Job Description
The Hidden Costs of Recruitment Processes
When thinking about hiring costs, many HR teams and hiring managers think of the advertising cost, recruiter fees, and onboarding. However, when we consider the recruitment process as a whole and the implications of drawn-out, failed, or aborted processes, the elements listed above are the tip of the iceberg.
Here are some of the hidden costs that companies should keep in mind when thinking about recruitment:
- Second choice candidates – Good candidates don’t stay on the market for long and generally favor decisive employers, so a slow or disorganized recruitment process increases the likelihood that the better/best candidate(s) will be hired by a competitor before you are in a position to make an offer.
- Project delays – A competent candidate not being hired and onboarded to schedule can result in significant costs to the business.
- Increased churn – Delays in hiring can result ...