Recruiting Strategies to Hire the Best Candidate
Recruiting in today’s fast paced, global economy is not the same as it was even five years ago. With constant competition, identifying the right candidate is far more difficult than writing up an ad based on a job description and hiring someone that has most of those skills. And research has shown the high costs of filling a position as well as leaving it open. Developing a clear, deliberate strategy to hire the best candidate instead of “a candidate” has become increasingly important.
In this course, we’ll review best practices in acquiring talent without wasting resources. We’ll focus on what it means to hire for cultural fit and discuss the interview process. Building a strategy to maximize a return on recruiting investments is imperative. Educate and guide your management team by learning how to hire the best and save your organization a great deal of time and money.
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This activity, has been approved for 1.0 HR (General) recertification credit hours toward aPHR™, PHR®, PHRca®, SPHR®, GPHR®, PHRi™ and SPHRi™ recertification through HR Certification Institute® (HRCI®). For more information about certification or recertification, please visit the HR Certification Institute website at www.hrci.org.
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Title: Overview: Costs for Good & Bad Hires
Module: Setting The Foundation
What’s the Return on Investment for proper hiring techniques? According to a study done by “Predictive Index” – most organizations spend between 7,000 and 40,000 US dollars, per position to recruit a salaried person (whether using internal or external sources). This depends on the level of employee, ranging from entry level professional to senior executive. That is only in recruiting costs. This does not take into account lost productivity and training costs during the process. Based on some other statistics from that survey, it costs approximately 30% of the first year’s salary to replace an employee.
Alternatively, according to a study done by The Manpower Group, if the position remains open, it will cost the organization approximately 23,000 US dollars in lost profit and revenue per open position. So, getting the hiring done, and done correctly, has a direct effect on the bottom line. We will take a look at some more statistics in our next segment of this class. I just wanted to give you a brief overview of how this subject matter can affect your overall business.
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Lois has held senior HR leadership positions with both domestic and global responsibility, with emphasis in workforce planning (including succession planning); organizational development; employee relations; regulatory compliance (including Affirmative Action); compensation and rewards; benefits (including development of wellness programs); performance management; recruitment; and mergers & acquisitions.
With over 25 years of experience, Lois has served a...