Published on 23-01-2015
Many of our fellow recruiters confess to us, at one point or another, that an email from a hiring manager, of which the subject line says “the position XYZ needs to be re-filled”, is at least a mood killer, if not a nightmare, to start their day with.
They used to think having the most qualified candidate onboard is half the battle. Nowadays, they start to realize “half the battle” means “only half the battle”.
It’s every recruiter’s mission to deliver talent on time, on budget and on value. However, the last part “on value” is always a tough one and takes time to prove. According to a study by Leadership IQ, 46 percent of new hires leave the company, voluntarily or involuntarily, within their first 18 months on the job. And the major reason behind their failure (89% of all the cases) is they’re not a good fit in the company’s culture.
P.S. Totally aware of the importance of cultural fit and ready to get started on incorporating it into your hiring process, but not sure where to begin and how to monetize its benefits? Check out our post Cultural Fit: More Than a Gut Feeling.
As the 2015 work plan is to unfold, we want to motivate every recruiter for the challenges down the road and help you beat the winter blues with some cheerful facts and figures. Just relax and read on.
A Win-Win Game
First, let’s have a look at all the hassle you could save everyone from when hiring right: hiring managers could better focus on their priorities without being bothered by contract termination, new candidate interview, new hire on-boarding, etc.; meanwhile you as a recruiter could move on to the next requisition, free from re-posting, re-sourcing, re-screening, re-interviewing and re-hiring. Clap along if you feel like this has already made your life ten times better.
Now we take a step further to illustrate the great contribution you could possibly make to your company when hiring right. In the business world people are accustomed to looking at everything through the lens of money. Let’s do as the Romans do. Taking all sorts of costs associated with recruiting, on-boarding and training into account, an estimated total sum of €20,000 to €45,000 is saved for the company with each successful hire. If you agree that “a penny saved is a penny earned” as we do, that is a value worth €20,000 to €45,000 per hire added to the company. Averagely speaking, an internal recruiter works on 100 positions over the course of a year. If your volume of requisitions is similar to that number, that is to say you are generating a total value worth between €2,000,000 and €4,500,000 for your company every year.
Source: A survey from CareerBuilder
Recruiters Are Breadwinners
Moreover, these measurable saved costs are just the tip of the iceberg. More benefits from a successful hire, such as no productivity loss, no drop in sales, no negative impact on client relation, and so on, are priceless. Now who says the sales team are the only breadwinners?
As the economy is showing first promising signs of recovery, recruitment is picking up amongst most organizations. There’s no better time than now to give your hiring process a health scan and bring it up to speed on the latest recruitment technologies. Most trend forecasts are pointing out that recruiting & HR in 2015 will continue to be more data-driven, personalized and digitalized. The good news is we see a wealth of recruitment technologies and tools recruiters can shop for to improve your hiring efficiency and success rate. We believe an investment now will not only make your life easier but get you a long way in 2015.