Around 80 per cent of job seekers are now turning to the internet and using online recruitment when they are looking for vacancies, it has been found.
Research from Jobsite.co.uk also revealed that small to medium-sized businesses (SMEs) spend £300 million a year on recruiting 250,000 employees, Recruiter reports.
However, 22 per cent of these new members of staff leave within six months, meaning firms are losing £69 million every year.
Keith Potts, managing director of Jobsite.co.uk, explained that it was important for any business to save time and money, especially because of the current economic situation.
Therefore, he said that hiring the wrong people can be "seriously detrimental to the productivity – and even the future – of small and medium companies".
Earlier this month, employers were urged to keep their staff informed about any potential financial difficulties a company may find themselves in, as it helps boost confidence, Workplace Law Network wrote.
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