Fill your open roles 27% quicker by doing this one thing
With more and more of our clients mentioning Wagestream as a benefit in their job ads, we wanted to do some analysis to understand the impact that it was having on their recruitment process.
On Indeed, the world’s largest job site, more than 600 job listings mention Wagestream as a benefit.
We’ve long understood the power of Wagestream in attracting and retaining the best talent. Now we can prove it.
Our data team conducted some research looking at live roles on Indeed mentioning Wagestream*and measured how this impacted the time taken to fill them.
*Data compiled from UK’s leading private healthcare provider, 3 leading care home providers, national security and facility management companies.
What we found
We found that the clients mentioning Wagestream in their job listings are filling their roles 27% quicker than those that don’t.
Previous research has shown Wagestream is a powerful tool for helping employees build their financial resilience. Increased financial resilience has meant that employees are more likely to stay at their employer for longer.
What this research demonstrates is that financial support is now something employees are actively looking for and that, by offering this benefit, businesses can fill their roles more efficiently and start demanding the best talent.
With the cost of recruiting and hiring someone new set at £5,433 by Oxford Economics, the cost saving potential for businesses here could be huge.
The average time taken to fill a position is around 23 working days according to the The Quarterly Journal of Economics. That puts the cost of recruitment at around £236 per day.
If we reduce that time by 27% there’s a potential cost saving of £1,465 to be had.
This, combined with the retention power of financial tools and resources offered by an employer makes looking after staff financial resilience a no brainer for organisations.
Find out more about how Wagestream can help you to retain and attract the best talent.
Industries already revolutionising the recruitment process
Through our research, we found that there was one industry in particular that regularly mentioned Wagestream in their job listings. 99% of all Wagestream mentions across the site were from businesses within the care sector.
The care sector has long been a competitive recruitment sector and this shows that the sector is really waking up to the benefits of mentioning Wagestream during the recruitment process.
Recommendations for organisations wanting to use Wagestream as a recruitment tool
Listing Wagestream as a benefit in your job ads
- A small description and link to the site will make it clear that you provide financial support for prospective employees
Listing Wagestream as a benefit on your jobs page
- Applicants may also come through your website or jobs page looking for vacancies.
- Make sure to list it on your jobs page with a small description, logo, and link to the site.
If you’re not currently working with Wagestream but want to revolutionise the way you recruit new team members then you can now go live in under 7 days.