The ROI of Finding the Right Candidate
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Many organizations feel they save money by keeping their recruiting efforts in-house. And granted, this can be an effective model if the roles they are seeking to fill can easily be found in the marketplace.
But let’s take a look at the real costs of recruiting candidates with highly specialized skill sets.
Typically an in-house recruiter has a set of boxes he or she will tick off for every search – online job boards, internal postings and social media. Then they wait for the the inevitable tidal wave of resumes – most of which are not even remotely qualified for the role.
But of course somebody has to sort through them. And that takes time.
Of those who make it past this initial filter, how many actually accept an invitation to the first round of interviews? And of those who do, how many arrive not really knowing what role they are there to fill, show up late and unprepared, or simply never turn up at all? In the end it almost seems like a miracle anyone ever gets hired at all!
No matter how you swing it, recruiting is an investment. And like any investment you need to weigh your costs against your returns in order to make sure pays off.
Time is a cost
If you need to fill a vacancy it will, on average, take almost a month to find and hire the right candidate. This estimate can vary greatly depending on the role. But if you need a skilled candidate today, every second you waste looking at a pile of resumes is costing you money.
Contingency recruiters can work with your in-house team to make sure you always have a qualified pipeline of candidates at the very top of your firm’s recruiting funnel. It’s our job to vet candidates using our client’s criteria during the initial screening process and eliminate unqualified and uninterested prospects.
This means you can focus your efforts on the individuals who will actually bring value to your organization. Finding the right candidate quickly saves you money in the short term and brings added value over time.
Long term value is the key
Long long-term employee retention is the key to any successful recruiting effort. Whether you are using a recruiting firm or doing everything internally hiring a new employee costs money. Contingency recruitment provides a solution that puts results first and requires delivery before payment. It’s not only a better way to invest your recruiting dollar, it is more efficient because contingency firms have access to candidates your internal team can’t otherwise reach.
The hidden cost of not reaching your ideal candidates
86% of the most qualified candidates for your open positions are already employed and not actively seeking a new job. Therefore a bit of simple math tells you the resumes you get for any posted position won’t include the majority of people you want to connect with. Contingency firms are experts at finding these candidates by cross-referencing your criteria with professional databases and social media channels in order to source the right fit.
Simplicity saves you time and money
At the end of the day, a great hire is priceless. If you think of your recruiting process as an investment, you need to measure those costs against your return. And a contingency firm is the simplest way to make sure you get that value with every hire.
About the Author
Aidan Crawford is the owner of www.shortcircuitmedia.com. Aidan is a marketing consultant and writer who works with clients in various industries to expand their reach using content marketing and social media strategies.