It may seem like a money-saving practice to allocate hiring dollars to your own in-house HR team, but both now, and in the long run, that may not be and is probably not true.
Recruiting services want two things:
Find the most talented candidates on Earth
Place the most talented candidates on Earth in positions that give them the leverage to soar.
Does your HR department have the time, resources, knowledge, and experience to beat the recruiting professionals to the potential employees that can spur your organization further than you can imagine?
This video from Credibase listed New York City recruiting service, Randstad, shows just how invested recruiters are in understanding what employees want and need and how to engage them in the workplace to foster their best performance.
So how could that information save employers money? Simple. They are already aware of what’s coming, they’ve identified how our current assumptions are flawed, and therefore, they know how to navigate the incoming workforce. This results in lowering hiring costs on the front end, and fewer training costs on the back end.
Other cost saving factors to consider:
Recruiters move quickly
They have already initiated relationships with talented players in your industry. Recruiting services have also streamlined the hiring process. This means that not only do you avoid the costly danger of having a position open too long, you also don’t lose a stellar candidate to another offer because of lost time performing a tedious series of in-house interviews.
Recruiters know what to look for:
They are experts in what is happening in the marketplace. They know what your competitors are looking for in a perfect candidate and what exceptionally talented people have been placed with them. That means that they may look for qualifications in your perfect candidate that you haven’t even considered, which could result in a new employee that will take your organization to a higher level.
Recruiters can recommend cost saving measures:
Randstad posted another informative video about preparing for the agile workforce. It goes into detail about how business practices are changing at a faster pace than they ever have and how that isn’t going to change. One way to save costs in hiring is to have an agile workforce that is malleable rather than the more expensive option of hiring and laying off and hiring again as technology and business needs ebb and flow. Working with a recruiter on such a workforce will save time and money.
Recruiters save time
It is expensive to have your top executives spend precious time interviewing 15-20 candidates to find the right fit. Using a recruiting service cuts that time down to no more than four pre-qualified, pre-interviewed, and carefully nurtured candidates that are eager to work with your organization.
Before the candidate ever reaches the interview stage with a representative of your company, the recruiter has assessed not only whether or not the candidate is a good fit, they’ve determined that the candidate is definitely an added value. They have also determined the candidate’s interest in joining your organization so that you are spared lackluster interviews that result in rejected offers and wasted time.
Recruited employees last
Traditionally sourced employees have a low shelf life. Only 1/3 of them work out. Turning them over is costly as well – up to 150% more expensive than keeping them on an extra year. That’s how much it costs in lost time and replacement costs.
In contrast, a carefully selected and fully vetted employee sourced by a recruiter has a much higher staying power. They’re easier to train (if they need it at all) and they are passionate about their work and your organization.
To reap the cost saving benefits of working with a recruiting services agency in Boston, Dallas, Atlanta, or anywhere in the USA, log in to Credibase. Search the best of the best in recruiting services in your industry and build a workforce that takes your organization further than you can imagine.