We all know that hiring can be a lengthy and expensive process, but have you ever really considered how long it actually takes? A couple of weeks? A few hours a week? Unfortunately, it takes a lot more time than you might think.
When you consider all of the prep work that goes into hiring someone for a new position (i.e- writing and posting the job ad, promoting it on recruitment platforms or social media, reading through resumes, conducting interviews, and carrying out background checks), it’s not surprising that the overall average time it takes to fill a position is 36 days, and the average cost-per-hire is $4,425.
So why is this so important? Not only is the hiring process lengthy and expensive initially, it can end up costing you a lot later down the line. According to a CareerBuilder survey, 75 percent of employers said they have hired the wrong person for a position, and of those who had a bad hire affect their business in the past year, one bad hire cost them nearly $17,000, on average. Of course the true cost of a bad hire can vary due to the many variables involved. For example, according to the Society for Human Resources Management (SHRM), it could cost up to five times a bad hire’s annual salary, depending on the person’s position and the amount of time they remain in that position. In any case, making a bad hiring decision has serious implications for any business.
How you save time with the BE Success Survey
Thankfully, your hiring process doesn’t need to be stressful and cost you a lot of time and money. By using our behavioral assessment, the BE Success Survey, you can quickly identify the success potential of candidates and only interview the ones that best fit the role and your company.
The BE Success Survey is an effective, yet simple, scientifically-validated, behavioral assessment that measures the key behaviors and motivators associated with success or failure. One simple tool will identify what areas a candidate performs well in, and how you can expect them to behave in a given role or on a team.
Here’s how the process saves you time:
1. Invite Qualified Candidates to take the BE Success Survey
A client received 80 resumes from a single job posting. We immediately narrowed that number down to 40 qualified candidates that we invited to take the BE Success Survey.
2. Only 50% invited take the BE Success survey
20 completed the survey of the 40 that were invited, quickly reducing the candidate pool by another 50%.
3. Quickly Filter Candidates
Based on the immediate results from the BE Success Survey, we were able to quickly narrow down the pool to the 2 best candidates.
4. Spend Less time interviewing
Instead of interviewing 10 or more candidates, the company only interviewed 2 candidates, saving them at least 10 hours!
As you can see, by utilizing the BE Success Survey early in their hiring process, our client quickly reduced 80 resumes down to 40 by simply inviting candidates to take the survey, immediately received results on the 20 candidates who took the survey and only had to interview two people. After 90 days, their new hire has proven to be an amazing employee!