How much does an interview cost?
It’s often said that recruitment is expensive, but have you ever actually costed out an interview? How much does each interview cost your organisation?
Let’s look at the core costs:
Preparing for interview
Someone has to:
- Prepare the role profile/job description
- Liaise with HR or the department manager who is hiring
- Liaise with one or more agencies
- Place press ads
- List vacancies on job boards
- Monitor responses and match applications to the role profile to assess who is a good enough match to interview
- Send out invitations to candidates to attend an interview
- Organise the room booking
- Ensure the interviewers are available and have interviews booked in their diaries.
This is not necessarily all done by the same person, but it does take time – there’s a good 4-5 full days’ work before the first candidate walks through the door for interview.
Whether the interviews take place in an in-house meeting room or an offsite venue there are costs relating to the room. If it’s in-house it’s easy to ignore the cost, but check what it would cost to hire a comparable room and factor it in.
If the interviews take place in a hotel or meeting centre, even a half day interviewing can clock up considerable costs in room hire and refreshments.
If you’re holding an assessment centre event you’re looking at a whole day and more than one room.
Don’t forget to include a waiting area, reception staff to manage the incoming candidates and, possibly, refreshments.
The interviewer’s time
One interview is likely to take at least an hour of the interviewer’s time. If it’s a panel interview that’s multiplied by the number of people on the panel. If there are two rounds of interviews, the first to create a shortlist and then second interviews, it all starts to mount up.
The selection process
Post interview – and this will happen twice if you’re operating on a first and second interview system – a decision needs to be made. It takes time to review the results of each candidate’s performance at interview and either select the shortlist or the successful candidate.
Then someone will need to contact everyone who attended an interview to advise them of the outcome.
It all takes time – and it all costs money – no wonder people say recruitment is expensive!
When you’re recruiting technical staff, anyone who can’t fulfil the technical specs shouldn’t get to interview. Unfortunately, that’s not always the case and an awful lot of people arrive for interview and waste a lot of time before it’s discovered that their technical skills aren’t up to the job.
That’s what we prevent happening. Our clients do far fewer interviews – because they only get candidates who are a really good fit – we’ve done the interviewing, testing and assessment already. That means only one round of interviews – and possibly only two or three candidates.
You do the maths – it brings the cost of recruitment down dramatically and that has to be good sense in a competitive marketplace.
Edison Hill provide technically tested and pre-interviewed candidates to reduce recruitment costs. Call us on 020 3762 2020.