I recently kicked off a new executive search for a top-level role, and the process was at the stage where the company had selected their preferred candidate, as well as two really strong backups.

Everything had gone smoothly up until the point we realized that the hiring company’s legal documentation wasn’t ready, which meant a firm offer couldn’t be extended. The consequences were that the preferred candidate dropped out of the running in favor of an offer from another company, and one of the two backup candidates also dropped out as the process was taking so long.

The process had now taken 4 months, and had to be repeated, as the second backup – had lost desire and enthusiasm for the role, due to extended timeframes and a lack of communication from the client.

All too often I see this same scenario play out with my clients; they aren’t fully prepared to complete the hiring process, and this results in frustration from all parties, poor experience, and damaged brand reputation from the candidate’s point of view.  This can be avoided with proper planning and preparation.

In today’s competitive, fast-paced executive search market, companies can’t afford to have a stalled-out hiring process.  Losing business critical hires impacts you, the people around you, and the bottom line.

Your hiring process should be efficient, smooth, and as optimized as possible.

Why you must recruit efficiently

In the executive search process, especially when you’re trying to fill pivotal senior roles in your organization, time is not on your side. Candidates will simply go elsewhere (i.e., to your competitors) if your process is too slow.

That said, there are more reasons why you should recruit efficiently and with as much speed as possible without losing quality:

1. It’s a better experience for candidates

Most people, whether they’re actively looking for a new role or are being headhunted, want to be kept in the loop and move through the process in a timely way. In fact, 66% of candidates want to hear more from employers.

If you can fulfill these aims, candidates will have a better experience. They’ll be more likely to have a positive opinion of your company (more on that below), and you’ll reduce hiring frustration.

2. You’ll reduce the chance of a bidding war with your competitors

Top-level talent is highly sought-after, especially if you’re in a niche sector?and, of course, it’s great people that make a great company. So, if you can move through the executive recruitment process quickly and efficiently, you’re less likely to get into a bidding war with your competitors.

This leads me to…

3. You may lose out on the best talent

Moving quickly through the search process can boost your chances of hiring the best candidate. Going slowly or not communicating where you’re at in the process means you’re more likely to see potential candidates tempted to go elsewhere.

4. Productivity slows down

It isn’t just your candidates who might be impacted by an inefficient recruitment process. Any team in your organization that would potentially work with someone in the role you’re recruiting to could be negatively impacted.

For example, there might be projects waiting to start until the vacant position is filled, or you might require the person in this position to recruit people to their team in turn. A lengthy search process can even negatively impact your bottom line.

5. Colleagues must pick up the slack

Leading on from this, if you have a vacant role, your colleagues may be taking on more tasks than normal to cover it while you recruit. And if the recruitment process takes a while, this can take its toll and lead to frustrations, stress, and burnout.

A final thought

It’s clear that hiring efficiently mitigates the risk of losing out on top-tier talent and negatively affecting your existing teams.

And I’ll go back to where I started. One of the most important things you can do before embarking on your search process (no matter how eager you are to recruit) is to ensure that you have everything in place to extend an offer to the best candidate as soon as you find them.

For a smooth and efficient executive hiring process, reach out to me directly and let’s schedule time for a call.