What You Need to Know About Time, Money & Recruitment
Is your company doing its own recruitment process? Then, the following story might sound familiar to you: posting the vacancy; waiting for a talent to see the open role and deciding to apply; beginning the interview process. Assessing their knowledge. Realizing the candidates do not fit your requirements. Returning to the search from the beginning and crossing fingers to succeed in the new attempt. This could be a nightmare, even more, when you add the expenses your company is having along this process.
Why does recruitment take so much time and money?
Recruiting is a hard task; it requires effort, but especially, a lot of time and money. This process takes time. On average, it takes 49 days to hire new talent for an organization.
Furthermore, hiring a new talent implies some expenses. According to the American National Standards Institute (ANSI, 2012), there are the following possible costs: cost of recruitment staff, cost of sourcing staff, compliance cost, recruiting learning and development, the secondary management cost of time for events, the secondary management cost of time for recruiting, background check, pre-screening check, sourcing expenses, technological expenses, marketing costs, and employee referral expenses. This cost could be divided between internal and external according to your Human Resources department’s expertise and resources. If you have a large company with a highly experienced and dedicated Recruitment Department, most of this cost will be included as internal.
What if you do not have a specialized HR department? Well, most of this cost will be transferred to external providers. For example, if you need to corroborate an IT candidate’s knowledge with a hard skill assessment, and your team does not have the necessary tests, you will need to pay for that testing.
Here lies the importance of who is doing the recruitment process. HR departments can certainly do it, but if they do not have the experience and expertise, the process could not be done in the best possible way. Besides, if HR members do not have recruitment activities as part of their current activities, this assignment will turn them aside from other important ones.
Fortunately, you can find different ways to increase efficiency in your recruitment. In our next article, you’ll find enough information to learn how to save time and money by improving your recruitment process.
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