Any company or entrepreneur that has sought to employ someone knows that recruitment takes a long time. There are many different kinds of business recruitment models. Some approaches are more costly and time-consuming than others, and here we look at why and how you can save money.
The time it takes to recruit a new team member
The first thing that is important to understand is the time it takes to recruit a new team member. By understanding how much time recruitment takes, you can calculate the cost of recruiting in-house and validate these costs against those of a recruitment company.
To calculate the cost of recruitment you need to estimate the hours you will spend:
- Conducting research
- Writing the job description
- Writing the job advert
- Combing through CV’s
- Calling candidates
- Validating their skills
- Negotiating their wage and benefits
Next, you need to consider additional expenses, such as:
- The wage of retaining recruitment staff (considering their recruitment skills and experience)
- Any job advertising tools and software
- The cost of advertising on job boards
You are now in a position where you can estimate the cost of the employment process. To make this calculation, you need to multiply the estimated hours by the hourly rate of your recruiter and add the cost of any tools, software, and job board advertising.
Now take a look at the salary of the role you are recruiting for, how does the commission compare in comparison? Check your salary falls in line with the average salary for the position you are looking to fill in the area you are based.
Now, you can compare your internal costs for recruitment against the commission you will pay for a recruitment company to manage the process for you (which is usually based on the salary of the position you are advertising).
Reduce recruitment costs with fixed-fee recruitment
To ensure you embark on the most cost-efficient and effective recruitment path, it is time to take a look at our job advertising packages.
With fixed cost recruitment you could get the same level of service at just £200. By choosing flat-fee job advertising, you are in a position where you know exactly what you are going to pay and there are no surprises or unexpected costs.
All you need to do is write the job advert and the job description. Please take a look at our job description templates and our job advert examples.