The Cost of Picky Hiring Practices

Regardless of the size of your business, the market demands can be excruciating. The only way you can manage those demands is by increasing your hiring. You’ve likely outlined the hiring needs already. Those needs tend to vary, but let’s just say you’ve got your work cut out for yourself. Hiring is tough work – and riddled with consequences along the way!

That’s why it’s not surprising to see how many hiring managers erupt with a case of the scruples during the hiring season. Being scrupulous means you’re thorough and attentive to detail. Hiring managers notoriously nit-pick resumes for fear of having ‘buyers remorse’ once a candidate is on-boarded.

Can you be too nit-picky when it comes to your hiring needs? It’s not the worst thing to be particular about the caliber of candidates you hire, but sometimes being too picky can actually damage all of your recruitment efforts. If you’re adopting highly selective standards for hiring, you may encounter unexpected consequences.

Recruitment Costs Will Go Through the Roof!

Business researchers at the Wharton School of Business believe that companies don’t understand the true cost of hiring. Sometimes there’s an aura within an organization that it’s better NOT to fill a role until the right candidate is found. However, most company accounting doesn’t allocate a cost for the absence of work completed due to an unfilled seat. There’s a real ROI to having as few vacancies as possible. Eventually, having that seat empty will cost your business real revenue.

This is true of large business and start-up enterprises. Experienced people and culture executives are beginning to realize the financial cost of vacant positions and are rectifying that by loosening requirements for roles and embracing a true culture of authentic training to bring new-hires to the levels you’re expecting of them.

Eventually, You Need to Make a Hiring Decision

Don’t allow the candidate market to make a hiring decision on your behalf. It’s one thing to be particular about your candidate hiring decision, but it’s another thing to be forced to accept less qualified candidates. If candidates cross your desk that are ‘nearly’ perfect, those candidates deserve your attention despite their deficiencies. Eventually, those candidates who come close to your hiring needs will be off of the market. The result is simple: you’ll be left to choose from a pool of candidates you weren’t interested in hiring in the first place.

Competent people and culture professionals know that today’s candidate market is candidate-driven; furthermore, the top candidates are interviewing YOUR organization. People and culture executives can develop a recruitment process that ensures these candidates are engaged regularly in order that they do not lose momentum with these candidates.

If you decide to play the waiting game, you may (or may not) find the ideal candidate. All businesses desire to hire the best talent. However, a best practice for the people and culture executive is to develop a recruitment model that emphasizes new-hire training, ease of transition to the organization, and retention as the primary goals – making it easier to hire the ‘nearly’ perfect candidate!

At ITS Global, we specialize in workforce management consulting. Our clients rely on us to effectively implement a talent acquisition program that will allow them to scale their growth and be a success. Let’s meet to discuss further – coffees on us! You can reach out to us at 416-689-4653 or email Ross Cadastre at [email protected] to schedule a confidential free meeting today

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