Current Recruitment Challenges
Candidate Fit & Quality
Getting the right candidates into the right roles is critical and the consequences of incorrect hiring are severe including regulator fines and reputational risk. Core challenges around finding quality canditates include:
- Advertising jobs results usually in low quality candidates applying.
- Limited choice where you have a small selection of profiles to evaluate.
- Lack of in-house vetting expertise to filter applications.
- Regulatory pressure causing time contraints resulting in sub-optimal hiring.
Cost
If the wrong recruiting strategies are used the costs of “bad hire” decisions are not only financial and include:
- Time costs from reviewing and interviewing the wrong candidates.
- Staff turnover cost with bad hires terminated from their role for missing expectations.
- Productivity costs from missed deadlines and re-doing sub-standard work.
- Low morale costs of existing team members due to extra workload and lack of support.
- Training costs when you have to settle for inexperienced candidates.
Speed
Getting candidates onboard quickly is often critical with regulatory breaches often a direct result of compliance controls not being in place due to staff shortages. Slow hiring usually results from:
- Advertising jobs results usually in low quality candidates applying.
- Limited choice where you have a small selection of profiles to evaluate.
- Lack of in-house vetting expertise to filter applications.
- Regulatory pressure causing time contraints resulting in sub-optimal hiring.
