A new report published by (REC) has found that UK businesses are hiring the wrong person in two out of every five roles they recruit for.
A new report which has been published by the Recruitment & Employment Confederation (REC) has found that UK businesses are hiring the wrong person in two out of every five roles they recruit for.
As well as the obvious pitfalls of this – time lost and the hassle incurred with starting the recruitment process all over again, the financial costs of getting recruitment wrong can be significant.
The report found that a poor hire at mid-manager level with a salary of £42,000, can cost a company in excess of £132,000 thanks to wasted salary, training, team productivity and turnover.
To some degree you do of course have to accept that unfortunately, there will be the odd occasion a new recruit doesn’t work out – even despite your best efforts throughout the hiring process. While this should be a rare occasion, a whopping 85% of HR decision makers admit that their organisation has made a bad hire. A further 39% say that the interviewing and assessment skills of their staff should be improved.
The chief executive of REC, Kevin Green commented:
“Getting recruitment right is even more important during times of economic uncertainty because businesses need to ensure that they’re not wasting money. Despite this, our calculations show that UK businesses are wasting billions every year because of the volume of hiring mistakes being made.”
Getting recruitment right
What works for one company may not necessarily work for another so perfecting your recruitment process can take time. If this is something you’re struggling with, below are some great tips for improving the quality of your hires.
Use assessment tools
If you really want to ensure you make great hires every time, think about how you can get more out of your interview process. Anything from video interviewing to situational judgment tests and psychometric assessments can really help you to understand more about candidates and how they’re going to fit in with your company.
Conduct exit interviews
If you have high staff turnover or people tend to leave sooner than you’d like, it’s definitely time to get to the bottom of why this may be. Although very few companies carry out exit interviews, they can be invaluable when it comes to identifying problems within the business from an employee’s point of view.
Maybe staff feel they don’t get enough support from managers, maybe there aren’t any opportunities for career progression or people feel the job that was promised to them in the interview didn’t reflect their actual day-to-day responsibilities. Armed with this information, you can then adjust your hiring process accordingly and improve the quality of your hires.
Build profiles based on your top performers
You can increase the likelihood of making successful hires by building a profile of the attributes of your top performers. These are the people who have been with you for a long time, have moved their way up the company and who overall perform very well. Once you have identified the traits that work well in your organisation, you know exactly what to look out for when interviewing candidates.
Use a recruitment agency
A recruitment agency can help to improve the quality of your recruits for a number of reasons:
- They have more time to dedicate to finding candidates and talk with them to identify whether or not they’re suitable.
- They have a lot more experience and are therefore in a better position to establish whether or not someone would make a good hire.
- They may have worked with the candidate on other roles so can vouch for their performance, reliability and how long they tend to stay in a job.
If you would like help finding your next great hire, please feel free to contact Alpha and we will be more than happy to help.
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