Hiring Tips, Staffing Services

The Real Cost of Hiring

By Jeremy Hirsch on July 8, 2020

Finding the right people for your company be an exhausting process. From getting all the right qualifications on the job description to the stress of searching and interviewing to finally onboarding and training. Many of TriMech’s clients originally saw staffing as an unneeded expense to further add to the tumultuous experience of hiring. However, what is the true cost?

Human Resources / Internal Teams

Human ResourcesRight off the bat, we often hear our clients say that they have someone who handles hiring. Most times, Human Resource Managers or Internal Recruitment teams do a fantastic job of spotting the right people in their application piles for every department in their company. However, they can and often do get bogged down for having to be great at identifying so many people across the board, especially if they are searching for several roles that span across different departments. Sometimes companies focus on that they are already paying people to find candidates, but there are other costs that might start to pile up as a search lingers.

Many of our clients were pumping money into job boards to try and uncover qualified candidates. Often, we will hear that they are getting resumes, but it is from sandwiches artists or retail associates when they need a high-level degreed Engineer. The longer your HR wades through applications, vetting unqualified candidates, the more it takes them away from filling other roles or performing other needed tasks. The less qualified candidates they see, the more you may be spending on job boards as well.

Search Length

While tackling what a lengthier search might mean for your HR team, there is also the consideration of how it impacts your overall business. The opportunity costs associated with letting a role go unfilled for an extended amount of time can hit your bottom line. We often hear similar stories about what not having the right people does to businesses.

Let us say your company is down an Engineer and you have a product line that needs to be completed. Many of our clients will tell us that it inhibits their product from coming out on time. The impact of this is typically felt in a variety of ways. Sometimes it is simply they could not get finished designs to the Manufacturing department and rollout was delayed. This costs them moving/selling expected units. Delays have also caused some of our client’s contracts that they need to stay afloat. If they are not on time with expected delivery dates, their clients may lose faith in them and pull much-needed work.

The Right Questions

Often, we focus so much on, “What does it cost to fill the role?” But it would be helpful to also start considering, “What does it cost me when I don’t fill this position?” Understanding what it is to have a dedicated partner who specializes in a key component of your business can help you save in the long run.

If you are considering adding a staffing team to your vendor list and you often find yourself in need of qualified Engineering, Design and/or Manufacturing talent, reach out to TriMech Staffing today.

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