Your employees are the most vital resource of your business. Hiring the right person for your organization is a critical element that not only contributes to business growth but also determines the very existence of your company.
However, the hiring process can be time-consuming and costly. According to the Society of Human Resources (SHRM), it takes about 36 days to fill a vacant position, costing any organization thousands of dollars. Since most companies, especially small and medium-sized businesses, don’t have money or time to spare, it is important to focus on improving the efficiency and efficacy of your recruitment process.
The Cost of a Bad Hire for a Small or Medium-Sized Business
While the cost of recruitment may be high, the price of a bad hire is even greater with far-reaching implications on a business. In companies with large structures, bad hires can have a considerable financial impact, and a bad hiring decision may jeopardize the entire future of a startup or a small sized business.
Aside from the financial implications, a bad hire can lead to decreased productivity in your organization as they struggle to meet their monthly targets and project deadlines. Due to their lack of efficiency and productivity, or other aspects such as interpersonal conflicts, they can end up ruining the overall team morale.
Not only can bad hires damage your relationship with your clients or other companies, but they also don’t add value to the internal team, leading to cracks in the company culture.
How to Improve the Efficiency of Your Recruitment Process
Hiring the right person for the job is a key to organizational success. Here’s a quick look at how to improve business efficiency by improving the recruitment process.
Redefine Your Job Requirements
If all you receive are résumés of underqualified candidates, the problem is hidden in plain sight. Poor or vague job postings are a major reason for low application rates or high application rates of underqualified candidates. It is imperative that your HR team carefully tailors a job posting that not only includes a comprehensive list of requirements and responsibilities, but is inspiring and engaging enough to attract candidates and make them excited about the job role.
Find a New Approach to Discover Talent
If career sites haven’t helped you find good candidates for vacancies in your company, you must dive deeper into the talent pool. Gone are the days when recruiters would post job ads in newspapers; social media is the new go-to platform now! Besides Facebook ads, LinkedIn is one of the most popular sites for discovering job seekers that fit your hiring needs. Another advantage of using social media for job postings is that you can share videos and photos of your workplace, which will give potential employees a glimpse into your organizational culture.
In addition, you can find potential employees through employee referrals. Since your staff knows everything about your existing operations and future plans, they are well-equipped to find great talent for your organization.
Conduct Background Checks
Last but not least, make sure to perform employee screening, even though it can be expensive. If you don’t conduct a background check on candidates during the recruitment process, it can cost you thousands of dollars and other losses in the long run.
You can save money by streamlining the employee background check process and screening only the final ones. Additionally, you can make background checks more efficient by tailoring the screening process to the requirements of each position.
The Bottom Line
Sure, hiring the right person for a certain role can be daunting. However, taking the time to break down this process into smaller steps and streamlining every task can be quite helpful in ensuring success in the long run.
If you’re still not sure where to start with your hiring process, contact Michael Bailey for expert business coaching and HR guidance and support.
Photo by Gustavo Fring from Pexels