What’s Costing You the Most in Your Hiring Process?
Hiring the right personnel is one of the most important tasks of an HR Manager. If the wrong person is hired, you can expect poor performance, frustrated Managers and higher costs when trying to do damage control. However, the hiring process, done correctly, is not easy or cheap as there are a lot of measures and steps that have to be taken before you can give out that offer letter.
Costs Associated with the Hiring Process
- Recruitment costs. These include hiring a recruitment firm, defining the position, advertising the position and test scheduling.
- Selection costs. Selection costs range from shortlisting, interviews, communication with applicants, security checks, and the job offer.
- Productivity costs. When a position is vacant, other employees are forced to do the work of that position which means they put less effort into their job. The hiring team also takes a lot of time away from their regular duties during the hiring process to do all the recruitment and selection meaning there is work that is not being done, and that is a loss of revenue.
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More and more businesses are being forced to eliminate certain benefits in order to reduce costs so they can survive financially. This is due to increased competition, reduced market shares, and a sluggish economy. Supplemental insurance expert, William Hofto at All About Voluntary explains that voluntary benefits are a better option for most businesses and most employees, since they meet the exact needs of employees and save companies money. Here are some benefits that may be made optional in order to keep your company financially healthy.