In the war for talent, it is becoming increasingly clear that companies must adjust their recruitment strategies to compete in the current market. Especially considering The Great Resignation is far from over. It is projected that one and five workers plan to quit their jobs in 2022. A large portion of those individuals will not reenter the workforce. The depressed labor force participation rate will leave a huge deficiency in the talent pool. What’s a company to do? Well, one approach is to evaluate your existing your recruitment strategy. Is your existing strategy not yielding quality and skilled hires needed to grow your operations? Does your internal recruitment team not have the bandwidth and infrastructure needed to fill openings quickly? Do you find it difficult to attract quality candidates to your job adverts?
One effective strategy to incorporate into your existing recruitment efforts is the use of staffing and recruitment services. Using a staffing and recruitment agency means you find the best talent, and you receive support to maximize your business's potential. Agencies don't just provide people; they provide talent and support to help your businesses grow. Working with an agency does not have to replace your current recruiting team; instead, adding a partnership with an agency enhances your recruitment team’s capabilities as you would have access to a specialist who have vast market knowledge and industry insights.
Here are a few advantages of using a staffing and recruitment agency to supplement your organizational hiring.
1. Reduce Costs
Recruiting in of itself is a costly and time-consuming process for an organization. Not only does it use up significant internal resources, but there are costs associated with making a bad hire and turnover. According to recent studies, employee turnover can cost companies 16-20% of that employee’s wage. Being that turnover can be financially detrimental to a company, it is crucial to hire the right people the first time around. Agencies can help you in that area by supplying highly skilled and qualified individuals who have been fully vetted and screened. You can also save by eliminating those upfront hiring costs such as advertising and marketing of your role and prescreening and testing potential candidates.
2. Access to the Best Talent
Finding the right candidates in our current market has proven to be a challenge for many organizations. One factor is that employers have access to a limited percentage of an already depressed market. When you augment your talent search by using a recruitment agency you will gain access to a larger pool of the best talent available; this includes access to passive candidates. Additionally, agencies have extensive knowledge about individual segments of the job market and the talent that is available within that market. They have vast networks within their niche and can skillfully source within that network to get you the best qualified candidate to fill your role, even during times when there is a talent shortage.
3. Faster Hiring
Staffing and recruitment agencies are professionals who recruit for living. After engaging an agency, you’ll find that they most like already have candidates in their applicant pool who are exactly the right fit for your open role. Because agencies devote their entire day finding staffing solutions, they are able to move quicker than internal resources. Recruitment performed in-house takes an average of 10-12 weeks, depending on the position. Use of an agency can reduce this time in half and in some cases quicker. This quick turnaround leads to increased efficiency in your organization, which will positively impact your bottom line.
4. Save Time
You’ve heard the term, “time is money”. Well, this can be no truer in supporting the business case for using a recruitment agency for your open roles. From posting, sourcing, vetting, prescreening and skills testing, the entire recruitment process can be daunting and time-consuming. Why not outsource those tasks to an agency, so you can spend that time running operations within your organization? When you work with an agency, you will be presented with candidates who have been thoroughly vetted against criteria you set. No more sifting through hundreds of resumes; a recruitment agency will ensure that the time you spend in the recruitment process is spent wisely on viewing only those candidates who are worth considering.
5. Knowledge of the Market
Knowledge of the market is key to finding the right talent fast. Staffing and recruitment agencies gain quite a bit of knowledge about the industries they work in. They know what skills are in demand for a specific area, what candidates are looking for in an employer, current hiring complexities, and will have insight on salary rates and trends. Naturally, when you work with a recruitment agency, you’ll gain access to their knowledge. Even more important, an agency’s extensive knowledge will allow them to introduce and advise on alternative solutions to recruit the talent you require to grow your business.
There are different types of recruitment agencies that offer varied services. It is important to understand those options so that you engage the right agency for your specific recruitment needs and goals.
Contingency Search Agency: Companies hire contingency-based agencies to conduct a specific search. Contingency agencies get paid when their enlisted candidates get hired by an employer. In practice, this means recruitment agencies are not only competing with a company’s internal HR team, but also other recruitment agencies. They will therefore do their utmost to not only work quickly but also push only those candidates who are fully qualified for your role.
Retained Search Agency: Companies hire retainer-based firms to be the sole provider of recruiting services. These types of firms are utilized when organizations need to fill highly specialized, confidential, or critical leadership talent, typically at the Director to C-Level. In this higher-end service, companies will work exclusively with one retained search firm on an exclusive basis. The agency is paid an upfront or scheduled fee and are paid whether their candidate is hired or not.
Temporary Staffing Agency: This is a type of contingency-based firm that provides temporary workers (hence the name) for a wide range of companies across a variety of industry sectors. The agency conducts all initial recruiting, screening, and interviewing. Companies who hire staffing agencies to fill temporary positions can also choose to turn the contract into a permanent position.
Recruitment Process Outsourcing (RPO): In this set up, an employer transfers all or part of its recruitment processes to an external service provider. The RPO assumes ownership of the design and management of the recruitment process and the responsibility of results. This model has been proven to work for organizations of all sizes.
If you would like to explore whether engaging a staffing and recruitment firms would be right for you, reach out to Innova HR Solutions. We can discuss our services to see if it would be the right fit to support your recruitment strategy. Contact us today!!
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