To Hire Early or To Wait: What Is the Best Recruiting Strategy?
Many business owners and HR professionals are faced with the challenge of determining the best-recruiting strategy for their organization. While some may feel that it’s best to hire early and often, others may opt for a more conservative approach and wait until the right candidate arises. Ultimately, the decision of which strategy to employ depends on the individual and their organization’s needs, goals, and resources. Both strategies have their advantages and disadvantages, and it is important to weigh the pros and cons of each before making a final decision. By examining both strategies and their implications, business owners and HR professionals can determine the best-recruiting strategy for their organization.
What is the best-recruiting strategy?
There is no one-size-fits-all approach to recruiting. The best strategy for your organization depends on the current needs of your business and your employees, as well as the time and budget you have for recruiting. Hiring early can be beneficial for companies that have seasonal or cyclical hiring needs. For instance, if your company hires many retail associates during the holiday season, it may be advantageous to hire early.
This provides your company with greater flexibility and reduces the need to recruit during an already extremely busy time of year. In contrast, hiring later in the year provides companies with greater opportunities to find the perfect candidate without having to compete for candidates during an already busy time of year. Hiring early can also be helpful for organizations experiencing critical staffing needs.
For example, if your organization needs to hire a new HR manager, but the position requires a specialized skill set that may not be available at the right time. In this case, it may be beneficial to hire early and wait for the right candidate, rather than hire a less-than-ideal candidate and risk the health and stability of the organization.
Advantages of hiring early
Better fit: A company that hires early can find employees who are a better fit for their company and, as a result, may experience less turnover and be more productive.
More options: Hiring early allows companies to have more options for the best candidates for the job, allowing them to select the best fit for the organization.
Avoiding seasonal hiring: Hiring early can help avoid seasonal hiring and the risks that come with it, such as increased costs and lower-quality candidates.
Having time to adjust: Hiring early allows time for the organization to adjust to the new hire. This can help prevent the need to hire again right away because of poor fit or other issues.
Disadvantages of hiring early
Higher cost: Companies that hire early may be competing with a high demand for candidates, which can push up their costs. This may also make it more difficult to find the right candidates.
Difficulty finding the right candidate: If your company hires early and hires often, you may find yourself with a large pool of candidates and an abundance of resumes to screen. This can make it more difficult to find the right candidate for each position.
Waiting for the right candidate: If your company hires early and finds a less-than-ideal candidate, you may have to wait for the right candidate to come along. This can lead to having an open position that isn’t filled and can cause a drain on your organization.
Advantages of waiting to hire
Better candidate: Companies that wait to hire may find a better-suited candidate and may be less likely to experience turnover, which can be costly.
Increased flexibility: Companies that wait to hire may experience increased flexibility in their hiring practices. For example, you may be able to wait for the right candidate and consider hiring a candidate with a disability.
Higher quality candidates: If your company is experiencing critical hiring needs and has difficulty finding the right candidate early on, you can wait for the right candidate and hire them when they become available.
Finding the best candidate: Waiting for the right candidate allows you to find the best person for the job and hire them when they are available, as opposed to having to settle for an early candidate.
Disadvantages of waiting to hire
Loss of productivity: If your company has critical staffing needs, you may have to hire early and settle for less-than-ideal candidates. This can cause a drain on your organization and affect the health of your business.
Difficulty finding the right candidate: Companies that wait to hire may have difficulty finding the right candidate and may be forced to settle for less-than-ideal candidates. This can lead to low productivity and high turnover rates.
Weighing the pros and cons
When it comes to deciding whether to hire early or wait, it’s important to weigh the pros and cons of each strategy to determine which one best fits the needs of your business. When hiring early, there is a risk of hiring the wrong person and having to terminate them later. When waiting to hire, there is a risk of losing productivity and having open positions that aren’t filled.
There are also other factors to consider when deciding which strategy is best for your organization. Some of these include budget, time, hiring process, and employee resources. With so many factors to consider, it can be difficult to determine the best-recruiting strategy for your company. It’s important to understand the implications of each strategy before deciding.
For instance, when hiring early, there may be more pressure to make a hiring decision quickly, which may be difficult if there are multiple qualified candidates for a position. In contrast, when waiting to hire, there may be pressure to make the decision even more quickly, as there is a need for the position to be filled.
Factors to consider when deciding
Budget: When deciding on the best strategy for your organization, you should also consider the hiring budget.
Timing: It’s important to factor in timing as well. If your company is in the middle of a hiring period, you may want to wait to make a hiring decision.
Current resources: It’s also important to consider the current resources and needs of your organization. If there is a critical hiring need, it may be beneficial to hire early.
Questions to ask when deciding
If you are still unsure about which strategy to use, there are questions you can ask to help you determine the best-recruiting strategy for your organization.
How long does it usually take to hire for this position? This can help you determine how long it will take to find the right candidate.
What is the budget for hiring for this position? You should have an idea of the budget for hiring and be able to determine if you have enough for both strategies.
What is the hiring process for this position? This can help you determine the best time to hire for this position.
Keep in mind that while it is important to consider the best strategy for your organization and know the implications of each, you don’t want to be so rigid that you miss out on great candidates. It’s important to have flexibility and be able to adjust as needed. If your organization needs a new hire, but the perfect candidate isn’t available right away, it may be best to wait for the right person.
Ultimately, the decision of which strategy to employ depends on the individual and their organization’s needs, goals, and resources. Both strategies have their advantages and disadvantages, and it is important to weigh the pros and cons of each before making a final decision.
By examining both strategies and their implications, business owners and HR professionals can determine the best-recruiting strategy for their organization.