As a small business owner or manager, you’re busy, and we respect that.
So let’s cut to the chase:
To save you all the time we can, we’ve put together this calculator to help you get an idea of what the basic out-of-pocket costs are when searching for your next server or cashier. As a bonus, if you keep reading you’ll learn more about what the [i]real[/i] costs of hiring are, and how Merlin can help control them.
SPOILER: The numbers here are just the START of what you spend hiring each of your employees. Your current hiring strategy could be costing you upwards of $15,000 a year, without you even realizing it.
Turnover rate for hourly employees has risen to nearly 75%, according to the Bureau of Labor Statistics, and you need to know the most efficient way to make sure your customers are still being served by the best staff possible.
When you don’t have enough staff, every aspect of your business suffers. Heck, for every understaffed shift, you could be losing as much as 6% of your possible sales revenue. The most common solution is to post a job and schedule your remaining staff for overtime while you do interviews, but do you really want to rely on overtaxed employees? Exhaustion, the costs of overtime, and even running into issues with labor laws trying to manage cost can all derail your day to day business.
Take a moment to consider how much your time is worth, and how much else you could accomplish if you could finish your hiring tasks, in 60% less time. Interestingly, let’s take a short detour to talk about how much your time is actually worth. It’s estimated that when adjusting for total hours worked, owner/general managers take home roughly $20 an hour (that’s not NEARLY enough, but that’s the cost of commitment 😎).
Doing the math, that means if you’re using one of the Outdated Recruiting Platforms out there, you’re paying up to $7680 a year out of pocket. We’re sorry to say, the bad news doesn’t end there. Do you recall that 40 day time to hire average? At a $20/hr burn rate, and 1 hour a day spent on hiring, $6400 in labor costs has to be added to that out-of-pocket base cost. That, we’re sad to say, means that you could be spending more than $15,000 a year on hiring your staff.
Plus the potential lost sales revenue from walk-outs, missed orders, and more.
That’s too much time and money being wasted, period.
Merlin is here to save you up to 77% a year.
The major recruitment platforms out there have spent lots of money to convince you that they’re the “most affordable” options out there to help you find talent. And if it were true, that’d be a great sales pitch! But as you can see from all this, it simply isn’t the case. You need to add in listing costs, promoted post charges, and “featured” job listing fees… Oh, and you still need to do all the work yourself, adding lots of time spent reviewing resumes, sorting candidates, manually scheduling appointments, and more.
The very best candidates are in high demand and are likely to receive multiple offers. How many candidates have you reached out to, only to get no response? How many have scheduled interviews and not shown up? Or shown up late? Some owner/managers have reported up to 9 out of 10 candidates not bothering to show up for their scheduled interview.
We prefer to focus on efficiency, so you can focus on your business. At Merlin, we remove the pain of hiring by matching employers with job seekers that are local, qualified and actively seeking employment, ensuring that you and your business spend more time meeting the most qualified and actively available candidates, and less time searching for them.
You’re hiring, and Merlin’s candidates are looking. It’s a simple solution: Job, meet candidate!