Every business wants to hire the best talent. But hiring the right person isn’t just about filling a vacancy, it’s about finding someone who will drive success in your business.

Many companies underestimate just how costly and time-consuming hiring can be when managed in-house. A role that remains open for months can delay projects, put pressure on your team, and cost far more than expected. Worse, a rushed hire which turns out to be a poor fit can set your business back even further, both financially and operationally.

With competition for top talent rising and demand for skilled professionals outpacing supply across many industries, you can’t afford to take a trial-and-error approach to hiring.

The Hidden Cost of Delayed Hiring and Bad Hires

A vacant role doesn’t just impact one team, it slows down projects, increases workloads, and impacts your bottom line.

A recent study found that hiring an employee on an £80,000 salary can cost your business between £120,000 - £150,000 in the first year, factoring in recruitment costs, onboarding, lost productivity, and employment costs.

This includes:
• Employer National Insurance (£11,040) and pension contributions (£4,000)
• Lost productivity (£20,000 - £40,000) during the first few months
• Training, IT, and equipment costs (£5,000 - £13,000)

The financial risks to your business include:
• Lost productivity – Unfilled roles slow down your projects and reduce efficiency.
• Strain on your team – Overworked employees are more likely to burn out.
• Reputational damage – Hiring delays can weaken client relationships.
• Financial loss – A bad hire can cost up to 2-3 times their salary, especially at senior levels.

One financial services firm spent three months searching for a specialist IT professional with no success. Deadlines slipped, pressure mounted, and workloads increased. Within two weeks of working with us, they secured a highly qualified professional—someone they never would have found through job boards alone.

Why Relying on Job Ads Alone Isn’t Enough

You might assume that posting a job ad is enough to attract the right candidates. But 70% of professionals aren’t actively job-seeking, they’re open to opportunities but not applying, according to LinkedIn Talent Solutions.

The three biggest hiring challenges from job ads:
• Too many unqualified applicants – Your team wastes valuable time sorting through irrelevant CVs.
• Limited reach – The best professionals aren’t actively looking.
• High competition – Top candidates are off the market within 10 days, according to Glassdoor's Hiring Insights Report.

Rather than waiting for candidates to come to you, a more targeted approach ensures you reach the right people, not just the most available ones.

Time Spent on Hiring = Time Lost on Business Growth
Hiring isn’t just about filling a role—it’s about making the right hire.

A 2024 HR Magazine report found that the average time to fill vacancies in the UK increased from 35.6 days in March to 39 days in April. For specialist roles, it takes even longer. (HR Magazine UK.)

Many businesses underestimate the time cost of hiring, before you know it, weeks have passed, competitors have moved faster, and key projects have stalled.

The Tipping Point: When to Rethink Your Hiring Approach

At some point, every business reaches the moment where they realise their current hiring strategy isn’t working. It’s not always obvious at first, but when vacant roles, hiring delays, or lost candidates start adding up, it becomes clear.

We’ve seen companies try to push through hiring challenges on their own, only to face:
• Specialist roles going unfilled for months because the right talent isn’t actively applying.
• A hiring process that stalls due to a lack of candidate pipelines or slow decision-making.
• Missed opportunities when top candidates accept offers elsewhere before a final decision is made.
• A lack of real market insight—not knowing where to find the right talent or how to structure a competitive offer.

If this sounds familiar, it’s time to ask: Is our hiring strategy actually working, or are we losing valuable time and opportunities?

A more strategic and proactive hiring approach ensures you secure the right talent at the right time—without unnecessary risks.

Let’s Talk About Finding the Right Talent for Your Business

If your business has faced hiring delays, difficulty finding specialist talent, or losing candidates to counteroffers, it may be time to rethink your approach.

At Skillfinder International, we help businesses like yours connect with the right people, faster—whether it’s securing specialist talent in banking, fintech, or technology or refining your hiring process to avoid costly mistakes.

We’re happy to have a conversation about what’s working, what’s not, and where you might be missing opportunities. If you’d like to explore how we can support your hiring strategy, get in touch today.