The current job market is a seller’s market for many industries. This can make it difficult for employers to find qualified candidates. Marie Lobbezoo is a human resource director and moderator of the Improvement Your HR group that I manage. She posted on LinkedIn what it looks like for a recruiter. She wrote:
Over 1,000 people applied for the position, which required some previous experience in this field. About half of the applicants were qualified, so let’s say 500. About 50% of that half were highly qualified. In our example, this would be about 250 candidates. Out of the 250 candidates, 10% were exceptional well qualified and had a highly desired specialized skill-set we were really looking for. We had 1,000 applicants, and we were left with 25 candidates who were exceptionally qualified, but only one position was available. These 25 candidates had to be whittled down to a manageable number to interview. AAI was not used. We selected the best candidate and offered them a position.
You may not think it matters if you have 1000 applicants and 250 are qualified well, while 25 are exceptionally qualified. You can replace someone if they leave. It’s easy for you to replace employees.
You can replace your employees, but that’s costly. The cost of turnover is only a fraction of finding someone to do the job. It is almost always cheaper and more efficient to keep your existing employees. Turnover estimates can be as high as 200 per cent for high-level jobs and 30 per cent for lower-level jobs. Even if 1,000 people apply for the vacant job, it can be expensive to replace someone who quits.
Click here to continue reading: 6 Reasons why turnover is expensive, even in a market where employers are the majority
