You need someone for an open position, so you go to your local community job board or online to find the top talent. You review resumes, call some potential employees, and set up interviews. Once you find the person you want to hire, everything else is a piece of cake, right? Finding and hiring top talent isn’t as easy as all that. Here are some sobering stats to consider next time you need to fill an open position at your company.
- Time to hire is almost a month, but top candidates are only available for 10 days.
When you think about those numbers too long, they simply don’t add up. A company is likely to have a job open for nearly a month as they go through the hiring process. During that time, they will meet with candidates, evaluate applications, and hopefully make an offer. At the same time, top candidates are usually only on the market for an average of 10 days, which means you may lose out on great employees if you don’t take action quickly. - Your company is spending an average of $4,000 on each open position.
The employee salary isn’t the only cost your company has for an employee. Think about the cost of the application and hiring process. Consider how much money your company can lose if someone isn’t in that position. Consider the added duties you need to place on another employee, so they now split their time and have to juggle their effectiveness. - Improving your company brand can reduce turn over by nearly 30 percent.
Why do employees leave? There are a lot of reasons, and sometimes it is because they aren’t happy with the way the company is represented. If you can improve your employee brand to create an environment that encourages employee loyalty, you will find that you retain more star employees. - Over half of your potential candidates will stop the process if it is too hard.
What is your application process? Do you have an online form that an employee can fill out? How do they find your open positions? Recent research has shown that even qualified employees will become easily frustrated if they feel an application process is simply too difficult or requires too much information that may not be relevant.
Are you ready to make an important hiring decision? Contact Harvard Resource Solutions to find the best candidates in Troy, MI!
