What does manual note-taking cost you and your agency?
Introduction
Have you ever thought about the hidden costs associated with manual note-taking in recruitment? Our recent research has revealed a significant data quality issue within the industry, resulting in suboptimal performance and productivity. It’s time to take a closer look at the status quo and discover how much does manual note-taking literally cost you every month and how our solution, Squire, could save you both time and money!
Manual note-taking results in non-accurate data and a waste of resources
According to our research, conducted with over 100 recruitment agencies, recruiters often overlook vital details, resulting in poor-quality data. On average, only between 10% to 30% of possible data is captured, leading to suboptimal performance in your agency’s database. Moreover, the time spent on administrative tasks by a recruitment consultant on average is between 1 and 3 hours daily.
Every candidate recruitment consultants engage with possesses valuable skills that can serve as a great asset for agencies and their data should be recorded appropriately for further use. However, the reality is that only a fraction of recruiters, approximately 1 in 100, invest the time and effort to create a comprehensive candidate record for individuals who may not be an immediate fit for their current job openings.
In the recruitment industry, a certain conflict of interest exists between the agency and the recruitment consultants. On one hand, consultants are incentivised by successful placements and may not prioritise recording data for candidates who may not be an immediate fit. However, the agency has a clear advantage in enriching its database and expanding the candidate pool by meticulously capturing data from every interview. By doing so, the agency can gain a competitive edge in the market and ensure a comprehensive record of potential talent for future opportunities.
Let’s delve into the numbers – what manual note-taking actually costs your recruitment agency?
What does manual note-taking cost your agency every month? Let’s break it down step by step!
The data we need
- Percentage of captured data: Research shows that recruiters typically capture only 10% to 30% of potential data.
- Time spent on administrative tasks: On average, recruiters spend 1 to 3 hours daily on administrative tasks.
- Number of working days in a month: Assuming a typical work month of 20 days (excluding weekends and public holidays).
- The average salary of a recruitment consultant in the UK: The average monthly salary of a recruitment consultant ranges from £2,083.33 to £2,333.33.
Now, let’s calculate the monthly cost of manual note-taking per recruiter:
- Monthly cost per recruiter = Average hourly wage of a recruitment consultant * Average time spent monthly with note-taking
For example, with an average time spent daily of 2 hours, and an average monthly salary of £2,200, the monthly cost per recruiter would be:
- Monthly cost per recruiter = (£2,200/160 hours of monthly work) * (2 hours * 20 days) = £550
Calculating this, we find that the estimated monthly cost of manual note-taking for one recruiter is approximately £550 monthly.
Now let’s take the fact into account that the data recorded might not even be accurate or valuable due to data quality issues. By subtracting the average captured data percentage from 1, we get the rate of inaccurate and non-valuable data.
- The monthly cost for inaccurate and non-valuable note-taking per recruiter = (1 – Average captured data percentage) * Monthly cost per recruiter
For example, let’s assume an Average captured data percentage of 20% and a monthly cost per recruiter of £550:
- Monthly cost for inaccurate and non-valuable note-taking per recruiter = (1 – 0.20) * £550 = £440
The amount you lose to manual note-taking
Calculating the previous equation, we find that recruitment agencies pay an astounding amount of £440 monthly for inaccurate and non-valuable data, per recruitment consultant. Now multiply this amount by the number of consultants in your agency. This is what you literally lose to manual note-taking.
How can you eliminate the costs of manual note-taking?
We understand the challenges faced by recruitment agencies, which is why we’ve developed Squire – an AI-powered conversation intelligence tool designed to revolutionise your recruitment process. By implementing Squire, you can significantly reduce or even eliminate these costs. Imagine the savings you could achieve by empowering your recruiters with a tool that streamlines their workflow, allowing them to focus on building meaningful connections and placing the right candidates.
Squire automatically transcribes all calls, capturing every detail and seamlessly updating your database. By eliminating the need for manual note-taking, you can now harness the full potential of each candidate’s skills and effortlessly create comprehensive candidate records.
Don’t settle for the status quo. Embrace innovation and join the recruitment revolution with Squire!
We hope that you found this blog post useful! Do not hesitate to follow us, so you won’t miss interesting stories in the future either. This article was provided by Melinda Havas. Rory O’Doherty revised the content.
