HR Check In: Tips for Avoiding Expensive Recruiter Mistakes
Human capital is typically the most expensive asset of any company. Recruiting and retaining employees in a low-cost, but effective way can be the cornerstone to a business’ success. Read the four articles below for advice on how to avoid common mistakes recruiting functions make that end up costing the company more money in the long run.
The Price of “Mis-Recruiting” (Recruiting Blogs)
The average time to fill an open position was 44 days in 2015. Wondering why it takes so long to nail down the perfect candidate? Because employees are the most valuable asset of any company, and hiring the right employees takes time. The cost of recruiting a bad candidate is not only associated with the expense of salary, but also traveling cost, training, & orientation cost, termination cost, and less tangible costs like reputational cost, and employee moral cost. Learn more about the cost associated with choosing a bad candidate in this article.
In the corporate workplace, we often hear about the need for an exceptional candidate experience, however few recruiting teams actually calculate the monetary cost of losses that happen when unhappy candidates tell their friends to stay away from your company. This ERE article lists six negative business impacts that come from providing a sub-par candidate experience.
- Reduced product sales from a bad candidate experience
- Reduced revenue from hiring below-average performers in all jobs
- Lower productivity from hiring below-average performers in jobs
- A bad candidate experience can reduce the power of your product brand
- The significant added costs related to replacing mis-hires
- A bad candidate experience will reduce future job applications
One of the best things about working at a small company is that each employee is able to make a difference on the bottom line. There are many ways for recruiters, whether working on their own or in a team, to ensure the impact they’re having is a positive one. Erin Binney from SHRM outlines five low or no-cost tips for recruiting success starting with a creating a transparent work environment, to addressing your company culture for branding and engagement.
Why Your Company Needs Employer Branding & How to Get Started (Recruiting Blogs)
An awesome employer brand can be translated to revenue, if it’s done right. According to data from CEB, a strong employer brand can increase quality of hire by 9%. By proactively building a brand that influences only the top talent to apply to your company, organizations can expect improved profitability and cost savings related to turnover. Proven in a case study by Virgin America, candidates that had a negative hiring experience switched to a competitor airline, costing Virgin some business in the long run. To avoid losing revenue based on your recruiting process, conduct an employer brand audit to identify what you’re currently doing right.
Companies that don’t offer a way for candidates to apply on a mobile device are missing out on a huge opportunity to convert candidates. Read our eBook below for strategies on how to recruit and convert mobile job seekers.