Hiring: “It’s a lot like acquiring a prom date.”

Let’s go back in time…

The big dance is coming up. You frantically weigh your options on who to ask. You identify that special person, muster up the confidence, approach her/him and ask, “Will you be my date?”

The rest is history…

Now imagine for a moment that you approached selecting a prom date the same way you approach your hiring. Rather than asking shortly after the prom announcement, you decide instead to wait for *25 days. What are the odds that person would still be available to say yes to such a late offer?

In today’s competitive marketplace, good talent is always in demand and nothing damages recruiting efforts more than a slow hiring process.  Labor market data reveals the “time-to-fill” metric has reached a national average of just about *25 days. Such a prolonged hiring process means your employees are tasked to perform double duty and/or overtime. Morale plummets and people start looking. Essentially, a slow hiring process costs you future and current talent.

Does your hiring require excessive requisition approvals or include too many administrative steps? Are your position vacancies extending past three weeks? There is no time like the present to re-evaluate your “time-to-fill” metrics. Like acquiring a prom date, hiring is much more successful when done timely.

*The average time it takes a corporation to make a hiring decision; covered by the DICE‐DFH Vacancy Duration Measure.

http://faculty.chicagobooth.edu/steven.davis/pdf/Dice%20Hiring%20Indicators%20June%202014%20Report.pdf

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