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Time is Money: Speeding Up the Online Recruitment Process

Saving Time
The average time to hire remains high with a 2016 report from Insights.Dice.com pitching this at just over 26 working days for professional and business services roles, 25 days for technology roles and a national average of 29 days over all roles. The monetary implications of an unfilled position or a hire that doesn’t work out can mean the cost of hiring escalates into the tens of thousands of pounds. At RR, we’re specialists in bringing this cost down and have some helpful ways in which companies can do the same.

How Much Does an Empty Role Cost?

The cost implications of an empty role can be severe – if we break down some of the associated costs with an empty vacancy these include;

  • Paying other staff overtime to complete the work that would be done by the person in the vacant role
  • Time costs of staff that are screening and interviewing candidates as supposed to completing their usual tasks
  • Monetary cost of promoting the job on job boards and with recruiters
  • Cost of a bad hire – both in time, money and re-starting the process of finding someone new
  • Time and monetary cost of training up the new hire once they begin work (they can take up to 28 weeks to become fully productive)

In fact an article in HR Review totalled the combined cost of all this to be an average of £30,614 employee. So how can this be brought down to a more manageable amount?  

Recruitment Agencies

We have to plug ourselves here! Our entire model is built around the fact that traditional recruitment agencies incur high costs and recruiting online is a primary alternative way in which companies searching for applicants can reduce cost. No upfront costs plus other benefits mean our online recruitment agency is one of the best value options around.

Timing is Everything

With each day that passes an empty vacancy is costing money. There are a number of “quick wins” employers can action in order to reduce this. Some of these are;

  • Reviewing applications as you go along so you have an ongoing list of targeted candidates
  • Ensuring the candidate experience is a positive one – a negative experience can result in you offering the job, only to have it rejected meaning you need to kick the entire process off again
  • Only interviewing candidates you think will be a fit – if you feel you’ve found the right person, hire them
  • Constant recruitment: We read about this in relation to the world of sales where turnover is high. Having a constant recruitment effort and stream of candidates in sectors such as this can reduce hiring time and save companies money
  • Using a firm that specialises in your sector can save time as they’ll likely have knowledge and channels available to them to make the process more efficient 

Conclusion

By employing time-saving measures such as those listed above and keeping a lid on costs through harnessing the power of the world wide web, we hope organisations will start to surpass the 29 day average time to hire and start saving those pennies!