The tech market at the moment is at its most competitive I've seen for a very long time and there most certainly is a 'war for talent' not only in the U.S but also on our Australian shores.
Here are 5 reasons why moving slowly in such a competitive landscape can potentially hurt your bottom line and reputation
Your interview process is a reflection of how your company operates
The way you conduct your interview process is a reflection on your brand and internal processes. If it takes 6 / 7 weeks to go through 5+ stages of interviews, this will give the impression your company moves slowly and takes forever to get things done. Most people want to join a fast moving, agile company where decisions can be made quickly, albeit with rationale and thinking behind them.
You will miss out on top talent
The slower your hiring process, the more likely you will be to miss out on top talent as by the time they are nearing the end of your process, they will likely have 1 - 3 offers on the table and be compelled to choose one of them before finishing your interview process.
You could miss out on delivering projects to your customers
If you're a consulting business, this is even more important as speed to market from a hiring standpoint can mean the difference between delivering that million-dollar SOW you just got signed or your customer realising you don't have the capacity and headcount to successfully deliver their project.
Time is money
This can be an expensive exercise as you will be dedicating many hours to screening, interviewing, coordinating, reference checking only for that candidate to accept someone else's offer because you were too slow. You're a busy person with a full time job to focus on and to let all that initial effort go to waste is obviously counter-productive.
People talk to each other
Although the Technology market is still rapidly growing in Australia, it's a relatively small candidate pool. People who interview with your company are most likely friends with other potential employees you might want to hire and one person sharing a negative interview or hiring experience goes a long way to hurting your brand and image.
I've seen everything from hiring processes that are actually too fast and put the candidate off and some that take 8 weeks and then they take another offer that was turned around in a matter of days.
It's important to have your hiring processes set in place before engaging in a search for a new candidate. Ensure that all the hiring managers who will be involved in the decision making can be flexible and accommodating to the new potential employee. This might mean meeting them before or after work hours if they are still currently employed.