I often ponder on the knotty issue of the cost of recruitment. HR Category Leads and Hiring Managers are targeted on margin and reducing price when buying interim recruitment and executive search services – but does this always result in the best person for the job?
Extensively screening all candidates (with our Langley 360™ process) takes time, effort and skill. However, it’s the ‘comparing apples with pears syndrome’. We are sometimes asked to pitch against other companies with a standard recruitment process of a 10-minute phone chat with their candidates and who subsequently ‘post box’ CVs through.
The clients must then struggle through a pile of CVs, suffer extended recruitment times and most importantly, undertake interviews with a low success rate. They do most of the work and have wasted precious time and money – sacrificing the benefits of a skilled new hire, and costing significantly more in the end.
So how can those tasked with hiring strike a good balance and ensure they ‘add value’ to both their business and prospective candidate? I think John Ruskin had it right:
‘It’s unwise to pay too much, but it’s unwise to pay too little. When you pay too much you lose a little money. That is all. When you pay too little you sometimes lose everything, because the thing you bought was incapable of doing the thing you bought it to do.
The common law of business balance prohibits paying a little and getting a lot. It can’t be done. If you deal with the lowest bidder it’s well to add something for the risk you run. And if you do that, you will have enough to pay for something better.’