The average cost of a bad hire is $14,900. For revenue generating positions and high-level roles, your cost for making a bad hire increases dramatically.
To make the “bad hire” matters worse, most businesses’ core competencies don’t include recruiting and hiring. Unless the business was started as a talent acquisition endeavor, chances are the things your business was built to do – the products or services you provide – are being negatively impacted by a). your need for talent and b). your process for finding that talent.
While it’s obvious that every business must employ some method to find and retain talent, the approach you choose doesn’t have to be costly, inefficient and an unnecessary drain on precious, limited resources. In fact, there are things you can do to ensure your “Talent Solutions” strategy becomes a sustainable competitive advantage.
There are 4 “cost to revenue” considerations when it comes to creating an effective talent solutions strategy. The considerations you need to well, consider, belong in the areas of Time, Cost, Quality and Bandwidth.
The Time Dynamic
There really isn’t such a thing such as “saving time.” However, you can “leverage” time. So, when it comes to your talent solution, the focus should be on leveraging time by using dedicated, specialized resources. An effective Talent Solution strategy includes a plan for you to conduct the day-to-day activities that keep you connected to the “progress of the process,” while allowing ample time for you to focus and execute on the things you impact most.
It’s Going to Cost You
Typically, when we think of costs, we rightly think of the visible costs we record on our financials – cost of goods, salary expenses, marketing spend and the like. We already know that when it comes to talent solutions, those visible direct costs can add up quickly. Unfortunately, it’s the costs you don’t easily see that will upend even the best strategies. To protect your company from those “invisible” costs, your talent solution strategies must also consider the opportunity costs associated with the tactics of recruiting. As you plan your strategy, consider who is spending time doing the activity and what activity isn’t getting done as a result. The key question then becomes, “what is the cost of that ‘inactivity’ to your company and how do I mitigate that cost?”
QC stands for Quality Constant
So much of recruiting involves searching mountains of applicants to find viable candidates, then researching those to identify for “quality” before they are even considered ready to begin the interview and filter process. An effective talent solution strategy identifies the “where and who” of looking so that the folks involved in the hiring are only seeing top quality candidates. The need for a high level “Quality Constant” is where partnering with an expert pays off.
The Bandwidth Conundrum
You need talent because you want to grow your business, but you can’t grow your business because you don’t have the bandwidth to find quality talent. The hallmark of many emerging businesses is the need for team members to wear and share the organization’s many hats. It’s a rite of passage that, let’s face it, can be a beneficial investment of resources – think of everything you learned while working in every role as your business grew – but this state of being will prove detrimental as deliverables start to fall through the cracks. To protect from the effects of the “Bandwidth Conundrum,” as they relate to your talent solution strategy, it’s important for you to create a partnership with a Talent Solutions specialist, so they can focus on your needs, while you direct your efforts to “doing only the things, that only you can do.”
Your Talent Solutions Partner
Global HR is powered by a team of the world’s top People Experts (PE). We are on a mission to help our clients have the best teams performing at their best levels.
And, the Global HR team never sleeps, literally! Our People Experts around the globe, in different time zones, work in concert and at high speed to provide you the best talent options, along with the right organizational architecture and effective learning management tools to drive your growth.
The “People Experts” at Global HR are hiring for you. Our worldwide organization is driven to find and recruit the folks you need to take your team to the next level all while positively impacting the things that are most important to your business.
The top talent is out there, waiting for your opportunity to present itself. A partnership with Global HR will give you the edge you need to find and hire that top talent.
About the Author:
John Cordova is a seasoned “people expert” with over 25 years of building organizations and the teams that drive them to greatness. Reach out directly to John at firstname.lastname@example.org