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Brief

The true cost of not having a talent management strategy series: recruiting

A lot—the US spends $105 billion a year mitigating the wrong hiring decisions. Experts estimate that the monetary impact of a bad hire can easily reach $200,000. Yet letting a position go unfilled can cost $7,000 per day—and as much as $210,000 for every month the role remains vacant. Organizations are caught between the proverbial rock and a hard place: hire the best employees, but do it superhumanly fast. HR teams must source and identify the best candidates in the least amount of time, taking into account not just immediate need, but also succession planning goals, performance competencies, and organizational objectives. Impossible? Sure, for HR teams still relying on spreadsheets and Word® docs to source, track, and hire the best talent. So how do you convince your organization it’s wise to invest in a more robust—and modern—recruiting strategy? With the numbers.A lot—the US spends $105 billion a year mitigating the wrong hiring decisions. Experts estimate that the monetary impact of a bad hire can easily reach $200,000. Yet letting a position go unfilled can cost $7,000 per day—and as much as $210,000 for every month the role remains vacant. Organizations are caught between the proverbial rock and a hard place: hire the best employees, but do it superhumanly fast. HR teams must source and identify the best candidates in the least amount of time, taking into account not just immediate need, but also succession planning goals, performance competencies, and organizational objectives. Impossible? Sure, for HR teams still relying on spreadsheets and Word® docs to source, track, and hire the best talent. So how do you convince your organization it’s wise to invest in a more robust—and modern—recruiting strategy? With the numbers.

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