The recruitment process costs British business more than twice as much as it does American firms, according to new research.
A study by Bersin & Associates has indicated that it costs British firms an average of £5,311 to hire a new employee, whilst in America it costs the equivalent of just £2,226.
HR Magazine that recruitment costs for employers in the UK have risen by six per cent over the last year. A large percentage of this spending appears to be going on employment agencies, which often charge up to 30 per cent of a new recruit's salary.
This increase may prompt business owners to seek advice about raising finance in order to facilitate the growth of their company.
Bersin & Associates' chief executive, Josh Bersin, has stated that businesses who are making preparatory measures for cheaper recruitment in the future were more likely to improve as a company.
He told stockmarketsreview.com: "Our research indicates that forward-thinking companies are shoring up their talent acquisition investments so that when things do start to take off, those organisations will have the right infrastructure in place to facilitate hiring.
"As firms adapt to today's job market, they are funding initiatives to reduce cost, improve the quality of their hires, and enhance recruiter productivity."