Those seeking employment have been able to be much more selective about the positions they take in recent years, a trend that has continued throughout the first half of 2019 due to the reduced unemployment rate. As of April 5, that rate remains at 3.5%. People searching for work throughout multiple industries, including construction and building products, now possess much more power than they previously did at the start of the 2010s, and the cost of waiting for the perfect job candidate continues to grows.
In theory, finding the perfect candidate is a great idea. Every hiring manager wants to find the right person for the job, an experienced, hardworking employee who not only fits in well with your company but helps make it better. Unfortunately, this type of ideal situation rarely ever comes true in real life, especially in the flooded job market of 2019.
Read on to learn more about what waiting for the perfect job candidate can cost you and your business.
Loss of Productivity and Revenue
Having major vacancies within your business can harm productivity and, thus, impact revenue. Each role in your organization needs to be filled in order for you to be producing quality products or content in a timely fashion.
Missing one member of your team, no matter how big or small their role may seem, for an extended period of time can lead to delays or cancellations of orders or result in miscommunication with clients, causing your business to lose money.
Your Employees Feel the Pressure
In addition to impacting a company’s funds, an overlong search for the perfect candidate can also negatively affect the morale of the business’ employees. The longer an open job position remains available the more pressure your workers will feel to pick up the slack and make up for the missing contributions of their soon-to-be-hired co-worker.
These efforts to fill in the gaps within your company will increase your employees’ workload, causing them to feel more pressure to perform more tasks that are outside of their normal job descriptions, amplifying the stress of their workday, and potentially leading them to burn out. The more employees who burn out, the more employee turnover there will be, meaning that, sooner rather than later, you will be looking for more than just one “perfect candidate.”
A Long Hiring Process Deters Other Qualified Candidate
The main problem with waiting for the ideal job candidate is that you’re essentially ignoring other qualified applicants. A potential hires that meets 75-80% of your position’s requirements is a more realistic option than someone who 100% fits what you are looking. Plus, he or she is also a much better hire than someone who only a 50% match.
However, when a hiring process lasts too long, there’s less of a chance that you’ll find that 75-80% quality candidates. With the unemployment rate currently so low, job seekers aren’t willing to sit around and wait any more. They’re applying for multiple positions at once, and they want to join businesses that will hire them in a timely manner.
A hiring process that includes multiple, cumbersome steps and takes numerous weeks will deter many qualified candidates from joining your organization. When you lose out on solid, respectable talent, even if they’re not your “perfect candidate,” you may be forced to add someone much less ideal to your company out of desperation.
With so many positions currently available in 2019, the hiring process has become more challenging for hiring managers who want to find job candidates that perfectly suit their expectations. However, sitting by and waiting for that perfect candidate can prove to be detrimental.
The best mentality that hiring managers can possess this year and moving forward, as long as the unemployment remains the same, is to jump on qualified talent as soon as they see it and to be open to recruiting new hires that have a lot to offer to your business, even if it’s not everything you want them to offer.
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