Recruiting for a key position within your Company is a difficult and time-consuming task. Employers currently have the luxury of many immediately available candidates. Vacancy adverts on LinkedIn see 1,000’s of CVs pouring in, Companies should be spoilt for choice. However, this is rarely the case.
Gone are the days where there were huge numbers of highly experienced candidates, just many, many candidates. Job roles are narrowing and evolving, meaning that there are a smaller number of qualified candidates available. These “unicorn” candidates are very fussy with many options open to them, making them very demanding.
This adds to the complexity of the recruitment task. Recruiters need to quickly find the qualified candidates in the 1,000’s of CV, then work quickly to get them interviewed and onboard to join. Companies are joining beauty pageants, they need to be the most attractive option available to the best qualified Employee to “win” their agreement to join.
A major drawback of this kind of pressure to hire is that Companies can get so carried away with the need to hire a specific candidate, they put all the best practice recruitment steps to one side and can end up hiring badly.
According to Forbes, the U.S. Department of Labour puts the cost of a bad hire at 30% of the annual salary for that position. In the UAE the cost of a bad hire is much higher as we need to factor in the cost of visa and potentially the relocation costs of the candidate.
McKinsey & Co. states that hiring a ‘top performer’ over an ‘average performer’ yields up to 67% more productivity and profit.
There is a lot at stake every time you fill a position at your Company. Here are six other benefits you will enjoy if you hire the right candidate the first time around.