How to Optimise Cost Across the Hiring Value Chain

February 23, 2023

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A guide for HR, People and Talent Leaders

War-induced price increases, broadening price pressure due to labour shortage and supply chain have led to an inflation projection of 5.7% in advanced economies and 8.7% in emerging and developing economies. As the major economies are experiencing the highest inflation in the last four decades, businesses also feel the impact of high prices.

Along with the high costs, the possibility of economic slowdown and recession further increases the pressure on businesses to control costs across all functions. Human resources (HR) costs are a significant investment for any enterprise, and HR directors need to optimise talent hiring and wider people activities costs to ensure their department expenses are within the defined budget.

The recruitment hiring costs comprise a significant part of the HR budget and must be controlled judiciously. Recruitment directly impacts organisational performance, so the costs cannot be indiscriminately cut; or, it will impact the quality of personnel being hired. Therefore HR, People and Talent leaders, along with finance directors, need to take a calibrated approach to optimise recruitment costs and manage the overall people budget prudently.

In this report, we discuss:

- What are the recruitment costs?

- What are internal and external recruitment costs?

- What is the cost per hire?

- How to optimise recruitment costs?

- How to optimise cost across the hiring value chain?

- How can innovative technology solutions enable organisations to optimise employee reference checks and background screening?

- How does Veremark help organisation control recruitment costs and deliver improved ROI?

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FAQs

What background check do I need?

This depends on the industry and type of role you are recruiting for. To determine whether you need reference checks, identity checks, bankruptcy checks, civil background checks, credit checks for employment or any of the other background checks we offer, chat to our team of dedicated account managers.

Why should employers check the background of potential employees?

Many industries have compliance-related employment check requirements. And even if your industry doesn’t, remember that your staff have access to assets and data that must be protected. When you employ a new staff member you need to be certain that they have the best interests of your business at heart. Carrying out comprehensive background checking helps mitigate risk and ensures a safer hiring decision.

How long do background checks take?

Again, this depends on the type of checks you need. Simple identity checks can be carried out in as little as a few hours but a worldwide criminal background check for instance might take several weeks. A simple pre-employment check package takes around a week. Our account managers are specialists and can provide detailed information into which checks you need and how long they will take.

Can you do a background check online?

All Veremark checks are carried out online and digitally. This eliminates the need to collect, store and manage paper documents and information making the process faster, more efficient and ensures complete safety of candidate data and documents.

What are the benefits of a background check?

In a competitive marketplace, making the right hiring decisions is key to the success of your company. Employment background checks enables you to understand more about your candidates before making crucial decisions which can have either beneficial or catastrophic effects on your business.

What does a background check show?

Background checks not only provide useful insights into a candidate’s work history, skills and education, but they can also offer richer detail into someone’s personality and character traits. This gives you a huge advantage when considering who to hire. Background checking also ensures that candidates are legally allowed to carry out certain roles, failed criminal and credit checks could prevent them from working with vulnerable people or in a financial function.