How Much Does an Empty Role Cost?
- 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?
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
- 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
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!