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Choosing the right employees is one of the toughest tasks for any business owner to deal with. Yet, with American companies spending $72 billion a year on recruiting and hiring, this is an area that deserves a lot more time and consideration than some companies give it.
This is even more important due to the fact that the Harvard Business Review estimates that 80% of turnover is classed as being due to bad hiring decisions. Meanwhile, figures from Australia and the UK show that poor recruiting costs companies between 110% and 137.5% of the annual salary of the position in question.
Therefore, making rushed or bad decisions can lead to a direct financial impact on the company. Indeed, a poor recruitment strategy has been blamed for causing numerous businesses to fail over the years.
Craig Ridley, the Founder of YourBusinessCoachingClub, pointed out that good recruitment is “all about sensible planning and attention to the details at each stage.” From defining a job description to reviewing applications and finally making a job offer, there are specific details to be taken into account every step of the way in order to reach a satisfactory conclusion.
Expanding on this matter, Mr Ridley said that, “the right type of recruitment can take a company onto the next level, while poor recruiting can take them in completely the wrong direction. Therefore, spending the time to get this done professionally is well worth it in the long run.”
With online recruiting so widespread, this can ease part of the burden by making it easy to gather together a wide selection of applicants. However, this doesn’t negate the need to stick to the timeless recruitment strategies that have been proven to work over time.
The YourBusinessCoachingClub site offers a vibrant online community of business people keen to share experiences and learn more. In addition, it also gives entrepreneurs the chance to receive expert coaching sessions on an extensive range of the most crucial business matters at YourBusinessCoachingClub.
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