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The Hidden Cost of Recruitment

The Hidden Cost of Recruitment

Growing your workforce with talented and innovative individuals is a key goal for all companies. Finding the perfect fit means taking recruitment seriously which can be a lengthy and costly process. When recruiting a new staff member, the cost of their salary may be at the forefront of your mind. However, it’s easy to miss out on the costs that aren’t as obvious at first glance.

We’ve broken down the process and have found these key questions. Try asking them now and see how you can save time and money lost on recruitment.

Is the right person doing the recruitment?

In-house recruitment may seem like the most cost-effective option, particularly for those working for a small/medium sized enterprise (SME). We all know that a manager knows their team better than anyone so there are clear benefits in letting them take charge of this. However, how does this impact the rest of your business? The average length of the recruitment process in the UK is 28 days, although many go on as long as three months or more! It’s safe to assume that managers, particularly those in smaller businesses, are contending with large workloads already. Dedicating themselves to the recruitment process can stretch your management team thin and cause delays in other areas. All of this lost time and impacted workload adds up to cost your company money unnecessarily.

Are you advertising in the right place?

You’re advertising a job but you’re not looking for just anyone. More often than not advertising can feel like shouting into the void. On top of this, a report by Oxford Economics called ‘The Cost of Brain Drain’ found that companies spend, on average, £370 advertising per employee. Pair this with the cost of time spent researching the right advertising avenues and take into account the delays if you publish it in the wrong place, the cost could increase the longer it takes to find the right candidate.

Are your applications effective?

It’s no secret that CV sifting and application sorting is not a fun task but it is crucial to finding the right candidate. A large amount of time must be dedicated to this. If it isn’t, you could waste further time by inviting the wrong candidate to interview. If you decide that the in-house route is the best for you then there is no simple solution to avoid handling applications. You must give it the time it deserves to make it worth your while.

Spending time on recruitment seems unavoidable. Growth of a business and the recruitment process go hand in hand. However, there is a solution that addresses all of the challenges we’ve outlined; Get Hired is a recruitment service from The Prince’s Trust that matches excellent next-generation talent with businesses of all sizes. By becoming a member, you’ll get superb value for money and reduce time spent on recruitment enormously.

We’re doing things differently by cutting out the CV altogether. Our proven model has matched some of the UK’s biggest businesses (including GAP, Monzo and WeWork) with perfect candidates.

Avoid spending time and money on sifting through CVs and innovate the way you recruit. As the UK’s leading youth charity, we have access to the largest pool of entry level talent to fill your roles; people who are passionate and share the values that make your business tick.

Find out how becoming a Get Hired member can grow your business in unprecedented ways

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