Why 83% of employers are losing out on best-fit applicants?
According to a recent study, more than 83% of UK employers lose out on top applicants due to slow pre-employment background checks. This is a concerningly high figure and, in order to adapt to the post-pandemic labour market, employers must modernise their recruitment processes to speed up time-to-hire if they are to attract and retain good-fit people.
Research on jobseekers provides the same finding. A 2017 global survey by Glassdoor revealed that 78% of candidates would drop out or consider dropping out of long or complex recruitment processes.
So what are the true costs of time-consuming recruitment?
The costs of time-consuming recruitment processes extends beyond simply losing out on top talent. The drop in output and productivity can be significant and hard to quantify. In addition, company morale will be impacted the longer a vacancy remains unfilled and the workload is passed to existing employees. Furthermore, as hiring managers start to feel increased pressure to fill a vacancy, the risk of recruiting bad-fit staff increases dramatically.
The costs of a bad-hire include recruitment and re-hiring fees, wasted training costs and loss of productivity. According to research by Oxford Economics and Unum, the cost of bad-hire for a typical mid-management role is £132,000 - and this figure doesn’t include the costs to company culture and brand reputation.
What can employers do to speed up their recruitment processes?
The first port of call for hiring managers updating their recruitment processes is the background checking phase. Background checking is typically a time-consuming and stressful process for employers and candidates alike however VettingGateway has been built specifically to address this issue.
With more automation built in than any background checking platform on the market, VettingGateway takes the stress out pre-employment vetting. Employers can speed up the pre-employment phase by inviting candidates in bulk to complete their profiles. From there, the task management system automatically prioritises tasks so each check can be completed in the quickest time possible.
Referees and candidates are chased automatically and gently reminded to complete outstanding reference requests or tasks without you having to lift a finger.
In addition, VettingGateway builds up an address book of your referee contacts that successfully return reference requests, so if you need to get a reference from the same company in the future, you can send the request to the right person, first time round.
Whilst you can customise nearly every aspect of VettingGateway to your needs, there are also a variety of simple ‘out the box’ defaults to make your life easier. From background check bundles to reference request email templates, you can vet your candidates in a matter of clicks.
This is why the average turnaround time for an online reference check in VettingGateway is just 2 days.