fully considering the alternative of losing an ideal candidate because of a prolonged interview process.
Austin Entrepreneur Explains His Hiring Approach
Long-time startup operator Jay Manickam, co-founder of Hitch, recently joined our podcast and discussed how his company emphasizes speed in hiring.
“Once you know you need a role and make that decision, I like to hire quickly,” he said. “You have to do diligence, of course. But you can go a bit with some gut.”
There are alternative benefits to hiring fast, Manickam says. For instance, being decisive and showing confidence in hiring a candidate quickly can rub off on other employees at the company. It speaks volumes and can build momentum.
According to recruitAbility CEO Nad Elias, co-host of “Nothing’s Sacred” podcast, quick hiring processes are a difference-maker and a “key differentiator” in this labor market. The key to avoiding analysis paralysis is by building an efficient hiring process.
“You keep the steps,” Elias said. “If you have eight steps in your hiring process, that’s fine. But make them so you can knock out four of them in a day.”
In fact, there’s a well-known management consulting firm that aims to hire senior managers in 72 hours by scheduling interviews on a Friday and partner interviews on the following Monday, and making a decision on Tuesday.
To hear our full discussion on this topic, listen to the episode here. For more information on hiring, tap into these resources:
- Getting To The Finish Line In Hiring
- Finding Conviction During the Hiring Process
- Lessons And Advice For Hiring Employees