Hiring: Getting the Most Bang for Your Buck

HIRING: GETTING R Y OUR BANG E BUCK THE MOST When the time comes to grow your team, it's important to strategically think long-term. There are many expenses beyond the monetary costs of hiring a new employee. Are you getting the most bang for your buck when it comes to your hiring strategy? Keep reading to learn the facts. RECRUITING & HIRING There are numerous costs associated with recruiting and hiring new employees including: TANGIBLE INTANGIBLE ADVERTISING ONBOARDING ADMINISTRATION BACKGROUND LOST CНЕCKS KNOWLEDGE SCREENING TURNOVER TIME OVERWORKED TESTS COSTS REMAINING STAFF RECRUITING INVOLVES O POSTING ON JOB BOARDS O SCHEDULING INTERVIEWS O REVIEWING CANDIDATE SUBMISSIONS O PRESCREENING CANDIDATES O CONDUCTING INTERVIEWS O CHECKING REFERENCES O GENERATING OFFERS O TESTING All these tasks can easily add up to OVER 25 HOURS of work for even a small pool of candidates MAINTAINING Once you've made a hire, it takes time to reach maximum efficiency NEW EMPLOYEE OPERATING PRODUCTIVITY 25% 50% 75% 30 DAYS 31-84 DAYS 32-140 DAYS New mid-level managers average e6.2 months to reach maximum work efficiency REPLACING If your hire doesn't work out, the cycle of spending starts once again The average replacement cost of a professional or managerial employee is SZO00 WITH TURNOVER COSTS AVERAGING The employee's salary 150% With positive correlation between replacement cost and employee wage CAN YOU AFFORD to spend your valuable time searching for and vetting your next hire? Can you afford the consequences and expenses of hiring the wrong person? Consider enlisting a recuiter to help you find the best candidates today. THE CENTRICSGROUP LET'S CONNECT The Centrics Group is an all-inclusive IT staffing agency committed to connecting top employers and top IT candidates. While most recruiting agencies have forgotten the value of personal relationships, The Centrics Group prides itself on establishing quality partnerships that focus on individuals. For us staffing is not, and never will be, about resume-matching technologies and job boards-it's about people. To lean more about us, visit: http://www.TheCentricsGroup.com SOURCES 1. http://www.irle.berkeley.edu/workingpapers/201-10.pdf 2. http://masemp.com/2009/09/the-true-cost-of-a-new-hire/ 3. http://www.investopedia.com/financial-edge/0711/the-cost-of-hiring-a-new-employee.aspx 4. http://www.huffingtonpost.com/2012/06/04/the-true-cost-of-hiring-infographic_n _1568295.html