The True Cost of Hiring

dollar signAccording to a 2012 article by Dun & Bradstreet Credibility Corp., hiring a new worker can end up costing your company 150 percent of their annual salary. So if you’re planning to hire a new employee with an annual salary of $50,000, be prepared to pay $75,000 to find your candidate, if you’re handling hiring internally.

While companies expect to incur some costs when taking on additional staff, many don’t realize exactly how much of a hit they’re taking. Costs such as training a new worker are obvious but others are a little more hidden. Some of these buried expenses include:

  • Time spent writing a job description, posting the position on job boards, and reviewing resumes
  • Productivity lost while interviewing candidates for the position
  • Increased costs to maintain employee records, update payroll, and added unemployment expenses.

 

Things are always a bit chaotic when a company is short-staffed, so when additional time must be devoted to hiring matters, business needs take an even larger hit. When business operations have to take a back burner to hiring needs, productivity, employee morale, and customer satisfaction levels all suffer.

Offsetting Hiring Costs with a Recruiting Firm

Instead of straining your internal resources when conducting the search for your next new hire, consider partnering with a recruiting firm. Staffing professionals have the necessary connections and experience needed to find the right person to fill your open positions.

Working with a staffing firm can help your company save money on the hiring process in countless ways, including:

  • Finding the Right People Quickly: Staffing firms have access to a talent pool filled with qualified professionals looking for a new opportunity. Finding the right worker can be a quick process when you know where to look, helping to fill your employment gap fast.
  • Handling Candidate Screening: Posting job descriptions, reviewing resumes, and interviewing candidates takes a great deal of time and money. Your recruiting firm will handle these tasks for you, so you’re simply left to choose between the top contenders.
  • Choosing the Right People: Bad hires are detrimental to the success of your company. Recruiting professionals have a tried-and-true screening process in place to separate the right people from those you’ll quickly regret extending an offer to.
  • And much more

 

At TalentBridge we’re in the business of finding the right people for the right jobs. We’ll utilize our extensive network of talented professionals to find the best person for your open positions, so you can keep your focus where it should be ─ on running your business. Let us assist you with all your staffing needs.