By Philip McDougall, President, Modern Technical Staffing Inc.
A great team can mean the difference between getting by and expanding your business to the next level. Every good manager knows that having the best staff in place makes all the difference. The never ending search for top talent can be a lengthy and expensive undertaking. Organizations need to monitor and manage their recruitment process in order to maintain a competitive edge in a demanding market.
Understanding the Costs:
When we think of the cost involved with a typical new hire we tend to think of advertising, staffing agency fees or career fairs but these cost are only the beginning. There are several costs to an organization that are harder, almost impossible, to track. These can include:
1. Staff Overtime and Overworked Employees:
When a vacancy opens up in an organization, whether through expansion, retirement or turnover, that workload must be picked up by someone. Delegating too many tasks to already overworked employees can lead to further frustration, burnout or turnover. On top of the additional workload, Managers now have the added task of sourcing, screening, interviewing and hiring. The longer the recruitment process takes; the greater the cost to an organization.
2. Interviewing and Screening time:
Often there are several stakeholders throughout the recruitment process. From developing job description, posting, sourcing outside resources, screening the hundreds of responses trying to find a needle in a hay stack. Then the interview process of scheduling managers, senior staff members and decision makers to all take time out of their hectic schedules. Organizations cannot afford to have key people tied up in interviews.
3. Lost Opportunities:
Missing key employees can cost a lot more when business is lost because of lack of resources or internal skills. With competition circling like hungry sharks every organization must fill these key roles before any damage is done.
Minimizing the costs of hiring:
Avoiding a costly hiring process is important to every firm, small and large. Finding the perfect employee is always at the top of a manager’s list but they must be found quickly to avoid the costs getting out of hand. Managers must recognize that a lengthy search can negatively affect their bottom line, impact the existing team and discourage job seekers. How can this be achieved?
1. Set a timeline:
Setting a timeframe and sticking to it will allow others to see an end to the extra workload while controlling an expensive recruiting cycle.
2. Bring in a professional:
Professional recruiters can dramatically reduce the time frame of finding that diamond in the rough. They are able to shortlist several pre-qualified candidates for you, allowing you to focus on the tasks at hand. This is their full time job and they have the networks already in place! A professional recruiter will also be happy to customize their initial interview, testing and references to meet with your needs.
3. Streamline your interview and decision making process:
Allow hiring managers to further screen the short list and set up interviews in short succession so that you are comparing candidates while they are still fresh in your mind. If multiple interviews are needed, have them scheduled quickly as to not drag out the process and lose prospective candidates.
4. Make a decision:
Making that final decision is always difficult. If you have determined who you want as your next employee, don’t waste time. Send a clear message to your prospect by making them an offer quickly showing you are confident in their abilities.
Once the vacancy is filled and the team is in place, managers can now focus on what is most important: growing the business and developing future leaders.