The cost of hiring a new employee is not just the recruitment fee but also hidden costs if the candidates are not ideal. Getting recruitment right first time is the goal because the cost of hiring the wrong person undoubtedly impacts more than their worth in the first place. Bad hires, for whatever reason, will take longer to train, could produce poor quality work, not have the actual skills required for the role, could disrupt their colleagues and ultimately will always devalue the customer experience.
The direct - and indirect - impact on time and cost is often underestimated massively and these bad hires need to be managed out of the business pretty swiftly (they rarely last more than 6-12 months anyway). Staff turnover is expensive, so we concentrate on getting the right person in the first place. A clear brief, telephone interviews, psychometric analysis and decision-maker questionnaires to help determine the role requirements before the search begins, will all speed up your final selection process.
We strive to offer our clients a far superior service, and with the help of our retained recruitment offer - INSIGHT - help hire better candidates for our clients. We also have a unique tool to help us shed a light on the costs of poor recruitment, see how much bad hires are costing youhere.
Until now, there has been no remotely scientific method of calculating the cost of bad (or good) recruitment. Using the Hire Calculator you can input a few numbers to get a baseline number for how much your recruitment is costing you.
Try our calculator for free and if you don't get the results you hoped for, contact us for a discussion about how we can improve your hires to save you money.