New research has found that organisations waste nearly three-and-a-half days (27 hours) every time they recruit a new procurement or supply chain interim.
The study, published online surveyed approx 500 SME business decision makers and discovered that time spent on recruitment of an interim costs organisations approximately £530 per hire – totaling £2.9bn a year if every SME hired just one interim annually*.
When hiring an interim, procurement and supply chain managers spend almost a day and a half (11 hours) writing a job description, advertising the position, and reading through cover letters and CV’s. In addition, half a day (4.6 hours) is spent interviewing candidates who may not be suitable for the role and another day and a half (11 hours) spent negotiating rates, chasing job offers and verifying references!
How long does it take to hire a procurement and supply chain manager?
Writing a job description 2.9 hours
Advertising the position 3.9 hours
Sifting through CV’s and cover letters 4.1 hours
Interviewing candidates 4.6 hours
Researching candidates and taking references 3.1 hours
Negotiating rates with the candidate 2.6 hours
Follow up with candidate offers 2.5 hours
The research also found that many SMEs are not finding the right procurement and supply chain candidates to fit the positions. 85% of respondents admitted to making bad hires for their business, with one in five hiring the wrong people at least once a month. A further one in four admitted to making bad hires once a year.
The biggest challenges found by procurement managers in hiring interims were found to be time-wasting candidates, followed by a lack of talent and finding time for the necessary work and processes.
This is despite almost two-thirds (60%) indicating they’d used a procurement and supply chain interim recruitment agency to help source and filter candidates in the past.
Why not follow the lead of 60% of respondents and engage a procurement and supply recruitment agency like Procurement PeopleCloud®. This will save you 23.7 hours per hire and free up that time to do more important jobs.
*Assuming 8 hour working day. Average respondent hourly rate (£19.82 x 27) x 5.5m SMEs in UK (FSB 2016 figures). https://www.fsb.org.uk/media-centre/small-business-statistics