Saving staff recruitment costs

After 9 years in a difficult financial climate, businesses of all sizes and sectors remain keen to keep costs as low as possible. But to grow and take advantage of improving economic conditions, organisations need to attain and retain the best people possible and even more importantly perhaps – the right people. Tim Frear, HR manager at Leeds based HR180, takes a closer look at how you could be saving on high staff recruitment costs by using Talent Q.

A report by Oxford Economics found that to replace an employee costs companies an average of £30,614 per employee. This is a considerable expense for businesses who replace members of staff. Logistical costs involve advertising the position and possibly filling the role temporarily in the meantime. Plus businesses will need to put up with a lead in time with reduced productivity up to the point when new staff get to the level of effectiveness required in the job – over 11 months to reach peak effectiveness at senior levels.

From choosing the right person at recruitment stage through to identifying the development needs of potential senior managers, managing the talent process is key to avoid costly mistakes leading to having to ‘exit’ inappropriate staff. You need to make sure that the person you select is REALLY the right person for that job. Step up Talent Q.

So why use Talent Q for recruitment – is this not just an additional cost?

With our very own Talent Q assessor at HR180, we think not! But we would say that wouldn’t we! We found that by using Talent Q you get a more in-depth understanding of your prospective candidate and will be able to make the right recruitment decision. Spend time getting the right person now saves yourself money by avoiding costly staff turnover.
As a business, you want to have a full picture of the candidate – an interview and CV can only tell you so much! Talent Q is an excellent predictor for job success. Talent Q does not tell you who to recruit but will show you the candidates’ preferences, whether or not there will be a cultural fit within the organisation and if their values match that of your own.
Talent Q is a very simple and easy test for candidates to complete. It will give you an understanding of their work preferences – how they like to work within an organisation. Understanding this will:
• ensure you are getting the right fit for the individual candidate and the organisation
• reduce ambiguity of whether the person will be satisfied in the role
• allows you to judge if the candidate will be able to meet the demands of the role.
Together you, HR180 and Talent Q can help you recruit for the best candidate the first time.