Looking for the right candidate to fill your vital vacancy in the supply chain or logistics disciplines? When your company operates a supply chain, success is all about integrating and interacting with each department efficiently. When all your departments work together like a well-oiled machine, you’re providing your product or service effectively — but when a crucial position is vacant, it’s like missing a cog in the machine.
Whether you have a vacancy in an executive or mid-level position, finding the right person for the role is crucial. However, hiring new talent can be both costly and time-consuming when you try to handle everything yourself. Here’s what you need to know about the cost of hiring an executive — and how you can save time and money.
If you’re looking for a candidate for your crucial position, you’re probably thinking only about their salary and startup costs — but training and benefits aren’t the only extra expenses a company has in store when welcoming new talent. When calculating the cost of hiring, you can’t forget what you’ll spend on recruiting.
Finding a new candidate can be costly — in terms of both time and money. If you take on the hiring process in-house, you’ll need time and expenses for finding a job post platform, advertising the position, reviewing resumes, performing screenings, organizing assessment tests, conducting interviews and other recruitment-related tasks. Recruitment and turnover alone can be financially expensive. Plus, this process costs your company in more ways than financial resources — it also takes crucial time away from supply chain operations.
Assessing your company’s cost-per-hire and time-to-hire metrics can help you understand how much time and money you’re spending recruiting candidates in-house.
As a crucial part of your recruitment process, your cost-per-hire rate can help you understand what your company spends financially on each new hire. You can calculate this metric by figuring out your internal costs — including acquisition, development, training and time costs for your in-house hiring teams — and external costs like job postings, background checks, assessment tests and more. When you add your internal and external costs and divide the total by your number of hires, you can see how much each hire costs you. There is a very large cost of having the position empty for any length of time. It also put a burden on the rest of the team both in productivity and stress.
Understanding your time-to-fill and time-to-hire metrics can show you how much time your company spends on both recruiting and hiring. While time-to-fill shows how long the process takes from posting your vacancy to filling it, time-to-hire calculates how quickly you select the right candidate after accessing a candidate pool.
As your cost-per-hire and time-to-hire metrics can demonstrate, hiring a new candidate in-house takes valuable time and financial resources away from running your company. When you need to fill your vacancy in the most efficient and cost-effective way, hiring a recruiter will eliminate extra costs — and give your time back to the supply chain.
As exclusive recruiters for the supply chain and logistics disciplines, Optimum Supply Chain Recruiters can simplify and streamline the search and hiring process. Our set fees, expertise and efficient recruitment strategies offer your company even more than reduced costs and efforts — we provide you with the best possible candidate for the position. Contact us today to learn more about hiring top talent.