Hiring an employee can end up costing you a lot in both time and money. The average cost of filling a vacant position is approximately $40000. This is largely due to the cost of posting a job on multiple job boards, various advertisements, training a new hire, and lost productivity in terms of employee hours.
Using the services of a recruitment firm is a faster, simpler, and more cost-effective alternative for finding the right candidates. Lets take a quick look at how recruitment agencies can help you cut down your hiring costs:
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Faster hiring by using a recruiter:
You don’t want to be without a manager or leader in your team for long. If you need a senior position filled, you not only need quality, but you also need speed. Trying to recruit quickly on your own, can lead to a lot of problems down the track. Recruiters have qualified job seekers already on the books. As a result, they can help you employ new staff a lot more quickly than you can alone. When you need to hire for a managerial or leadership role, speed is a necessity. They can quickly connect you to the ones with the requisite credentials, experience and skills. In addition to this, they also manage the more time consuming processes. This includes profiling, initial interviewing, skills testing, etc. They will send only the best ones to interview with you.
Imagine the number of hours lost due to interview time and looking through a pile of resumes to find the right fit for your organization. A recruitment agency saves up on those hours by doing the groundwork for you, positively impacting your organizations productivity. In most cases, recruitment agencies fill vacant positions quickly so that work in your office doesnt suffer as a result staff shortages.
Shorter training periods:
Recruitment firms test the candidates on multiple grounds and only recommend the ones that match up to the defined role perfectly. The cost of training a skilled and experienced candidate is significantly lower than training someone with less experience. It also saves on time and the hired person can get on-the-job quickly, thus contributing to your companys growth.
HR & advertising Costs:
When you get your in-house HR department to find the right candidates, it triggers a vicious cycle. Since in-house teams dont have direct access to specialized databases and job boards, the process for hiring is longer, involves several hours of discussions and incurs higher costs.
On the contrary, staffing agencies can dig into their wide and specialized databases and shortlist the right profiles as quickly as possible. Their priority access to employment boards and advertisement networks also guarantees swifter processes, reduced expenses, and better outcomes.
Most agencies offer a probationary period or time of a guarantee for the candidates they recommend and place. This means that if the job seeker doesnt match up to your expectations or the hiring doesnt work out for some reason, you dont pay the agency. They should simply start the search all over again after finding out what the problem was with the first applicant for that role.
Working with an experienced recruitment agency or staffing firm can alleviate the stress of finding the right talent for your organization, especially if it’s a hard to fill position. You profit not just on the budgetary front but also in terms of time management and quality of the candidates. Whether you are looking to fill a full-time, permanent role or need temporary assistance during the holiday season, a recruitment firm can help.