Are you tired of watching your hiring budget disappear into thin air? We know every dollar counts, especially when it comes to recruitment. From lost productivity to lengthy hiring processes, the costs associated with bringing new talent on board can add up quickly. However, there are ways to curb these expenses and streamline your hiring process for optimal efficiency and cost-effectiveness. Here are the top four cost drivers in hiring and their solutions to help you slash recruitment costs without compromising on quality.
1. Lost Productivity Due To Open Roles
Time is money, and we know that the longer a position remains vacant, the more money disappears due to decreased productivity and output. A research piece from Gallup shows that replacing an employee can cost between 50% and 200% of their annual salary due to lost productivity.1 The number continues to climb the longer it takes to fill the available position.
With 23 offices nationwide, more than 1,500 organizations served, and over 3 million qualified candidates in our diverse talent pool, Medix is here to help you fill open roles with a sense of urgency. Our extensive talent network makes it easy for us to identify highly skilled candidates for even the most niche positions.
2. Time Spent Hiring and Interviewing Unqualified Candidates
According to the Society for Human Resource Management, the average cost of hiring an employee is $4,700, but some estimates place this number much higher, with organizations across industries reporting that it can cost them three to four times the salary of the open position they’re recruiting for before finding a qualified candidate.2
Aside from the heavy costs associated with traditional hiring methods, it can also take a toll on your schedule, requiring hiring managers and leaders throughout your organization to spend countless hours reviewing candidates and conducting job interviews. Research conducted by Bersin in 2023 shows that the average time it takes companies to fill open roles is 44 days, and niche roles that require specialized skill sets often take much longer.3
At Medix, our team of recruitment specialists handles the entire interview process for you, sending only the most qualified professionals your way, reducing downtime and strengthening your workforce. Forget sorting through subpar resumes that simply aren’t a fit. We find top talent in your industry by rigorously vetting and screening potential candidates on your behalf, reducing the burden on your human resources department.
3. Decreased Employee Engagement Due to Burnout
One in four employees experience burnout symptoms, according to a recent study from the McKinsey Health Institute, resulting in higher turnover rates and decreased productivity.4 Extended vacancies may also increase in the form of additional sick leave and vacation requests, taking an even bigger toll on the rest of your team, who may feel responsible for covering work for absent employees.
At Medix, we believe it’s crucial to foster a healthy workforce and environment for long-term success. That’s why we emphasize culture fit. Our goal is to help you build an incredible team and retain top talent by mitigating the risk of burnout and encouraging employee engagement at every level. This emphasis on culture ensures we select new hires who integrate with your existing team seamlessly, creating a more positive workplace and elevating employee satisfaction.
4. Time Spent Onboarding and Training New Hires
Sourcing, screening, and hiring your ideal candidates is just the first step of the recruitment process. Once you’ve extended an offer letter, it’s time to switch gears to onboard and train your new hire, but many companies lack the time and resources to do so efficiently. SHRM shares that a thorough onboarding process can take up to 12 months to complete, which, without help, is a heavy lift for hiring managers and business leaders.5
It’s also important to consider the materials and resources you may need to create to assist with the onboarding process and increase your team’s overall effectiveness. If your team is already stretched thin and training new hires feels like a challenge, let us help. Our recruitment and hiring professionals are equipped to onboard your chosen candidates and get them up to speed quickly so you can focus on growing your organization.
Our digital talent management platform, Aha!, provides you with real-time updates on each employee’s performance and attendance, as well as on-demand access to productivity metrics and project spend. We also continue our partnership long after hire, encouraging employee feedback, celebrating professional milestones, providing resources, and offering opportunities for continuous improvement.
Reduce the Cost of Hiring With Medix
Are you ready to take control of your hiring budget and boost your organization’s efficiency? Understanding and tackling the key cost drivers in hiring is crucial to maximizing your resources and setting your team up for long-term success. By implementing strategies to reduce lost productivity associated with open roles, streamline the hiring and interviewing process, prevent employee burnout, and optimize the onboarding and training process, you can minimize some of these recruitment costs.
Medix can provide you with invaluable support by offering access to a diverse talent pool, expert recruitment specialists, and innovative digital tools to streamline your hiring process and drive your organization’s success. If you’re looking for a trusted staffing partner who’s dedicated to helping you achieve your mission, tell us about your hiring goals, or request more information from one of our recruitment specialists today.
