Recruiting a new employee is a time consuming and important process. It’s also an expensive one. HR professionals estimate recruitment can rack up costs equalling between 15% to 30% of a position’s future salary. With the average hiring period lasting 10 to 12 weeks, and possible temporary staff having to be hired in the interim, recruitment is ideally something you only do once.
If you recruit the best candidate, they’re more likely to stay with your company longer, and that’s positive for your finances. A report from Oxford Economics found it costs more than $39,800 USD to replace a staff member once they’re hired.
The bottom line is this: make efforts to recruit for retention, otherwise your company risks hemorrhaging talent and capital.
What to Look for in an Employee Recruit
There are a number of ways to tell whether a candidate would be interested in staying with your company in the long run.