Where job placement took about 15 days in 2009, the average time to fill is now about 23 business days, according to The Quarterly Journal of Economics. According to Glassdoor research, the interview process at many organizations has nearly doubled in time since 2010.
The main reasons the important Time to Fill metric is seeing a shift:
Fear of a Bad Hire
The cost of turnover can be unnerving; it can cost up to a third of a new hire's salary if they are a bad fit. Small businesses in particular are especially wary of hiring a mismatch due to the cost of finding a replacement. Additional costs associated with turnover include compensation, the cost of training, learning and development, disruption costs, and missed business opportunities.
Many employers feel that candidates are overconfident about their ability to perform basic job functions, an issue that is leading to a slowdown of the hiring process. A recent study by Bryant & Stratton College and Wakefield Research found that 80% of workers believe they are “job ready and possess the skills, experience and education needed to advance in their desired career path or obtain their next job," while 40% of employers said that most entry-level job candidates lack the basic skills necessary to fill open positions.
Lengthy Interview Process
More frequently than ever before, candidates are experiencing a lengthened interview process, sometimes interviewing 6 or 7 times for one position at an organization in a process that can take up to a year. This shift has caused an increase in candidate disengagement and dropoff. As much as 40% of candidates experience an "unacceptable time lapse" between initial conversation regarding a position and a follow-up conversation. As much as 60% of candidates don't receive updates about the interview process at all, according to a survey by Mystery Applicant.