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5 weeks, $3k: average cost to fill a vacancy

Adam Zuchetti
Adam Zuchetti
08 March 2018 1 minute readShare
Time is money

The financial and time constraints of hiring new workers are among the chief factors barring SMEs from growing their workforce.

Global jobs platform Indeed revealed close to half (48 per cent) complained that the hiring process is a key challenge for their business, while 40 per cent suggested that hiring today is significantly harder than it was five years ago.

Attracting new staff is also reportedly harder than attracting and converting new customers.

On average, Indeed found SMEs spend five weeks and $3,300 to fill a vacancy. This cost is driving many to use cheaper options such as online job sites, although 20 per cent of businesses struggle with the volume of irrelevant applications this delivers.

“Too many Australian SMEs find recruiting a challenge. They have access to fewer resources and compete with larger and more established companies for top talent,” said Chris McDonald, managing director of Indeed ANZ.

“[But] recruitment challenges needn’t interfere with an SME’s growth ambitions.”

He noted a significant gap between what SMEs believe important to highlight in job advertisements and what candidates actually want to see.

Indeed found that over three quarters of SMEs play up business culture and career progression, but only 10 per cent believe highlighting additional staff perks is important, despite numerous studies showing this to be one of the primary decision-making influences among jobseekers.

Specialist recruiter Robert Half recently published a list of the top pet peeves reported by jobseekers, while careers portal JobGetter suggested job hunters are frustrated by a lack of detail in advertisements.

5 weeks, $3k: average cost to fill a vacancy
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Adam Zuchetti
Adam Zuchetti

Adam Zuchetti is the former editor of MyBusiness and a senior freelance media professional, specialising in the fields of business, personal finance and property. In 2020, he also embarked on his own business journey – inspired in part by the entrepreneurs and founders he had met through his journalistic work – with the launch of customised pet gifting and subscription service Paws N’ All.

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