Hiring costs more
EMPLOYERS hoping to hire skilled employees can expect to spend more, a Hudson survey shows. About 56 per cent in a survey of more than 4700 hiring managers say their recruitment costs have increased by 50 per cent. More than 80 per cent say hiring time has increased. About 27 per cent reveal it now takes an average six more weeks to hire an employee.
‘‘ Two major contributors to increased costs are the need for managers to spend more time identifying and securing talent, and the loss of productivity when roles are left unfilled for long periods,’’ says Hudson Australia and New Zealand managing director Gary Lazzarotto.
‘‘ Recruitment costs are based heavily on the supply-and-demand principle and in a competitive market it’s natural to see overall costs increase. The short supply of talent has placed the candidate in a better position to negotiate on issues including salary and benefits, which also has a significant impact on the cost of recruitment,’’ he says.
‘‘ Today the very best candidates will have a number of offers available to them at any one time. As an employer, if you’re not offering an attractive employment proposition and your recruitment process is not efficient, you risk losing candidates to a competitor.’’