Attracting and retaining the best candidates is crucial for the success of any business. However, simply posting a job ad and waiting for applications to roll in, is not enough. Companies must ensure that their hiring and onboarding processes are efficient and effective to not only attract but also retain top talent.

Many businesses are adopting longer and more thorough hiring processes that can cause great candidates to drop out. This not only wastes time but also costs the company money. In fact, a lengthy hiring process can lead to lost productivity and revenue due to prolonged open vacancies.

To make matters worse, longer hiring processes can also have a negative impact on a company's reputation and employer brand, making it harder to attract top talent in the future. This is why it's important for businesses to review their hiring process and find ways to streamline it while still ensuring they get the best candidates.

In today's job market, candidates have plenty of options and opportunities. Most candidates who are actively on a job hunt are interviewing with multiple companies, which means businesses need to respect their time and effort. Long, drawn-out hiring processes can make candidates feel unimportant or frustrated, causing them to lose interest in the company or even drop out of the process altogether.

Top talent knows their worth, and they won't waste their time on a disorganised or unresponsive company. They want to work for a business that values their skills and experience and provides a positive candidate experience throughout the hiring process.

The increasing belief that more interviews, more stages and more wait time will produce better hires have proven to be false over multiple case studies, so why do companies keep lengthening their hiring processes? Google, a company with 190,234 employees, noted that they gained 80% of the value from a candidate after just two interactions. Additionally, alternative case studies showed that picky hiring managers don’t result in hiring more quality (better performing) candidates

So what steps can companies and hiring managers take to hire the best candidates? 

Adopt a customer service mindset
Once you have decided to interview a candidate, let them know what the process will look like and time estimates for each stage. Candidates need honesty and transparency just like in job descriptions. Brief candidates properly on what will be expected at each stage. This way they will remain engaged with your business and are much less likely to drop out of the process.

Implement a structured candidate feedback process
After every interview and test, you should touch base with the candidate, give feedback and encourage them to ask any questions they may have. Create a relationship with every candidate to show you care about them and their journey with your business, no matter how short or long it will be. Communication is the key here. 

Use numerical ratings
In order to hire candidates that are right for the job, without getting put off by one small comment or mistake, use a rating chart with weightings for each candidate. If there are multiple interviewers, complete your individual chart before discussing the candidate.

Be efficient
To prevent candidates from dropping out, it's important to move through the interview phase as efficiently as possible. One way to do this is to reduce the number of interviews. Typically, two interviews are enough, and for more senior roles, a third meeting with a senior stakeholder might be necessary. It's also crucial to ensure that staff members who conduct interviews are adequately trained to provide a positive experience. This means creating an interview process that draws out a candidate's full-picture compatibility with the company and making sure that interviewers ask thoughtful and relevant questions that help to assess the candidate's fit for the role.

By taking these steps, you can create a positive reputation and become a desirable employer in the eyes of top talent. If your business is looking for assistance to review and improve your hiring process, Hospoworld is a leading recruitment specialist with valuable insights. Our advice is completely confidential and free of charge. We can and will make sure that you're attracting and retaining the best talent for the success of your business!

1 https://rework.withgoogle.com/blog/google-rule-of-four/
2 https://hbr.org/2022/07/its-time-to-streamline-the-hiring-process