How Ineffective Recruiting Impacts Growth and Profitability Part 1
One of the biggest challenges faced by organizations is the ability to hire the right person, for the right position, the first time. A company’s approach to hiring talent is crucial to its long and short term success. Small to medium sized organizations experience higher levels of performance and profitability devastation if the wrong candidate is hired. The smaller the organization, the greater the dependence an organization has on its employees to absorb tasks during periods of turn-over. As a result, performance targets are missed and workflow objectives are not achieved. The constant strain on an organization’s resources ultimately creates performance gaps that costs the company time and money, all resulting from not hiring the right person.
The costs of finding a new candidate are repeated during the process of back filling an employee. On average, studies have found that organizations pay 1.5 to 3 times more than the employee’s salary to find and replace the wrong employee. Many business owners facing turn-over and hiring cost redundancies, often overlook the fundamentals that go into hiring the right person, the first time.
The process starts with crafting a job description that accurately defines the function and duties of the job. Also, organizations must understand labor demand economics so they can align wages with market expectations to win the interest of qualified candidates. As the company starts the interview process, leveraging testing instruments that analyze skills and behaviors, along with conducting multiple interactive/case study style interviews has proven to save the company time and money, by helping the organization find the best candidate faster.
Generally, if a company fails to construct the right job description and has not standardized the hiring process from start to finish, the organization will have difficulty attracting and retaining talent. The costs associated with hiring the wrong employee combined with strained internal resources and low productivity levels are often what prevents a company from achieving its growth objectives.
As a full service growth management firm, RVR has over 30 years of hands-on experience in the staffing and recruiting industry. With this expertise, we help organizations make strategic hires that increase growth and profitability. We have bundled our knowledge and understanding of pooling talents, skills, abilities, and intelligence into a comprehensive recruitment service that provides organizations with:
• More sourcing options
• Larger candidate pools
• Better candidate selections
• Faster job fills
• Less administrative time
• Detailed metrics and analytics
To learn more about RVR Recruitment Services Click here, or contact CeCe Williams at firstname.lastname@example.org or at 407-677-0400