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How Much Money Does It Really Cost You to Hire Someone? (Hint: It’s WAY More than You Think)

sheet with some numbers a pen pointing a exact number result and a calculator.

Most of us are not good at calculating actual costs.  For example, you send your assistant to get you a cup of $2.00 coffee.  So it cost you $2.00, right?  Wrong – you paid for their time, the car, the gas, and the insurance.  You think you paid $2.00, but it was closer to $6.00. So, what about the cost to hire someone?  Saving money by doing it yourself?  Let’s analyze:  You place an ad on Monster for a new receptionist, and you pay Monster $99.00 for a monthly subscription (which you plan to cancel after you hire someone).  So it cost you $99.00 to hire, right?  Wrong.  Very very wrong.

You spent time researching the best places to place your ads.  You looked up the prices for each one.  You then took two weeks to get back to the project.  You then looked for a job description but couldn’t find one in your files (hey, it happens).  So you wrote the job description yourself.  You then navigated the hiring website and filled in all the information.

Next, come the resumes.  Lots and lots of resumes.  Then the emails with updates every day – which applicants are new anyways?  You review resumes, looking for something to jump out at you (never mind the fact that resumes don’t tell you a thing about the candidate’s personality).

Now comes the scheduling – why is it so hard to get people to agree to interview times, let alone show up?!!  Aren’t they looking for a job?

You prepare for interviews after all the rescheduling, then you interview a bunch of people, try to stay organized with who is whom, and then make an offer.

It’s exhausting. There’s no getting around it.  A few months later, that person quits. His/her kids/parents had an issue x/y, and they “really appreciate the opportunity,” but they can’t stay.  You saved those resumes of all the other incredible candidates, though, right?  No, because you really only had one great candidate.  From our experience, each job search yields one or two people you would want to hire.  The candidate you passed on?  She’s already landed somewhere great.  So you start all over.  Back to the top.   More hiring fatigue.  It never ends.

According to a leading national human resources research company, the average cost to hire someone to your organization is $4,129.00!!  If you have to replace your receptionist twice per year, that’s $8,258.00.  Yikes.

While calculating external costs to hire someone is easy (the $99.00 example from above), most companies fail to consider the internal costs, i.e., time.  Internal costs include:

  • Salaries of you and/or your staff doing the hiring
  • Fixed costs such as physical infrastructure (or rental rates if you do interviews offsite)
  • Hardware (e.g., computers, phones)
  • Software (tracking systems, Microsoft Office, etc.)
  • Coffee, pens, paper, and other items used for interviews

The thing is, these are all actual costs, we just don’t equate them or calculate them.  But they’re real, and you pay for them.  They all add up.  And if you do all these tasks yourself – because I can feel you fighting me on this – then you’re not saving money; you’re losing 3-4 times as much.  Go ahead and trade all those hiring hours for billable hours @ $300.00/hour and see how you feel about sunken costs now.

Finally – if you’re spending your time NOT hiring and doing everything yourself, as in acting as your own receptionist, secretary, and paralegal – then you’re losing hundreds of thousands per year.  That’s cold, hard math that you can’t dispute.  I know; I’ve been there.  I’ve made all the mistakes we’re helping others fix.  We’re in this together (more on how to free up your time HERE).

Here’s the point, emphatically – hiring and constant turnover costs you a lot of money.  What if there was a solution?  What if you could outsource your hiring? What if you could find incredible team members that don’t want to leave every few months because where they live, they’re paid better than all their friends?  What if you paid one flat fee for hiring that paled in comparison to the $4,129.00 it would actually cost you to do it yourself?

It sounds too good to be true, but it’s not.  Get Staffed Up has figured out a way to have the best of both worlds.  We do the hiring for you for less.  We find you incredible team members for a fraction of what someone in the U.S. would cost you.  If they ever leave, we find you someone else.  It’s not too good to be true.  Read our testimonials HERE.  Your competitors are saving money and being more efficient, billing more, and making more.  Why aren’t you?

We’re here to help today.

As always, are you ready to Get Staffed Up? Contact us HERE and subscribe to our mailing list HERE.

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