Opportunity cost is huge in recruiting. It’s important in all walks of life, but even more so in recruiting.
Wasted time on a search that is impossible or nearly impossible. Wasted time on a candidate that doesn’t work out or interviews for a job that you aren’t going to get. You don’t get that time back and we all know that there is a search that will fill, and a candidate that will fill the role, and a right job for everyone. Wasted time is time not spent on the one that works. Opportunity cost.
But here’s the thing. The wasted time, the opportunity cost, is always there. It’s an unavoidable part of the process in recruiting. It’s best not to focus on eliminating it because that can’t be done unless you take out all of the opportunities that do work out. That’s not worth wasting (opportunity cost) the energy to be upset about. Better to focus on reducing it. Put in processes that reduce waste, that focus on more likely positive outcomes and you’ll make opportunity cost a non-issue and have more success.
Todd Kmiec and Associates