At Talent Gateway we believe that hiring the right people the first time is essential to an organisation’s success, not least because it will give you three huge advantages: time, money, and momentum.
Time – The recruitment process takes time, as does training a new recruit. Even employing someone into a junior role will require some amount of training and development, although this should be considered as an investment into your workforce. Whilst there’s the same initial cost in recruiting and training candidates who are the ‘right’ fit as those who aren’t, the latter is likely to cost the company far more time in the longer term. Candidates who are a poor fit will be unhappy in their jobs, are less productive and can cause conflict and slow down projects in a way that can lower an entire team’s productivity. As a result, you’ll have to start the recruitment process again!
Money – A report from the Recruitment & Employment Confederation (REC) found that although more than a third of companies believe hiring mistakes cost their business nothing, a poor hire can cost a firm as much as three times the hire’s annual salary due to the accumulation of costs relating to training, lost productivity and more.
A well-considered recruitment strategy will enable you to plan and consider not only how your business might grow, but also how you will retain employees and give them opportunities to progress within the company. Those employers who have a plan are far more likely to see a return on investment of hard work, creative solutions, dedication, and productivity. For every year an employee works for you, the greater the further the money spent on recruiting, hiring, and training has stretched.
Momentum – Those teams which who work well together for years, build momentum. They become experts in their roles, learn to work well with one another, and inspire and support one another. As a result, they become more effective not only at their individual roles, but in supporting and enabling your business to achieve its goals. The best fit candidates are the ones who will stay long-term, pass on their institutional knowledge, and take a personal interest in doing their jobs well.
Are you looking to hire the right person, first time? We can help. Get in touch.