Understanding exactly what attributes, skills and experience a candidate needs to fill a role, before you start recruiting for it, is the best way to make sure you find the right employee in the shortest time.
Good recruitment is good for business
And bad recruitment is bad for business. According to the Harvard Business Review, around 80% of staff turnover is as a direct result of poor hiring decisions. It’s expensive too: it costs around a third of an employee’s salary to replace them, in terms of the upfront costs of recruitment and putting a new starter through induction and training. When you add in the impact on morale, employee engagement, productivity and brand reputation, the numbers really start to stack up.
In fact, the commonly accepted figure for the total cost of a bad hire is around three times of their salary. There are many employers and managers who spend around 5% of their time recruiting and around 75% of their time managing their recruitment mistakes.