Have you ever been in the position, where you have had an advertised role and just couldn’t seem to find the right person for the job? Hiring managers quite often have two options; try to fill the position by using internal resources or use an external recruitment partner. This post will aim to expose recruitment myths and demonstrate 5 points to consider when faced with a vacant position.
1. Cost & ROI
It is difficult to put a monetary value on hiring the right versus the wrong person. Many decision-makers assume that it is more cost-effective to use internal resources for their recruitment needs, but will this method of recruitment actually save you money? It may seem strange to think that paying a recruitment agency could work out cheaper, but you must consider the costs of hiring the wrong employee. Finding that “golden” employee with a rare skill set can contribute much more to your organisation in terms of bottom line, than the cost of hiring them. Also there’s the additional opportunity that person will bring by getting them on board quicker. Companies can invest large sums of money on recruitment marketing, plus the salaries to cover the internal resource for reviewing, responding to applications and interviews. There are hidden costs that exist throughout the entire process that cannot be ignored but are often forgotten or neglected. Using a recruitment agency also gives you a guarantee of replacing a candidate who didn’t work out.
A lot of time and energy can be exerted throughout the entire application process. From putting up a job ad, to screening CVs, to conducting interviews, to contacting references and then finally coordinating contracts and start dates. As a hiring manager, do you have the time to look for candidates? A recruitment partner can efficiently find you talented people. This allows staff to do what they are best at doing, rather waste their time. You may invest a small amount of time interacting with the partner discussing the needs of your business and the nature of the position you wished to be filled. The fact is recruitment partners have time on their side, resourcing for the best candidates in the market is their job.
Finding the best candidates requires much more than looking at skills and experience. Recruitment (in a niche market in particular) involves a level of expertise that few in-house resources have, this is what they do for a living and their passion. This again contributes to the time factor, as you will be able to know that the candidates you meet through recruitment agents have been pre-screened. Another element of a recruitment partner’s expertise is their ability to conduct a professional, discreet search. Openly advertising on job boards can create contention among staff who might wonder why no one is being promoted within or why a job title similar to theirs is being advertised. This can again lead to hostile employees and a decrease in productivity and bottom line.
4. Talent Pool
When recruiting for a position using traditional methods such as job advertisements on job boards, you are only going to attract the best candidates available at the time of searching, not necessarily the best candidates out there. Experienced recruitment partners will be familiar with the “hidden job market”, a talent pool that goes far beyond SEEK, or other job boards. This is not to suggest that people looking for work are not great candidates, but many of the best candidates out there are currently employed and for good reason. Recruitment partners have relationships within their professional networks and know people at all levels of your industry. By the time you are done speaking to a recruitment agency for the first time, they may already have candidates in mind for you.
5. Third Party Involvement
As the saying goes, “good people are hard to find”, and often candidates will be entertaining several opportunities, potentially from your competitors. A recruitment partner’s external perspective and understanding of your industry can make it easier to discuss your business, its competitors and the industry than having the same discussion with you. This position allows us to spend time talking to potential hires about any concerns or opportunities with your company and how they can benefit their career. Simply selling a higher salary may not be all that the candidate is after, but rather a chance to look at the bigger picture and how your business will affect their lives and families.
Next time your hear yourself saying “I really need this position filled ASAP!”, take the time to consider whether your best option is to using internal recruitment resources or invest in a trusted partnership with a recruitment agency. Your investment will save you time, energy and money which will lead to a higher ROI and a greater bottom-line. It is vital to consider all the facts and what may seem an obvious decision will in fact be less obvious once the hidden factors are accounted for.