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It is better
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Faster Good, Right Hire Better

(October 19, 2000) What's with all of the emphasis on efficiency. Saving time and money are only interesting if the quality variable is constantly addressed. The argument goes something like this:

All employees contribute to a company's revenue generation to one degree or another. Every open position at a company has an opportunity cost associated with it - if the job is not filled, revenue associated with the job is not generated. Traditional recruiting methods can take as much as 53 days, on average, to fill an open position. In highly skilled labor markets, that translates into more than $62,000 in opportunity costs for each open position. That amounts to $1,173 per day that a trained, motivated employee would be contributing to an organization's bottom line.
From the MobileRecruiter Website

By the same token, a staffing decision made too quickly without enough data, can cost many times more than $62,000. Patterned mistakes, bad cultural fit, inadequate background checking or pure incompetence can multiply the cost of a bad hire through the ceiling.

We say that the critical factor to consider is effectiveness, not efficiency. In other words, time to hire or cost to hire are completely irrelevant unless there is an equal measure of quality of hire. Faster and cheaper are not better in and of themselves. Just as volume isn't the answer, cost and speed are also incidentals.

- John Sumser

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