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Recruiting 'is a costly and time-consuming process'

Monday 18 April 2011 by Gina Le Prevost

Companies looking to fill positions such as private banking jobs need to take care they hire the right people for the job, as any mistakes could end up being very costly. According to the Recruitment & Employment Confederation (REC), a lack of skills among potential candidates makes finding the best candidates a challenging process. "It is worth investing some time and resource in getting it right," noted the REC's director of policy and professional services Tom Hadley. "The reality is that the real cost of recruitment is getting it wrong." He was speaking in response to a study carried out by the British Chambers of Commerce that found recruitment is one of the biggest concerns for small and medium-sized enterprises. Over four out of ten employers estimated the cost of hiring a new staff member is over £2,000, while just over half used external agencies to fill their vacancies. Recent figures from the Office for National Statistics revealed there was a rise in the number of people working in the private sector in March, up 143,000 on the previous quarter.