With the end of the year rapidly approaching, we are all looking towards 2019 for ways that we can grow and be better in the New Year, and the same goes for Fintech Sales teams looking to grow their headcount.
Ensuring you make the right hire for your team can have a significant impact on the bottom line of the business. According to research from Parker & Lynch, the U.S. Department of Labor estimates that the average cost of a bad hire can equal 30 percent of that individual’s annual earnings. For a mid-senior level sales hire, which Selby Jennings primarily focuses on, that means that one bad hire can cost your business upwards of $130,000. With an opportunity cost like that, it’s no wonder that businesses place so much emphasis on vetting, acquiring, and ultimately keeping their top performers.
In addition, when it comes to your bottom line, speed is everything. Many of the potential clients we speak to have seats that sit vacantly for stints of 8-12 weeks or more, while they wait for the best candidates in a niche market to apply in to the jobs they post on LinkedIn, or other job boards. Some clients are fortunate enough to have a talented Human Resources department that diligently sources talent for every arm of the business, which can be an effective, albeit painstaking, process as well. But in an economy with the lowest unemployment rate since the Clinton administration, no matter the methods, 8-12 weeks to fill can negatively impact the bottom line.
This is where working with a specialist recruitment firm, like Selby Jennings, can add value to your business by leveraging our extensive network to source top candidates, cutting time to hire, and reducing opportunity cost for our clients. On average, it takes us 4-6 weeks to fill a vacancy. When it comes to a revenue producing sales seat, those extra 4-8 weeks can really impact your budget and your wallet. Take your standard mid-level Account Executive, responsible for a $500,000 new business quota per annum. While that seat sits collecting dust, you are actually losing an average of $41,600 per month, which is almost $10,000 per week of production that you and your business are missing out on.
Beyond the lost revenue potential, there is also a time cost associated with a longer hiring process. Senior Recruitment Consultant at Selby Jennings, Scott DeAngelis, comments, “How many times this year did you set aside an hour of your day to interview a candidate, only to find out that they were unqualified for the job? The number is probably higher than we’d like to admit, and the frustration of that lost productivity is something that is difficult to put a price on. Working with specialist recruiters, like those at Selby Jennings, can reduce this time cost by making sure your time is spent interviewing high caliber candidates, who are qualified for the role.”
If those numbers make you think a bit differently about how you approached your recruitment process this year, it is definitely worth having a conversation with our team about how we can help you streamline your recruitment process, and secure top candidates for your organization. Get in touch with Selby Jennings today to learn more.
Selby Jennings is a leading specialist recruitment agency for banking and financial services. For more than 15 years, we have given clients and candidates peace of mind that the recruitment process is in expert hands. Our continual investment in best-in-class technologies and consultant training enables us to recruit with speed, precision and accuracy. Today, Selby Jennings provides contingency and retained search recruitment across 11 offices in 6 countries. Contact us to find out how Selby Jennings can help you.