Looking for the right candidate to fill your vital vacancy in the supply chain or logistics disciplines? When your company operates a supply chain, success is all about integrating and interacting with each department efficiently. When all your departments work together like a well-oiled machine, you’re providing your product or service effectively — but when a crucial position is vacant, it’s like missing a cog in the machine.
Optimum Supply Chain Recruiters gives you the option to choose between dedicated engagement recruiting and contingency recruiting depending on the level of the position, you have the options to choose the right fit for your unique needs.
Whether you have a vacancy in an executive or mid-level position, finding the right person for the role is crucial. However, hiring new talent can be both costly and time-consuming when you try to handle everything yourself. Here’s what you need to know about the cost of hiring an executive and how you can save time and money while doing it.
What Is the Cost of Hiring in the Supply Chain Discipline?
If you’re looking for a candidate for your crucial position, you’re probably thinking only about their salary and startup costs — but training and benefits aren’t the only extra expenses a company has in store when welcoming new talent. When calculating the cost of hiring, you can’t forget what you’ll spend on recruiting.
Finding a new candidate can be costly in terms of both time and money. If you take on the hiring process in-house, you’ll need time and expenses for finding a job post platform, advertising the position, reviewing resumes, performing screenings, organizing assessment tests, conducting interviews and other recruitment-related tasks. Recruitment and turnover alone can be financially expensive. Plus, this process costs your company in more ways than financial resources — it also takes crucial time away from supply chain operations.
Assessing your company’s cost-per-hire and time-to-hire metrics can help you understand how much time and money you’re spending recruiting candidates in-house.
Cost-Per-Hire Metrics
As a crucial part of your recruitment process, your cost-per-hire rate can help you understand what your company spends financially on each new hire. You can calculate this metric by figuring out your internal costs — including acquisition, development, training and time costs for your in-house hiring teams — and external costs like job postings, background checks, assessment tests and more. When you add your internal and external costs and divide the total by your number of hires, you can see how much each hire costs you. There is a very large cost of having the position empty for any length of time. It also put a burden on the rest of the team both in productivity and stress.
Time-To-Hire Metrics
Understanding your time-to-fill and time-to-hire metrics can show you how much time your company spends on both recruiting and hiring. While time-to-fill shows how long the process takes from posting your vacancy to filling it, time-to-hire calculates how quickly you select the right candidate after accessing a candidate pool.
How a Recruitment Service Will Help You Save
As your cost-per-hire and time-to-hire metrics can demonstrate, hiring a new candidate in-house takes valuable time and financial resources away from running your company. When you need to fill your vacancy in the most efficient and cost-effective way, hiring a recruiter will eliminate extra costs and give your time back to the supply chain.
As exclusive recruiters for the supply chain discipline and logistics discipline, Optimum Supply Chain Recruiters can simplify and streamline the search and hiring process. Our set fees, expertise and efficient recruitment strategies offer your company even more than reduced costs and efforts — we provide you with the best possible candidate for the position. Contact us today to learn more about hiring top talent.
Don Jacobson
Don Jacobson was born and raised in New York City, and graduated with a B.A. degree in Management from the City University of New York. For 10 years, Don managed Operations and Supply Chain departments for consumer products companies. He then turned his attention to supply chain recruiting and for the past 27 years, has specialized in recruiting and placing supply chain executives throughout North America. Don is certified by the National Association of Personnel Consultants. He was a Partner at Hunt Ltd., and more recently was the Founder and Managing Partner of LogiPros LLC, a logistics recruiting firm. Don is a regular contributor of topical human resource articles for DC Velocity magazine, the CSCMP Supply Chain Comment, and The WERCSheet, published by the Warehousing Education and Research Council (WERC). He is Past President of the NY/NJ/CT chapter of WERC.