Candidate attraction the costs...

How do you attract the best talent to your business?

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We all need to find the best candidates to move our business in the right direction. Good staff bring their skills to an organisation and help motivate other staff. Sometimes new faces in an organisation or department are the best tonic.

However, and you may have your own experiences here, hiring the wrong person for the job can be one of the most expensive mistakes a company can make. With the high costs involved with hiring staff, it is becoming increasingly important to get the appointment right first time.

A report in 2014 by Oxford Economics found that the cost of replacing a single member of staff is on average £30,614.

Not surprisingly, the major cost for firms replacing staff is the loss of output during the period that a new worker is getting up to speed. Their findings state that on average, workers take 28 weeks to reach optimum productivity. This has an attached cost of £25,181 per employee on average. WOW!

Often we don’t look at the cost of new hires because it accumulates over a period of time. But look at the initial recruitment process and consider the time and effort involved in writing and placing job adverts, screening candidates, arranging and conducting interviews and checking references. You may also be paying extra for recruitment agency fees and background checks.

But on top of the money the real cost of a bad hire can be seen in other ways. An unmotivated, incompetent or dysfunctional employee can have a negative impact on the productivity and motivation of an entire team.

It’s potentially even worse if your bad member of staff is in a management position. The affect on their own team will be negative but this can spread to other departments. The effects of a bad hire can be seen through their own hiring decisions. Poor managers hire poor performers. Invariably they appoint people who are no threat to them and could never challenge them for their role. Even worse they bring in people who mirror them.

Sometimes incompetent bosses hire bad people in the belief this will make them look better. The reality is much different. Good managers appoint good people and when their appointments shine so do they.

Have you had any bad hiring experiences? We value all feedback from both applicants and recruiters so feel free to join the discussion. You can join our Linkedin Group or follow us on Twitter for regular updates.

Find out how CVWOW can help you attract the best talent for your organisation. Saving you time and money, with no expensive high street agency fees.

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Date: 05/12/2014
Source: CVWOW
Author: Matthew Holley

About the author:

Email and Digital Marketing Manager at CVWOW.


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