Save money with ProMed, find out more.

Professional Medical Recuitment

Recruiting? Call now
07732 382110
01273 812297

Current vacancies

more vacancies »

Example candidates

more candidates »

Latest industry news

more news »

Operating theatre jobs

operatingtheatrejobs.com - a specialist jobs Board exclusively for Operating Theatre Nurses and ODPs.

CV writing

Healthcare & Medical Recruitment Industry News

The Real Cost of Hiring | Medical Recruitment Advice

Do you really know the true cost of hiring in the medical industry? Is it really cost effective to hire in-house?

Hiring can be a headache. Not only is finding the right person time consuming, it is also expensive. The time and resources spent on trying to find the best staff for your medical organisation often extends further than just placing an advert and making a few phone calls. With a reported 2.52 million in UK alone seeking work in 2013, recruiting is an all intensive procedure, and the costs involved are often overlooked.

A bad hire could cost you 3.5 times of the job salary in question. It often leaves managers feeling drained, morale suffers and productivity goes down the drain, costing you even further. The economics of healthcare is changing and it is more important now than ever before to hire right the first time round. Not only do your candidates need to perform in a highly competitive market, their skills needs to cover both sales and medical knowledge so much as to move market share and grow market share.

Pressure for a deadline and lack of knowledge about a candidate often lead to a mismatch. It’s more than just having the right qualifications and experience. A business needs someone who fits in with their value system and someone who can grow within their role. This can take time – and that often means more money.

Calculating cost per hire (CPH):

Do you know how much it costs to hire staff? It is often seen as an invisible cost and many organisations don’t spend the time to work it out.

Internal recruitment costs + External recruitment costs / new hires for the period

= CPH

This is one of the oldest metrics available that allows an organisation to estimate the cost per hire.

Internal costs: Learning curve costs, recruitment workload (interviews), training, operational costs.

External costs: printing & advertising, online advertising, agency fees, travel & accommodation for overseas candidates, screening and testing, technology costs, telephone costs, facility costs.

Cost effectives can be measured by the time and money to hire the best available talent, in the shortest period of time, for the least external and internal cost. Learning curve costs are often left out when working out the cost of hiring. This is the salary paid to new staff while they are still trying to get up to full speed. During this time they may only achieve a productivity level of about 40%.

Turnaround Time is Key

TIME is the measure for business. When trust is proved misplaced, the whole venture would have been a waste of time… Hiring a new member of staff is a long-term undertaking for the employer so it’s important to hire someone who is motivated enough to invest energy and knowledge into the business.

T- Trust

I – Invest

M – Motivate

E – Excel   

The right candidate needs to be trustworthy, investable, motivated and able to excel. How does this work in practice? The right recruitment agency finds the right person from a pool of proven, tested and known candidates, giving the employer the opportunity to make the right investment, benefiting both the candidate and the business.

If you would like to lower the costs of recruiting, it might be worth using an agency. ProMed Recruitment does all the work and allows clients to pay monthly, making it easier on finances. Have a look at our Medical Recruitment video or find out more about the medical recruitment services provided.

 

 

News page