Would you believe it if you heard that you can save $50,000 to $60,000 by only spending $35? We didn’t believe this ROI either until we discovered SkillSurvey References.
At Signet Screening, we offer this online reference check tool to help our clients obtain real-world information about their job candidates. SkillSurvey is a revolutionary software that’s transforming how companies collect references. Rather than having a HR rep calling and calling references, SkillSurvey sends an online form to past employers and co-workers instead.
With the SkillSurvey online reference system, there’s no limit to the 100 percent confidential references a company can request for a job candidate. Each reference receives a link to the customized, job-specific survey that asks about professionalism, interpersonal skills, problem solving and adaptability, and personal value commitment. Companies then receive a report in a quick turnaround time, usually within 48 hours.
This method reduces the amount of non-responsive references or the equally unhelpful responses such as, “Yeah, John worked here.” But let’s get to the real question, is that above ROI realistic?
Life Before SkillSurvey – Meet John
A company’s ROI will, of course, look different for each position. But let’s see what it looks like for this scenario.
Let’s say John is a candidate for an Account Manager role at a nationally ranked insurance agency. The agency’s willing to pay him $50,000 a year with the opportunity to earn commission. John is looking like the right candidate for the job. He has a glowing resume. With his charismatic personality, he nailed the interview. Then he passed all the series of background checks. The last step – references.
Everyone is so excited about John. In the world before SkillSurvey References, an HR department would call around for references. Realistically, maybe one reference would pick up. And they would give an incredibly vague response about John and his performance at that company.
The reference won’t flatter John, but it won’t disqualify him as a potential candidate. John is hired that week.
He works at the insurance agency for 6 months, but people slowly find out that he’s not a team player and hard to work with. And just like that, John is let go. If the agency used SkillSurvey, they could have learned this information and not hire him. So, how much did this hiring mistake really cost John’s company?
A Five-Figure Mistake
A study by the Society for Human Resource Management (SHRM) shows that the average cost to hire an employee is $4,129, with the process completed in 42 days on average. Then you add in John’s training cost, the cost of his customer service and errors, and the salary plus commission he was receiving for subpar work.
Some studies from SHRM predicts that every time a business replaces a salaried employee, it costs 6 to 9 months’ salary on average. For an employee making $50,000 a year, that’s $25,000 to over $35,000 in recruiting and training expenses. The costs keep piling up.
President Matt Messersmith says Signet Screening uses SkillSurvey because it allows his customers to avoid significant costs.
“The return on investment with SkillSurvey is monumental,” says Messersmith. “You can spend $35 to not make a $50,000 to $60,000 mistake. That’s a cost you can avoid, and we’re proud to offer this service to our customers.”
FOR MORE INFORMATION
Contact the experienced Signet Screening team to learn more about this revolutionary online tool. Follow us on Facebook, Twitter and LinkedIn for additional information on pre-employment screening assistance.
