Are you spending too much on recruitment?
Recruitment costs on average 20-30% of the new recruit’s salary making the average cost of recruitment £5,331. According to research, the average time to find the right candidate is 13 weeks, with the management opportunity cost of doing this at an average of £10,400.
So how much is wasted on hiring the wrong recruit?
Research has shown that hiring through one channel (a job ad site, for example) will limit employers to a very small pool of candidates. For a full range of applicants, utilise social media, as well as numerous job ad sites or sites that can be shared through other media.
Prepare a well written job specification and sift applications according to the required elements of the role. Look for gaps in CVs and probe at interview if the candidate seems to have moved around in a short space of time. Follow up references quickly and if necessary ask candidates to evidence qualifications to determine their credibility.
Make sure that the process is managed professionally – a good candidate won’t wait around for an employer to organise interviews; set the timetable out before the advert is placed.
If the process is managed professionally it will enhance the employer’s image in the market, attract strong candidates and ensure that the correct hire is made, first time. Remember, it is more costly to hire a bad candidate, than to do it properly and find the right one.