The cost of getting your recruitment strategy wrong

There are several consequences that could arise as a result of getting your recruitment strategy wrong, not least that it could cost you financial losses of up to £15,000 (according to research we conducted earlier this year). Recruitment can also be time consuming and a drain on resources if not done properly, and could also have a negative impact on your employer brand.

Furthermore, a recent study from CV-Library found that 44.4% of recruiters believe that high staff turnover is the biggest risk of a poor strategy, followed by financial loss (22.2%) and decreases in productivity (16%). These are all things you want to avoid in order for your business to be successful. By following the simple steps outlined below, you can ensure that you have an efficient recruitment process and reduce the risk of bringing in the wrong hires.

Assess your strategy

Firstly it’s important to look at your current strategy and identify where you could be going wrong. Is the process too long? Are you giving candidates enough feedback? How quickly are you getting back to interviewees? Once you have identified any shortcomings, or perhaps highlighted any areas that can be improved, you can begin to streamline the process and put together effective strategy.

Consider your employer brand

Employer brand is extremely important, especially in today’s working world where candidates are able to share their experience of recruitment with one another, at the click of a button. Consider what poor recruitment could be doing to your business and how you can work on the process to make it more candidate friendly. Our data tells us that one in 10 candidates are put off from applying for a job if they know it has a  long recruitment process, as well as a company with a bad reputation – so it’s vital to address this and nip it in the bud right away. Otherwise,  you could potentially lose out on talented candidates!

Follow candidate trends

Are you keeping up with candidate trends? Over two thirds (68.1%) of recruiters believe it’s important to stay up-to-date with the latest trends, yet over half (52.1%) fail to do so. The landscape of recruitment is always changing and candidates are growing increasingly demanding, searching for a job with a strict set of criteria in mind. For this reason it’s important to keep on top of what it is that they want, so you can adjust your recruitment strategy accordingly and attract the top talent.

Cutting costs

There are several ways you can cut the cost of your recruitment. According to the data, the average business spends up to £10,000 on new hire, a serious financial waste if you get it wrong. There are plenty of effective tools out there that you can use to cut costs, such as job boards and social media. Furthermore doing thorough research of the candidate beforehand could save you time and resources interviewing the wrong person. In fact, this is the approach that 55.3% of recruiters take to keep theirs costs down, and can be done by way of internet research, screening calls or video interviews.

Invest in your future

While it is an important financial decision to make, recruiters are increasingly investing in tools to help them simplify their strategy. This year, 63.2% said they will be using job boards, a further 39.8% will invest in their employer branding and 16.5% will use the integration of an application tracking system. These investments, while a short term drain on finance, could help to save your company thousands in the future.

Poor recruitment can have a disastrous effect on the bottom line and can cost you talented employees, so getting it right in the early stages can minimise the damage done to your business. By concentrating on your employer brand and using money-saving tools such as job boards, you can ensure you attract the top talent whilst reducing the overall cost of recruitment. Following these simple steps and investing in the future of your recruitment strategy could help you to streamline your process and get it right!

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