Attracting, screening, selecting, onboarding, and retaining employees might be costing you a lot more than you think. The price of making a new hire – and retaining them – has almost doubled in the past year, increasing, on average, from $10,500 to over $23,000 per worker in 2022 and taking an average of 8 – 23 weeks.
The cost of quality talent
Think about the hours you or your team spends on each stage of the recruitment process – crafting job descriptions, phone screening, undertaking interviews, background checks, personality testing – just to name a few.
But it’s not just the recruitment itself that hits businesses. Beyond these upfront expenses, there are other hidden costs to keep in mind. Consider how your business may need to purchase new equipment or upgrade the office space as a result of expanding the workforce…and no matter how impressive your new hire is, the cost of recruiting them is very hard to ignore. Plus, if you’re recruiting to replace a departing employee, you need to consider the cost of reduced productivity between incumbents and additional training time.
So what’s the solution to keeping costs down?
These statistics indicate the urgent need to streamline the recruitment process and consider the overall cost to undertake recruitment internally – especially when things don’t work out. Fortunately PPS is here to help!
We can assist with the entire recruitment process, from drafting professional and comprehensive position descriptions, writing job advertisements, providing advice on the most up to date recruiting platforms and job boards, and managing the candidate experience, to onboarding and the retention of your new hire. Plus, we offer a 6 month recruitment guarantee – replacing unsuccessful hires and undertaking the entire process again at no additional cost (*conditions apply).