Candidate shortage – what is it costing you?

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The recruitment market is tough right now.  With candidate shortages at an unusual high, it is increasingly difficult to fill positions with the best person at all, let alone quickly.  Skills & experience are at a premium, UK unemployment figures are at a record low, savvy employers are doing more to retain their talent, and Brexit uncertainty is growing. 

This means that few people are actively seeking a job move and even headhunted candidates are reticent to move for anything less than the “offer that can’t be refused” – (once they have been convinced that it is not too good to be true!)

A candidate-driven market (a term recruiters use to describe an environment where the candidate can call all the shots and demand the highest salaries, best packages, and then pick from the numerous offers out there) is hard work.  And expensive.  Sadly, many businesses refuse to change how they do things in this environment and they lose out because of it.  The companies (large or small) that invest additional time, resource and creativity to find a workable solution in this kind of market are the ones who win in the long run.

But why is this?  Many companies fail to see the true cost of “sitting tight” when it becomes difficult (if not impossible) to recruit the “one”.

What are the costs?
There are direct and indirect costs to leaving roles unfilled and these will differ slightly dependent upon the role itself.  For example, a vacancy within the sales team will quite obviously negatively impact sales revenue.  How much could have been added to the bottom line if the role hadn’t remained unfilled for 3, 5, 7+ months while waiting for the ideal candidate?

Less obvious are the knock-on effects
For example, if a key administrative or support role is unfilled, somebody will have to pick up the slack.  What if that person is responsible for generating revenue and cannot dedicate their full attention to just that?  How much is that costing you?  Teams taking on additional work when headcount is not at full muster feel stressed.  They fatigue more quickly.  Sickness and absenteeism levels rise.  In extreme circumstances, people leave, making the situation even worse and potentially creating a vicious circle of rising stress levels and lower employee retention.  Mistakes are made.  Teams cannot keep up with customer demands.  Service levels fall.  Balls are dropped.  Business is lost.  How much is this costing you?

Prolonging the agony
It is at times like these that hiring managers and business owners find that they don’t have the time to rectify situations or dedicate time to finding workable recruitment solutions.  This just prolongs the agony.  So, the first step towards getting your teams to full strength, and putting yourself in a position of growth and to succeed, is to set aside some time to concentrate on the problem.  This may lead to some short-term pain but will serve you well in the long run.

If you need some help on how to structure your recruitment process to allow you to move forward we’re happy to help with free, no obligation guidance.  We have the right recruitment advertising package to suit your needs.

Alternatively, if you want somebody to take the recruitment headache off your hands altogether our trusted sister company Recruit Recruit will be happy to do that too.

Advice costs nothing.  Call Recruit 123 today for an informal chat if you’re struggling to find the right talent for your business – 01902 907123.

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