I think wasting £15,000 through poor recruitment is merely scratching the surface of the damage hiring the wrong person for your business will ultimately cost you.
The drum I keep beating is how shocked I am as to the lack of any thought through process so many companies employ to recruit a supposed asset for their business.
Recruitment, in my view, is seen as a necessity and not as an investment that could accelerate the performance of your business.
Too many companies fill a role as quickly as they can rather than investing time to reflect on what they really need and developing a robust process that will evaluate candidates effectively in order to minimise the risk of a bad recruit and maximise the benefits they will bring to deliver your strategy.
Poor hiring decisions are generating losses of up to £15,000 for UK businesses, with two thirds (66.1%) of recruitment professionals admitting to losing a significant amount of money on hires that haven’t worked out. This is according to the latest research from the UK’s leading independent job board, CV-Library. The study, which explored the attitudes of 200 in-house and agency recruiters across the UK, also found that 19.5% of recruitment professionals have lost out on between £15,000 and £30,000 for their business, while 14.4% admit to losses of over £30,000. Other key findings include: Three quarters (78%) of recruiters estimate that it costs their business up to £10,000 to hire a new recruit Over half (55.3%) believe that vetting candidates properly before they hire them would ensure poor recruitment doesn’t cost their business