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What’s The Cost Of A Bad Hire?

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€13,100.

Yes, seriously. A 2018 survey by Adare Human Resource Management estimates this to be the average price tag on a botched recruitment process in Ireland – and it’s only set to increase. With Irish business’s annual turnover exceeding the European average of 7.4% with a whopping 11%, and unemployment levels dropping to the lowest in a decade at 5.4%, it’s a jobseeker’s market and the pressure is on for companies to secure the best applicants in the shortest amount of time. It’s therefore impossible to overstate the financial benefits of using a recruiter to streamline the hiring process.

 

Time is of the essence

The longer a job vacancy remains open, the costlier it will be. The company is losing revenue every day that position remains unfilled. It is possible to work out roughly how much an open role costs a business using formula such as these.

Recruiters work fast. They understand the interest in filling the vacancy as quickly as possible and act with a brisk efficiency enabled by years of practice in this specific field. Using a recruiter reduces the time it takes to find the candidate right for a position.

 

Find the hidden gems

It is getting increasingly competitive to secure strong applicants who are fielding rival offers from multiple companies, due to the aforementioned high turnover and low unemployment rates. However, using a recruiter taps into a category of contenders invisible to the untrained eye – passive candidates.

Skilled workers who are not actively searching for a new job could be ideal applicants for a posting. According to a 2015 LinkedIn report, 70% of workers are not currently seeking a new job. Recruiters know how to seek these people out, widening the talent pool into a talent ocean!  

 

Save on Training

A 2017 survey revealed that, on average, American businesses spend $1,886 training each new employee. Recruiters advise companies to hire candidates with the most experience and prior training available, reducing the amount businesses then have to spend on training them.

 

Avoid a Bad Hire

When you’re losing out on revenue each day from an empty position, it can be tempting to fill it as soon as possible with a candidate who may or may not be suitable for the role. However, that €13,100 figure is a strong argument for utilising all resources available to you to ensure that you select the right candidate – such as using a recruiter to streamline and advise your search.

Posted by Susannah Hunt on 30 May 2019

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