According to Monster, the average true cost of recruiting a new staff member is approximately £4,500 using internal or external methods.
We personally think that to answer this question you need to ask yourself, how much is your time worth? Do you have the time to sift through hundreds of CVs per database (That will cost you around £200 per week to access, per database). Do you have the time to wait for advert responses from the job boards you pay for (at around £200 per 6 week advert per job board)? What happens to your time and money if you can’t find staff yourself or don’t have the time to phone and interview a large number of candidates?
If you fail to find staff yourself, you lose not only thousands in job board and database fees, but you waste thousands of pounds worth of your time and effort.
When you use a recruitment agency to find staff, you do not have to pay anything until 30 days after a successful candidate starts work. If they don’t start work, you don’t pay them a penny. The recruiter takes on all the initial risk, forking out for every major job board, multiple CV databases, CRM systems, staff wages and other admin costs. If they fail to fill the role successfully, the cost rests firmly on the recruiters shoulders.