Reduce Your Costs
What does Interviewing Cost You?
It’s the most expensive element of the recruitment process, yet few organisations have ever quantified their TRUE costs.
If you could find a way to deliver the very best candidates for final selection AND at the same time, cut huge chunks of time and cost out of the process, might that be of interest?
Take 2 mins to find out YOUR costs and what YOU can save!
Before you do, you may like to consider these critical facts
Time = Cost
- Recruiters are spending, on average, 66% of their overall hiring time on the interview process alone (2020 Yello Interview Scheduling Survey).
- 67% of responding organisations say it takes between 30 minutes and 2 hours to schedule a single interview.
- 56% of companies need to have a dedicated person on their recruiting team who is responsible only for scheduling interviews.
- Recruiters’ #1 interview scheduling challenge is finding a time that works for everyone.
- 60% of recruiters say that they regularly LOSE candidates before they’re able even to schedule an interview.
- In 2020, the average recruit and hire time for a standard office-based job stood at 91.3 days. (Published by Statista Research Department, Jan 11, 2022)
Quality = Cost
The Number 1 objective when carrying any vacancy is to fill that position with the BEST QUALITY CANDIDATE, as quickly as possible, in order to… minimise the depth and duration of the productivity dip, reduce pressure on team mates, and secure more new business opportunities.
But… how many times, under that pressure, do we get it wrong and what’s the cost of a ‘bad hire’?
- The average cost of a bad hire is 30% of the employees’ first year earnings (Undercover recruiter).
- More than 10% of sales opportunities are lost with a bad hire.
- 27% of UK companies said that bad hires cost them more than £50,000 each.
- Hiring the wrong person can cause a 36% drop in productivity.
- Hiring a replacement is time consuming, causing 40% lost time, in re-recruiting and training the new person.
- Bad Hires cause cultural damage and disrupt the team dynamics and has potential to cause a 32% drop in employee morale.
Time = Cost
Quality = Cost
- Recruiters are spending, on average, 66% of their overall hiring time on the interview process alone (2020 Yello Interview Scheduling Survey).
- 67% of responding organisations say it takes between 30 minutes and 2 hours to schedule a single interview.
- 56% of companies need to have a dedicated person on their recruiting team who is responsible only for scheduling interviews.
- Recruiters’ #1 interview scheduling challenge is finding a time that works for everyone.
- 60% of recruiters say that they regularly LOSE candidates before they’re able even to schedule an interview.
- In 2020, the average recruit and hire time for a standard office-based job stood at 91.3 days. (Published by Statista Research Department, Jan 11, 2022)
The Number 1 objective when carrying any vacancy is to fill that position with the BEST QUALITY CANDIDATE, as quickly as possible, in order to… minimise the depth and duration of the productivity dip, reduce pressure on team mates, and secure more new business opportunities.
But… how many times, under that pressure, do we get it wrong and what’s the cost of a ‘bad hire’?
- The average cost of a bad hire is 30% of the employees’ first year earnings (Undercover recruiter).
- More than 10% of sales opportunities are lost with a bad hire.
- 27% of UK companies said that bad hires cost them more than £50,000 each.
- Hiring the wrong person can cause a 36% drop in productivity.
- Hiring a replacement is time consuming, causing 40% lost time, in re-recruiting and training the new person.
- Bad Hires cause cultural damage and disrupt the team dynamics and has potential to cause a 32% drop in employee morale.
Time & Cost = Choice
Traditional hiring processes that feel endless and consume excessive resource have “been a long-standing issue, even pre-pandemic”, (Theresa Adams, senior knowledge advisor at the Society for Human Resource Management (SHRM)).
Time, Resource, Logistics, account for the vast majority of interviewing costs… agreeing person specs; screening CVs, scheduling and conducting face to face interviewing, scheduling second interviews with line managers, final selection, offer letters, onboarding, and on-the-job training are just some of the steps in traditional processes.
Add on meeting rooms, travel and accommodation (for staff and candidates) and the wasted time of staff (including line managers) for no shows or the clearly unsuitable. So, even if we get the Quality of Final selection right first time … how long did it take, what resource was tied up, what was the lost productivity during that period, and what was the cost of lost opportunities?
If you could find a way to deliver the very best candidates for final selection AND at the same time, cut huge chunks of time and cost out of the process, might that be of interest?
Time = Cost
- Recruiters are spending, on average, 66% of their overall hiring time on the interview process alone (2020 Yello Interview Scheduling Survey).
- 67% of responding organisations say it takes between 30 minutes and 2 hours to schedule a single interview.
- 56% of companies need to have a dedicated person on their recruiting team who is responsible only for scheduling interviews.
- Recruiters’ #1 interview scheduling challenge is finding a time that works for everyone.
- 60% of recruiters say that they regularly LOSE candidates before they’re able even to schedule an interview.
- In 2020, the average recruit and hire time for a standard office-based job stood at 91.3 days. (Published by Statista Research Department, Jan 11, 2022)
Quality = Cost
The Number 1 objective when carrying any vacancy is to fill that position with the BEST QUALITY CANDIDATE, as quickly as possible, in order to… minimise the depth and duration of the productivity dip, reduce pressure on team mates, and secure more new business opportunities.
But… how many times, under that pressure, do we get it wrong and what’s the cost of a ‘bad hire’?
- The average cost of a bad hire is 30% of the employees’ first year earnings (Undercover recruiter).
- More than 10% of sales opportunities are lost with a bad hire.
- 27% of UK companies said that bad hires cost them more than £50,000 each.
- Hiring the wrong person can cause a 36% drop in productivity.
- Hiring a replacement is time consuming, causing 40% lost time, in re-recruiting and training the new person.
- Bad Hires cause cultural damage and disrupt the team dynamics and has potential to cause a 32% drop in employee morale.
Time & Cost = Choice
Traditional hiring processes that feel endless and consume excessive resource have “been a long-standing issue, even pre-pandemic”, (Theresa Adams, senior knowledge advisor at the Society for Human Resource Management (SHRM)).
Time, Resource, Logistics, account for the vast majority of interviewing costs… agreeing person specs; screening CVs, scheduling and conducting face to face interviewing, scheduling second interviews with line managers, final selection, offer letters, onboarding, and on-the-job training are just some of the steps in traditional processes.
Add on meeting rooms, travel and accommodation (for staff and candidates) and the wasted time of staff (including line managers) for no shows or the clearly unsuitable. So, even if we get the Quality of Final selection right first time … how long did it take, what resource was tied up, what was the lost productivity during that period, and what was the cost of lost opportunities?
If you could find a way to deliver the very best candidates for final selection AND at the same time, cut huge chunks of time and cost out of the process, might that be of interest?
Take 2 mins to find out YOUR costs and what YOU can save!
COST & SAVINGS
TIME & SAVINGS
[Research shows that companies who don’t use recruiting technology will suffer the consequences. According to the 2019 Yello Recruiting Study, 54% of Gen Z candidates won’t complete an application if your recruiting methods are outdated, and 26% agree that a lack of technology throughout the hiring process would deter them from accepting a job].
Calculate Your Costs
Complete the fields to calculate your own true interviewing costs.
The Hard Costs of Interviewing
See how much YOU can save
Example of actual client savings
Employers - Your Critical Factors
Average number of vacancies per year
15
Average Candidates per vacancy
20
Meeting room/Travel/Accommodation costs per year
£5000
Based on the above criteria and a standard staff cost of £50 per hour
Staff costs per candidate
(using traditional methods)
£398
Staff costs per candidate
(using IPOL platform)
£35
Staff savings per candidate
£363
Annual staff saving
£108,750
Note: this is WITHOUT calculating the ancillary costs of meeting rooms, travel and accommodation for both staff and final candidates.
Time is Money
See how much YOU can save
Example of actual client savings
Employers - Your Critical Factors
Average number of vacancies per year
15
Days spent on Travel/Accommodation/Admin
30
Based on the above criteria
Staff time (days) per vacancy
(using traditional methods)
15
Staff time (days) per vacancy
(using IPOL platform)
2
Staff time (days) saved per vacancy
13
Annual staff days saved
191
What’s the opportunity cost of being able to use that time saved, elsewhere in the business?