How Recruitment Firms Can Save You Time and Money
Hiring a new employee for an open position within your company can be a long, tedious, and often overwhelming task. Not only are you now looking for a candidate who fits the skills and experience required to do the job, but it’s also essential to find someone who fits in with the company culture. Though it sounds like an “easy enough” task, anyone who’s hired a new employee, especially in the Legal & Compliance and Finance & Accounting realm, knows that it takes a great deal of time and effort to do the job right.
In fact, it was found that the average time to find applicants, interview the candidates and hire a new employee took, on average, over 2 months. Understanding this, it’s easy to see just how big of an undertaking this task can be, especially since your operational and HR teams will dedicate over two months to finding and filling the role. It’s also easy to see why so many organizations have turned to outside sources to help hire and find the right candidates, expediting the process.
If you’re looking to fill open positions within your company in an efficient and timely manner without sacrificing the quality of candidates that come your way, then working with a recruitment firm can surely help. Here are a few ways a recruitment firm can help save you time and money.
1. Recruitment Firms Select High-Quality Candidates for You
One of the biggest time consumers associated with hiring for an open position is going through the list of applicants to find and select those who match the required experience and skill sets, proving they’d be an ideal candidate for the job. Ask anyone who’s done this before, and they’ll tell you that this section of the hiring process is one of the most time-consuming pieces.
However, when you work with a recruitment firm, this portion of the hiring process is completed for you. Many recruitment firms, including BJRC Recruitment, have fool-proof processes and outlines that help dig through the long list of applicants, finding the right candidates for the job at a quicker rate. This not only leaves your HR team with a shortlist of high-quality candidates who are then ready to be interviewed but also helps to save and give them back their time.
With this saved time, businesses are able to function with smaller internal HR teams, saving money internally on salaries, as those employees can focus their time and energy on other business endeavours.
2. Recruitment Firms Help to Lower Turnover Rate
There is no doubt that hiring a new employee is expensive. In fact, it was found that the “true cost of employee turnover” was ~1.5 to 2 times the cost of an employee’s salary.
This is why it is incredibly disappointing when the candidate does not work out, as the organization is required to spend additional funds to employ a replacement. To avoid this issue and having to repeat the hiring process all over again, recruitment firms have top-notch processes that ensure the right candidates are selected, helping to prevent high turnover.
Not only are skills and experience questioned, but recruitment agencies like ours will also meet with potential candidates to assess other key factors such as personality and work ethic, ensuring that they meet both job requirements and culture fit. This lowers the overall turnover rate within organizations, reducing hiring costs and helping to save money.
3. Recruitment Firms Expedite the Overall Process
Working with a recruiter also helps to expedite the overall hiring process. Through our team and their processes, we’re able to filter, select and interview candidates, to highlight the ideal fits at a quicker speed than your internal team. This not only reduces the time it takes to get a shortlist of candidates but allows your HR team to make the right hiring decision in a prompt manner.
As an added bonus, your internal team is once again given back the time that would have been spent shortlisting and interviewing candidates so that they can redirect their time on other important matters. This allows organizations to have smaller, more nimble HR teams as their internal teams’ overall capacity and efficiency is increased.
Hiring a recruitment firm may initially seem like a large upfront cost, but the money saved is incredible in the long run. Not only can working with a recruitment agency help your internal teams hire ideal candidates at a much faster rate, but they can also help give your team back their time to focus on other pressing issues. Organizations can also expect to see a decrease in their overall turnover and hiring costs as well, thanks to the quality of candidates that are found.
If you’re looking to fill an open position, BJRC Recruiters can help. Having successfully closed many positions across Canada and the U.S., our team is experienced and expert in finding the right candidate for our clients. To learn more or to schedule a consultation, feel free to contact us.