Businesses are the people they employ. Finding, hiring and keeping the right talent can make the difference between success and failure, but is becoming harder as skills and other resources get scarcer. In the quest to do more with less, many businesses believe they are recruiting cost effectively, but that may not be the case. What most are failing to factor in is the impact and value that good or bad talent acquisition has on the organisation.
We work with senior leaders to fulfil critical roles every day and in our conversations with them, have developed a good understanding of the challenges they face when acquiring talent. Many of our clients come to us after several frustrating months working in-house to fulfil roles and failing. Worse still, some have managed to recruit but the candidate has quickly turned out to be a bad fit for the business and leaves within the first 6 months. In fact, some businesses estimate they are wasting as much as between £100,000 and £199,000 on bad hiring decisions at senior level.
By having a thorough understanding of all costs associated with attracting and retaining employees, businesses can start to see the real costs of recruitment, the effectiveness of their hiring strategy and ways they could improve efficiency and the quality of their hires. Only then can businesses make informed decisions about whether to keep recruitment in-house, utilize the services of a third party agency, or pursue a hybrid model.
Take a look at the infographic below to see the costs you need to consider when proving ROI of your recruitment strategy.
For further information, download our FREE ‘What is recruitment really costing you?’ whitepaper to uncover:
- What recruitment is currently costing you
- The costs impacted by your hiring decisions
- How to calculate true recruitment costs to justify your chosen strategy
- How to improve the effectiveness of recruitment in your business