3 Solutions To Unexpected Hiring Costs
As a leader of your organization, one must be well prepared for unexpected hiring costs. Budgets that you have set aside for different departments are often shifted, so you can meet company goals. The unexpected hiring costs of talent in a highly competitive market, has many implications on a company’s growth. That coupled with the increase cost of wages, this is a critical factor to consider. Last fall, a PINC AI Data report shows that hospitals, alone are paying $24 billion more in labor, nationwide.
At SkillGigs, with our advanced talent marketplace platform, the use of AI and automation, and a sophisticated subscription model, we offer solutions that make unplanned hiring costs a thing of the past. Resignations and terminations are expected within any organization. And we have certainly seen an uptick during this “great resignation.” But the real question to ask is how can you reduce these turnovers and find viable team members that are not only invested in their work, but the organization.
Companies naturally want top-tier, level talent, but often invest into recruiters whose skill and understanding don’t match the talent they are after. According to Workplace Trends, “Almost 60% of job seekers report having a poor candidate experience and of that 60% who had a poor candidate experience, 72% shared information on it online on an employer review site, such as Glassdoor, on a social networking site, or directly with a colleague or friend.” Investing in less than worthy recruiters, will push away top talent, but also open the door for subpar talent that will lead to a higher turnover rate. SkillGigs creates relationships with warm talent through the use of our talent relationship managers, bridging the gap that many recruiters face while trying to attract and hire top talent. These relationship teams works to activate those top players, so your company/facility can make the right hire, the 1st time around.
The cost of unplanned hiring has major direct and indirect impacts on your organization. According to past HubSpot’s recruiting statistics report, “41% of employers estimated a single bad hire costs $25K, and 25% put the figure at $50K or more.” The indirect cost of hiring an employee stated by Affintus is “lower business productivity while recruiting and hiring, overtime to cover the work, productivity ramp-up time after the new employee starts, and lower customer satisfaction and loyalty.” Unplanned hiring will take a toll on your budgets and using your resources proactively will help cushion when these unexpected costs.
SkillGigs offers our employers subscription plans that allows them to streamline their hiring process, while also allowing them to make unplanned hires, without the grief of unexpected direct and indirect costs. The fee enables our employers to search and hire at will because we know a company’s growth depends on the talent they hire and it shouldn’t be delayed because of unplanned costs. In this model, our employers to find needed talent faster and up to 50% more affordable.
The hiring space goes through a constant evolution and as a decision maker or recruiter at your organization, you need to be aware of how to handle these unexpected hiring costs. Stated in a Gallup Workforce Panel, “51% of employees are considering a new job.”
The use of SkillGigs as a powerful tool to leverage against unexpected hiring costs and allows you to be cognizant of how fast employees move through positions. Finally, your hiring department can allow you to have the upper hand in replacing or hiring unexpectedly.