The Costs of Hiring in 2021
On top of the ongoing global health crisis, there are costs and other resources that your company is challenged to balance. As we go forward into economic recovery and transition this year, recruitment is the one crucial thing to look into to avoid short-term and long-term losses as a whole.
An article from Toggle has found that employers typically use 40% of their working hours doing tasks that don’t necessarily make money, and one of those is the process for scouting these candidates. HR Daily Advisor further lays out from their in-depth survey that depending on company size, a single bad hire in a moderate position could cost up to $14,900. Roughly, this covers internal and external expenses ranging from initial bonuses, salaries, and interview efforts to paid advertisements, softwares, and recruitment agencies.
To match the cost with time as an asset, it takes about 4 months to float to the surface after drowning, because aside from the hiring period, realizing a new hire’s suitability is a completely different aspect. There are many factors to look at: did the employee exaggerate in the interview? Did the employee make a grave mistake? Did the employee find less meaning upon starting? Was it an external factor? Was it internal? It could be anything. Nonetheless, in an economically unstable time where every revenue that a business generates and saves matters, you would hope that this doesn’t happen to your firm, too.
The smart response to such uncertainties would be to avoid them in the first place. Investing in human capital is absolutely important and necessary, and while the numbers could seem overwhelming, they’re there to tell you not to spend less, but rather, in the most basic financial principle, to spend wisely.
As a startup, an SME, a corporate, or even an enterprise, your recruitment processes and decisions must be efficient, cost-effective, and ultimately, refined to your company’s needs.
We’ve prepared a few hiring and human capital digital solutions you can check out to get you started.
For managing your entire human resources
For better management of your company’s finances, human resources, and other systems, investing in Workday could be the one for you. This on-demand enterprise management software solution helps you make fast, organized, and data-driven insights and decisions as situations come. Watching this introductory video will show you how deeply they connect with their clients to fully understand the solutions that they need.
For organizing time and task delegations
Toggle is also a great time tracking and planning application for companies to have a better grasp on how people spend their work hours. In work-from-home and onsite setups, this can maximize work productivity and efficiency, as it allows a much more efficient time management for teams and individuals in the firm. It validates time as a priced asset and lets users have a better work-life balance.
For employee engagement
As most companies rely on virtual meetings now, Gather is a fresh space for teams to meet creatively. In place of standard video calls, the app enables room customization in the form of friendly graphics and allows each caller to create an avatar, making it possible for people to roam around tables and chairs. Aside from that, the app has additional features for gaming, screen sharing, and collaboration, so it makes every hangout a much more comfortable one.
For employee training and development
Onsite, employees are used to engaging in development workshops and training that help them not only learn about the company, but about themselves and their peers as well. Aside from the company's internal culture for these processes, you can look for HR consultant companies such as SGS, ExeQserve, and Qualtrix as further guides to drive each training to the exact direction that you desire. These services include modules, survey kits, and meetings led by notable speakers, which you can modify beforehand to suit your employee needs.
For recruiting the right people
Finally, if you’re looking for an all-in-one hiring product-solution where you can post your job openings, find potential hires, and connect with them first-hand, Kalibrr is a promising investment. The platform holds a pool of 5 million active Filipino job seekers whose profiles can be immediately filtered through qualification tests and its AI. You can invite your candidates to apply as you see fit, but your job listings are also open for the interested community, which streamlines the entire recruitment process and resources on both ends. To help you better, Kalibrr also holds helpful events to improve HR assets, one of which is Coffee Brreak, a recent series of free seminars for your recruiters. You can actually sign up here for the next session on Thursday, October 14!
Finding a bad hire may get you deep underwater, but finding the right one will swim you to the shore, build you a sand castle, and more. It’s important that your company is equipped with systems that maximize costs, leadership, and opportunities, especially now, as the situation still poses heavy uncertainties. Because when you ensure that your company is in good shape, you also ensure that your people are well, secured, and cared for.