Why Your Recruitment Process Is Draining Your Business (And What You Can Do About It)

Why Your Recruitment Process Is Draining Your Business (And What You Can Do About It)

recruitment

The fact that you’re here suggests that you’re frustrated with the process of recruiting new employees and other freelance talent, and that’s understandable. The recruitment process is a drain on every company, reducing its productivity, using up its resources and, ultimately, shaving profits.

Recruitment wastes valuable company time

In the UK, an average of 27.59 days is spent by a company’s HR department on hiring new employees. Usually, between 25 and 50 hours is spent finding each new employee. The hours spent preparing job descriptions, reading resumes, checking references, calling and interviewing candidates, is a drain on your company’s productivity, and often calls for the presence of employees whose specific job it is to hire others.

The recruitment process is a drain on funds and resources

There are several ways in which this is true:

  • Hiring teams want to hire as fast as possible, because vacant positions cost money and delay operations. Yet, depending on your industry, making a hire can take several months putting pressure on recruiters and frustrating hiring teams.

  • In larger companies, a recruiter (or recruiters) have to be employed in order to bring in new employees; this means paying an annual wage to someone who doesn’t directly add to the productivity of your company- there would be no need for these individuals if you could source employees in a more efficient, effective way.

  • Often, companies need to hire temporary employees, which means paying that employee their salary, plus a percentage on top- and if they’re from an agency, there’s the agency fee to consider, too.

  • After the recruitment process is complete, more often than not, it takes a while for new employees to add value to the company: they often need training, supervising and helping out, which takes away from your other employees’ productivity, whilst not adding the optimum value to your business, themselves.

All of this, unfortunately, takes a toll on your turnover and profit.
draining recruitment process

Is there a better way?

Wouldn’t it be great if you had access to a talent pool who were seasoned in your field and could take on demanding projects immediately, without draining company time and resources? Is there a more sustainable recruitment method that can achieve this?

In some cases, you have to recruit new employees; going through the tedious recruitment process is, sometimes, a necessary evil. Remember though that only around 35% of applicants for any given job are qualified for the post! However, in other instances, there’s a surprising, and rewarding, solution.

If you find that the project-load you experience as a company varies, and that your staff can cope with the work load most of the time (a.k.a. only when your company tackles certain projects does it feel the strain and the need arises to recruit more employees), then there’s a method of hiring temporary staff without the exorbitant costs.

In recent years, business have been making use of B2B opportunities in new and exciting ways, and B2B collaboration can help improve your business’ productivity in your recruitment process, too.

Businesses have caught on to the fact that they can help one another through resource-sharing and task-sharing; when a project load is too large for one company, they can temporarily hire staff from another non-competing company with the ideal skillset and experience, optimising the productivity gained from this new pool of temporary recruits, without having to hire expensive freelancers. Making use of this type of sharing economy could boost your business, and help you increase your turnover, profit and revenue.

But how do you find other companies to work with? Won’t that process also drain company time and resources?

If it weren’t for TheHIVE, then yes. Thankfully, this platform exists to bridge the gap between companies who could benefit from this type of B2B collaboration. Companies can use the platform to find staff to work on temporary projects, when the workload for the company is too high or; companies can look for projects to work on, while they’re experiencing a drought within their own business. Employee retention has become an increasing problem for companies especially during difficult financial times when companies may be forced to release staff. Likewise, career progression may be held up by a lack of opportunities but joining TheHIVE immediately reduces the chances of such eventualities. Through resource sharing, participating staff contribute to funding and justifying their own career progression and securing their jobs.

So, if you feel like your business could benefit from having access to an unlimited pool of skilled staff with relevant experience- without the commitment, hassle or cost of hiring permanent, or temporary, employees -then you should check out TheHIVE platform, to see how it can reward your business.

TheHIVE business idea to solve recruitment problems

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TheHIVE Enterprise

TheHIVE links non-competing firms for their mutual benefit. Its staff-sharing platform saves on specialist recruitment by expanding business opportunities.

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