Blog Post
Avoiding the stress and cost of a bad hire
- by Chris Jansen
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- 21 Oct, 2022
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Did you know that hiring the wrong person can cost you THREE times the salary of that role. That's the conclusion of a report conducted by independent consultancy Public First commissioned by the Recruitment & Employment Confederation (REC) in 2021.
The last few years have seen huge challenges for companies. The stress of COVID and The Great Resignation, followed by the cost of living crisis coupled with low unemployment. This has made recruiting and retaining staff a real challenge, especially for companies in Hampshire, Berkshire and Surrey.
The 2021 REC survey was commissioned to understand and measure the economic and social impact of the UK recruitment industry.
In the survey businesses said that the quality of their staff and recruitment is the second most important driver of their success behind only the quality of their end product. Hiring the right staff is more important than management expertise, proprietary research or investment in new machinery.
The report highlights a trend towards more flexible working. This approach benefits companies where the vacancies are matched to candidates who seek out and flourish by working more flexibly.
The last few years have seen huge challenges for companies. The stress of COVID and The Great Resignation, followed by the cost of living crisis coupled with low unemployment. This has made recruiting and retaining staff a real challenge, especially for companies in Hampshire, Berkshire and Surrey.
The 2021 REC survey was commissioned to understand and measure the economic and social impact of the UK recruitment industry.
In the survey businesses said that the quality of their staff and recruitment is the second most important driver of their success behind only the quality of their end product. Hiring the right staff is more important than management expertise, proprietary research or investment in new machinery.
The report highlights a trend towards more flexible working. This approach benefits companies where the vacancies are matched to candidates who seek out and flourish by working more flexibly.
The report also found that, for individuals, there is a strong correlation between finding a good job match, job satisfaction and overall life satisfaction.
Bringing in recruitment experts will make a significant difference to your business, with the REC report's analysis showing that the improved quality of matching companies and applicants increases UK productivity by an estimated £7.7 billion a year.Working with a specialist recruitment agency will save you time, money and stress, both in the short and long term. At Nexo Recruitment we take the time to understand your
company and your culture so that you only interview candidates who are a good
fit for your company.
We are a local, family-run business with over 40 years' recruitment experience. To find out how we can help you to recruit the right people, give us a call and have a chat with our friendly team today. Call us on 0800 160 1141 or email us at admin@nexorecruitment.net.