The Hidden costs of Recruiting Engineers Slowly
You’re probably aware of it already, but the hiring process for in-house developers and engineers is a long, costly process that often seems never-ending. With human capital being one of the most valuable assets of any company, it is, of course, always preferable to try and reach out for the best candidates; indeed, if you lose top talent to competitors – and yes, that top talent comes at a price these days – your company will certainly feel the effects.
With research showing that the hiring process is ever-lengthening and that an unfilled position will cost you $500 daily, it has become paramount to make that hiring process quicker, something many companies would love to adhere to, but which many find almost impossible to achieve. With a general shortage of top programming talent and high turnover, many top developers and engineers know they have potential employers’ in the palm of their hands, making the mission to hunt down the best even more of a challenge.
Unfortunately, that hunt for the best programming talent often results in inefficiencies creeping into the hiring process. In fact, we’ve typically come across THREE major factors that end up having a huge negative impact on the process for a new hire:
- There are often numerous rounds of interviews for a position (research indicates that only 10% of candidates are hired in 10 days), meaning a number of people are usually involved, and in turn, countless hours of employee/HR time are wasted.
- Managers are reluctant to miss out on any potential candidates, so even if they’ve already “wined & dined” a great candidate, they often reach out to HR to bring in a few more potentials, just in case “the one” is out there. And yes, that means more wasted hours and resources.
- Background checks sometimes take a long, long time.
In the meantime, of course, a long hiring process ensures those vacant positions remain unfilled, the confidence and faith in the company of a potential new employee is damaged (as well as the confidence and productivity of the existing employees covering the open position), your business plan is impacted, and perhaps most importantly, your brand may eventually take a hit…
For some additional and very insightful facts and figures, don’t miss this excellent article from Devskiller, which includes a great infographic that breaks down the numbers involved in the hiring process. For example, they mention it takes up to 43 days to hire a candidate, and a new employee may take up to 29 weeks to reach optimum productivity (think about the loss of productivity in those initial 29 weeks…).
If you’re looking to offset some of those unnecessary expenses and issues, get in touch with us at Galil Software. We do all the hiring ourselves, meaning you only have to worry about our role in helping to increase the productivity and efficiency of your R&D operations.