UK businesses are failing to hire the right person for two out of five roles despite the significant financial costs of making mistakes, according to a new report from the Recruitment & Employment Confederation (REC).
The latest Report published by the REC shows the real costs of not making the right hire and the as well as the the common mistakes employers make.
'Perfect Match' defines the real cost of poor hiring, and offers practical advice to businesses seeking to avoid financial risks at every stage in the hiring process. The report shows:
The Report gives practical advice on making the right hire and shows the cost of getting it wrong. A step-by-step guide helps calculate the price of a bad hire to help employers take an informed and measurable approach to investing in recruitment.
REC chief executive Kevin Green says: “Getting recruitment right is even more important during a time of economic uncertainty because businesses need to ensure they’re not wasting money. Our calculations show that UK businesses are wasting billions every year because of the volume of hiring mistakes being made.
“Shockingly, we discovered that employers are completely underestimating the financial impact of getting recruitment wrong, and not learning how to improve. Hiring is one of the most important aspects of business growth, but one of the most costly if done wrong. In today’s tight labour market there is a full-blown battle for talent, and employers need help navigating the terrain."
At Plum Personnel our mission is to help people find the right job, and the insights raised in this report will help our clients source and retain candidates to meet their business needs.
UK businesses are wasting billions every year because of the volume of hiring mistakes being made. This is based on the following calculation and assumptions:
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Posted on Wednesday Jun 21