Reducing Cost to Hire 
In the quest for greater efficiency savings, reducing recruitment costs through faster and better recruiting grows increasingly important. SHL works with organisations to help them meet this challenge, with successful results.
The high cost of recruitment
Recent studies conducted by the Royal Bank of Scotland show that the cost of a wrong hire can be in the region of a year’s salary, without even taking into account the opportunity cost of not having a high performer in the role. The Corporate Leadership Council puts the cost of hiring the wrong executive at three times their annual salary.
It is not just the time and resources involved in recruiting that create organisational costs, other impacts of a slow recruitment process that add costs can be:
- Poor customer service
- Lost business opportunities
- The negative impact on co-workers’ morale and productivity.
Reducing recruitment costs
Testing the ability of applicants through objective assessment helps organisations to avoid the impact of a bad hire by identifying those applicants that are most likely to succeed. However, SHL’s own experience and research have shown that administering assessment online, as part of an integrated online recruitment process, is even more compelling; contributing to faster recruitment, reduced recruitment costs and improved candidate experience.
Read SHL’s White Paper on Online Assessment
Increasing efficiency with online assessment
The pressure on organisations to deliver efficient and effective processes, which demonstrate return on investment, has never been so high. And with online assessment, organisations are able to meet this need by:
- Identifying and engaging talent from the outset
- Improving time to hire
- Freeing up valuable management time
- Using the data as an accurate tool for strategic business planning
- Increasing process efficiency and reducing the number of interviews per hire
- Reducing recruitment costs involved in agencies and assessment centres.
Read our Guide to Best Practice Online Assessments
Developing an assessment process
When embarking on an assessment programme, it is vital to establish a clear framework of competencies, cultural values, personality traits and drivers against which you can measure potential employees. There are four initial steps to take:
- Define success criteria for the role
- Investigate the skills, knowledge, attitudes and behaviours your top performers manifest in order to succeed
- Identify the soft skills and attitudes that the candidate must demonstrate
- Understand your company values and culture.
Once you have identified this framework, the appropriate assessment tools can be used for a faster and more efficient recruitment process.
SHL's consultancy services can help you develop this framework, contact us to find out how
SHL success stories
Using SHL’s online assessment tools, one international bank has secured high calibre graduates early in the recruitment process and reduced cost per hire by 37%.
A leading research company, Millward Brown, has benefited from a faster recruitment programme with SHL Verify. Branwen Jones, HR Business Partner for Graduate Recruitment at Millward Brown, comments:
“Combined with telephone interview screening, the introduction of online testing has dramatically improved the efficiency of our graduate recruitment process.”
Read the full SHL case study:
Millward Brown speeds up graduate recruitment
Convenience without compromise
SHL’s Verify online ability test has been built to protect against cheating and improve online integrity, enabling candidates to complete the test remotely at their own convenience.
The newest product to the SHL online assessment range, it includes a unique combination of ability tests, security measures and better practice guidelines to help organisations identify high-calibre talent quickly and accurately in the online world.
Find out more about SHL Verify
