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How a poor recruitment strategy could cost you thousands

Poor Recruitment Strategy

When it comes to hiring new members of staff, many business owners will roll their eyes at the time it can take to sift through CVs, interview candidates and make important decisions.

But, while it can seem like a drag, getting your recruitment strategy wrong could cost you thousands of pounds in financial losses. Not the mention the fact that it can negatively impact your employer brand.

In addition to this, we surveyed hundreds of business owners to find out how poor hiring decisions have affected their companies in the past, revealing the following findings:

  • Nearly half (44.4%) said it caused other members of staff to leave
  • One in five (22.2%) said it caused them financial loss
  • And, 16% said it decreased overall productivity level
It’s clear that if you want your business to be successful, you need to create a winning strategy that will secure you the very best workers. In this blog, I’ll take you through some of the simple steps you can take to ensure you have an efficient recruitment process.

Take stock of where you’re at

 First things first, you need to look at your existing strategy and identity any areas which could be improved. For example, are you getting enough applications for the jobs you’re advertising? Is it taking a long time to get a candidate on board? How quickly are you getting back to applicants? Taking stock of where you’re at can help you consider where improvements need to be made. Then, you can start to streamline this process and think about a more effective strategy.

Make changes where you can

 If you’ve identified that you need to make your recruitment process more candidate friendly, it’s important to tackle this right away. After all, today’s job market is vastly candidate-led, and many job hunters are able to share their experiences of company’s recruitment processes online with their peers. If not handled correctly, your employer brand could be negatively impacted, so it’s important to nip this in the bud at the first opportunity.

Keep up with candidate trends

 What’s more, you need to keep up with job hunter trends. While many businesses are already aware of this, our research has found that over half (52.1%), don’t actually do it. The recruitment landscape is continuing to involve and it’s important to have an understanding of the tools that people are using to look for jobs, what they want from the world of work, and what they look for in a company. Doing so means you can adjust your recruitment strategy accordingly.

Be cost-effective

 According to our own research, businesses spend up to £10,000 on a new hire, so it’s important that they’re the right person for your business! Try to keep costs down throughout your recruitment process by using job boards and social media platforms to promote your vacancies. In addition to this, do your research on the candidates you’re shortlisting. This could save you time and resources on interviewing the wrong person.

In summary

 A poor recruitment strategy can have an extremely negative effect on your bottom line. Alongside this, hiring the wrong people can upset other members of staff, quickly affecting your employee retention rates and overall productivity. Therefore, taking the time to get it right can help to minimise damage done to your business. Following our simple steps could help you to streamline your process and get it right!  If you require further advice on whether your terms and conditions are working as hard as they should be for your recruitment business, please contact Gurpreet Sanghera, who would be happy to assist.

By Lee Biggins, founder and managing director of CV-Library

Tagged With: Blog, Business, Recruitment, Poor Recruitment Policy

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