It’s an employer’s market in many fields right now and the number of applicants for job postings can be overwhelming for prospective employers. Marie Lobbezoo, a human resources director and moderator at the Improve Your HR Facebook group, which I run, posted on LinkedIn about what this looks like from a recruiter’s standpoint. She wrote, in part:
We had over 1,000 applicants for a position which required an amount of previous work experience in the field. Of those candidates, about half were qualified for the position, so we will say 500 candidates. Of that half, about 50% were well qualified, for our example, about 250 candidates. Of that 250, 10% were exceptionally well qualified, having a highly desirable specialized skill set we really were looking for. From our original 1,000 candidates, we were down to 25 exceptionally well qualified candidates with this very desirable skill set, but we only have ONE position to offer. We had to winnow these 25 down to a reasonable number of candidates to interview. No AI was used. We found the ideal candidate, and made them a job offer.
If you’re getting 1000 applicants, 250 of which are well qualified and 25 exceptionally well qualified, you may think that turnover doesn’t matter. If someone leaves, you can just replace them. You may start to think that keeping your current employees happy doesn’t matter, because it’s easy to replace people.
Sure, you can replace employees, but it’s expensive. Finding someone who can do the job is a small part of the turnover cost. It’s almost always cheaper to keep your current employees happy. Turnover estimates run as high as 200 percent of annual salaries for for high-level positions and approximately 30 percent of the yearly salary for lower-level positions. Here’s why it’s expensive when someone quits, even if there are 1,000 applicants for the vacant position.
To keep reading, click here: 6 Reasons Why Turnover is Expensive, Even in an Employers’ Market