The recruitment processes of UK employers are coming under increasing strain, perpetuated by what appears to be a constant cycle of poor hiring decisions.
A new report from the Recruitment and Employment Confederation (REC) highlights the problems in the hiring process experienced by many employers. Perfect match : Making the right hire and the cost of getting it wrong found that UK businesses fail to hire the right person for two out of every five vacancies and also underestimate the cost of their error.
The report notes:-
- 85% of decision makers admit to making a bad hire but one third believe there is no cost to their business associated with this decision. One in five ‘don’t know’ how much a bad hire costs their company.
- A bad hire with a salary of £42,000 may cost your business over £132,000.
- Four in ten employers believe that the interviewing skills of their staff require improvement.