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How Money Works · Publicado el 1 de octubre de 2023
Sign up for my FREE newsletter! - https://www.compoundeddaily.com/ Support me on Patreon - https://www.patreon.com/HowMoneyWorks ----- My Other Channel: @HowBusinessWorked Edited By: Andrew Gonzales Music Courtesy of: Epidemic Sound Select Footage Courtesy of: Getty Images For sponsorship inquiries, please contact sponsors@worksmedia.group Sign up for my newsletter https://compoundeddaily.com 👈 All materials in these videos are for educational purposes only and fall within the guidelines of fair use. No copyright infringement intended. This video does not provide investment or financial advice of any kind. #business #career #jobinterview ----- Nobody likes job interviews; they waste a lot of your time, and they waste a lot of company time. Every hour you spend in an interview the company must pay the person interviewing you. So why is it becoming so common for profit driven companies to ask for multiple rounds of interviews for even the most basic of jobs, when most of the time they are just going to ghost you anyway… Filling a position is an expensive process that companies are only making more expensive for themselves. Some companies sit down with hundreds of people through as many as SEVENTEEN rounds of interviews. That’s hundreds of manhours spent finding ONE person for ONE job when just twenty years ago it was rare to do more than two rounds of interviews. According to a report by the Harvard Business Reviews this trend is also leading to worse outcomes for employers. High performing employees are pulling out of job applications after being asked to come back for round after round of interview, so companies are being left with only the most desperate applicants that are willing to jump through their hoops. This is wasting peoples time, costing businesses lots of money AND creating worse outcomes for everyone, but there are four reasons why businesses don’t care and will probably keep increasing the number of interviews they make new applicants do. The first reason is that it increases their leverage in the negotiating process. According to a report by the Bureau of Labour Statistics it now takes the average person twenty-four [24] weeks to go through the hiring and interview process to get into a new job. If you are unemployed and looking for a new job, then after 24 weeks of interviews you are going to be desperate to accept anything and you won’t risk losing the offer by negotiating a better salary or benefits. If you DO have a job this strategy can still work on you. A current employer is only going to be so patient about you taking time off to attend interviews so going through this process once will be hard enough so you take the job or stay at your current employer that is angry with you for missing so many days. According to the same report the number one reason that people turned down a new job was because the offered wage was too low and in 2023 people are also turning down jobs that don’t offer work from home flexibility. Respondents were much more likely overlook this though if they had gone through an extended hiring process. Employees are also less likely to leave a company if believe it was a real challenge to secure their job in the first place so management can use a difficult interview process as a staff retention technique before people even become staff. Psychologists call this the sunk cost fallacy, if you have already spent so much time pursuing a job opportunity you don’t want it to be a waste by not accepting it if you get an offer. Hiring managers just call it an effective negotiation technique. For the employers this a calculated expense, the hours that they need to pay HR and a hiring manager to sit in an interview room will be paid for by forcing you to accept a lower starting salary for your entire career with that company. Other companies and hiring managers are not this smart, but getting the upper hand over your pay and benefits is just the first reason. So it’s time to learn How Money Works to find out why you have to sit through so many interviews to get a job now.
