Interviews - let me take a deep breath before I even get started! For the world which is full of careers and ambitions you can't even begin to imagine that no one knows about interview, for us to explain.
Yet, is everything known the right way? This is a fascinating question I would gladly reserve for future.
Interviews are acts of companies to find the "One". Well, it's not always easy, let me tell you. How many matches you make in those matrimonial sites of yours before you end up choosing "the one". Don't start counting I know you are short of fingers!
Every day we see many marriages between souls around us. Interviews aren't any different. They are those doors to venture into your dream career home. It's an interesting thing life, that whenever you start feeling "This is the one", you start noticing why it isn't so.
All this is to just signify how important these interviews really are. So how much do we care about important things in life? so much that it cannot be measured. Exactly the reason how our curiosity got the better of us to plunge deep into the interview processes.
We judge a guy/girl in 30 mins to deem him fit or unfit for the job. In some cases this itself is questionable, but in all circumstances the question is - what did you invest while you were selecting or rejecting the candidate.
If you said nothing, you are a fool. If you said time, you are correct but not accurate. If you said money, you are a businessman.
Of course, you spend time which is money for companies.
Time = Money period. Last time I checked, businesses were clocking man hours to get paid from the employers.
So let's say you spend an average of 45 mins for technical interviews per candidate for a job requirement and you interview 15 candidates for one vacancy. You would have a spent a whopping 675 minutes or close to 11 hours for hiring a single right candidate. Seems huge isn't it.
Actually not, it is all just kidding. A very rough caluclation to scare you off. You cannot be spending that much time to hire for a single position, right? Let's see what the data says
This is the average time spent interviewing by an Indian startup hiring ~24 people in a year for a period of 2015-2017.
And every year it swells up due to multiple reasons and geography is definitely among them.
In the last 2 months, we spoke to more than a dozen companies and came to a conclusion that they are spending close to 35 hours in interviewing candidates to vet their technical expertise required to fill 1 open position.
Now it's pretty lucid that I was just kidding.
The question is who is gonna spend that time for you when you are busy running your company? Is it gonna be your technical expert who is already into more projects than you could count or is it gonna be you who keeps getting phone calls about that last order in progress every minute?
If your technical expert could make more money for you in the time he spends interviewing, shouldn't he do that? Does hiring mean multi-tasking? even if so, couldn't that art be put to use in a multi-billion dollar project? To add to the misery, we never how many interviews before we reach the "One".
You never know how many is too many.
The opportunity cost differs from country to country, in a space like India one can easily expect twice or thrice as many candidates in the interview bucket compared to the countries with less resources. Unfortunately, there are no stats with me to prove that yet.
Honestly we cannot calculate with exactness how much we spend in an interview. It is a complex world we live in here. We should be all be more conscious that we might be investing in the process more than what is necessary. This investment might not fetch the ROI it deserves.
This itching question of improving the process of hiring would never subside. But being aware of it could improve the situation positively.