How to Keep Hiring Costs Down
Written by Tania Rogers
Hiring a new employee is a significant step for any firm, however, it often isn’t the cost of new equipment, software and or training that adds up but poor recruitment and onboarding processes.
When analysing how firms can manage and mitigate these costs, most conversations lead back to effective planning, having the correct resources in play (and retaining them) and recruiting strategically.
“Many of our clients have vacancies for several months before a suitable candidate is hired.” says Tania Rogers, Director of Lawson Delaney. “To mitigate this risk, it’s imperative to ensure that your hiring managers and business leaders are fully aligned on recruitment needs so that, when the right person comes along, you can act with speed.”
Lawson Delaney’s research, corroborated by Australian HR Institute data, shows that the average cost to hire an employee has more than doubled since the beginning of 2021. The main factors that contribute to this cost are:
- Inefficient internal processes and slow recruitment timeframes
- Poor planning leaving empty seats between hires
- Skyrocketing job advertisement board costs
- Competitive counter offers and a rise in candidate dropouts
Tania’s tip for hiring businesses? “Create a point of difference. You and all of your competition are speaking to the same limited number of job seekers. What makes you and your organisation stand out?”
Whether your business objective is to grow or maintain, Lawson Delaney specialises in creating long term talent strategies with organisations who are seeking modern and efficient people solutions. Learn more about digital talent portals, employer value proposition consulting and recruitment training for your team.
If you are interested to know more about this year’s trends or are curious about how we can help your firm, please reach out to your dedicated consultants who would be happy to talk further. Alternatively, you can reach the team on 03 9946 7300 or professionalservices@lawsondelaney.com.au.
Lawson Delaney is a leading executive search and professional recruitment firm based in Melbourne. We specialise in recruiting CEOs and leadership teams, and accountants of all seniorities for Accounting firms.
Written by Tania Rogers