Let’s say that, for your next date-night, you choose the new fancy steakhouse in town. Their chef is world-famous, and you’ve never seen such stellar reviews for a pricey steak dinner. They promise to cater to your every need for the evening, and the meal does not...
The biggest part of a candidates experience takes place before even making contact with them. Oftentimes, this process begins the moment they find a job post from your company. Ensuring that this process is smooth for job seekers sets the tone for how they approach...
The COVID-19 pandemic has transformed the employment marketplace, and one area which it has definitely impacted is that of the interviewing of candidates. When states across the country first started implementing lockdowns in 2020, in-person interviewing was hard to...
Finding top talent in today’s marketplace has completely changed, and merely posting open job opportunities fails to draw in candidates. People want to find more than a job; they want to find a career that connects with their own values and goals, while making a difference larger than themselves.
There are companies with employer brands so strong that landing a job with them has become something of a status symbol. What makes these companies so successful at attracting potential employees is the message they’re sending out about themselves.
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With all the job boards available, it’s not always easy to decide where your time and money are best spent. So what is the best job board? The short answer – there really isn’t just one. Not for everyone, anyway. There are, however, better ones. The key is figuring out what makes sense for your business, and to spend your time and money in those places. Let’s begin by breaking things down…
Recruiting has changed. The advent of so many startups, a new generation of workers, social media and technology, have all changed the game. Not only has the way we go about crafting job descriptions and posting roles changed, but even the start of the recruiting phase now begins well before a position is actually open. With everything that is evolving within talent acquisition, what hasn’t changed is that better recruiting leads to lower turnover and a lower cost per hire.
Consequences of a Bad Hire – Beyond Turnover Cost
This recent study shows the average cost per hire to be at $4,000. But what is the turnover cost per hire if they’re bad hires? Turnover costs are estimated to be one-third of a new hire’s annual salary or more in order to replace them. However, the consequences of making a bad hire go beyond this. There are other costs as well, such as reduced morale among employees, disruption to a department, slower production, an increased workload, and depending on their position, the potential of lost sales or customers.
There are a whole host of factors that contribute to employee turnover; boredom, low pay, lack of recognition, limited advancement opportunities, dissatisfaction with management. However, one of the largest reasons for high turnover, 80% according to a statistic by The Harvard Business Review, is due to making a poor hiring decision in the first place.