The costs of a bad hire have long been understood. As far back as 2017, figures of over £130,000 were being cited [1], attributable to training, lost productivity and a host of other factors. As a result, wiser organisations have devoted valuable internal resources to mitigating the risk. However, this comes at a significant cost.
Candidate attraction and nurturing, particularly in high demand tech disciplines, requires significant investment in time and internal resource. Whilst large organisations may be resourced to handle CV sifting, candidate engagement and to exploit the myriad recruitment technologies now entering the marketplace, many organisations have very limited internal capacity to do so.
Firms are asking a combination of line management and HR teams to devote time to tasks ranging from identifying, attracting and selecting candidates through to managing the quality and diversity of the talent pool in strategic workforce planning. In a landscape in which competition for high-quality candidates is growing markedly, this is a serious ask with significant impact on critical management time.
Unsurprisingly, many are enlisting the help of recruitment experts who are adept at identifying and nurturing high-quality candidates, selling them on employer brands and leveraging innovative technologies which include Machine Learning (ML) and Artificial Intelligence (AI). These technologies can be brought to bear in many of the key stages of the recruitment and onboarding process ranging from the sifting of CVs through to self-scheduling interviews.
Focus your attention on your core business processes
It makes sound business sense to ensure that you are free to focus your full attention on the core business processes that really require your expertise. Conversely, there are a host of tasks that need to be completed to ensure the seamless progression of your business but which lie outside of your core competencies.
Every second you spend working on tasks in this category is a second that isn’t being spent as efficiently as it could be. So, if you specialise in talent solutions, getting involved with the recruitment process will make business sense. But if you aren’t a natural recruiter, outsourcing this process will allow you to focus more closely on connecting with clients or creating innovative products that serve the needs of your client base. Working with the right recruitment team will deliver its own set of benefits, such as reducing hiring times [2] and minimising the associated costs.
An experienced, established recruitment specialist will invest in nurturing and maintaining relationships with the unicorn of potential tech hires: the passive candidate pool. These candidates may be the cream of the crop and may not actively seek new roles but remain open to new opportunities.
Promote business growth
Similarly, outsourcing mundane but important activities that would otherwise consume the time of your existing team will ensure that your in-house resources can be appropriately focused upon activities that will enhance your profitability and ensure high-quality customer service.
As this article [3] explains, onboarding and training new members of staff can be an expensive process and may not be a sensible financial investment for short-term projects. While temporary employees could well be in a position to deliver the work you require, it is important to remember that contractors are experienced professionals in their field and are equipped with the skillset to make a tangible difference to your business immediately, with minimal settling-in time.
Reduce your outgoings and save money
Minimising your outgoings can help you to ensure your business is agile and able to respond quickly to potential financial pressures. So, for example, keeping your in-house team small will help you to streamline your fixed staffing overheads whilst providing for greater (potentially infinite) scalability in key roles.
If you want to explore the substantial benefits of outsourcing your recruitment needs and working with an innovative and cost-effective talent partner, please contact the Data Careers team today by calling 0121 827 9172 or emailing james.crawford@datacareers.co.uk
[1] https://www.executivegrapevine.com/rankings2017/article/news-2017-06-21-the-shocking-cost-of-a-bad-hire-revealed-bg
[2] http://www.datacareers.co.uk/recruitment-priorities/#reducing-cost-per-hire
[3] https://www.fastcompany.com/90250227/consider-these-costs-before-hiring-a-new-employee
