The company must be able to effectively manage their process for recruiting human resources. The process must be cost – and time efficient. A successful hiring process can not only lower the cost of hiring employees, but will also decrease the rate of turnover.
The process of recruitment will result in the hiring of staff who have the necessary skills and is in line with the values and culture of the company. Additionally the process should result in the hiring of the best performers. This is crucial as per the research of McKinsey & Co. top performers are about 400% more efficient than average performers.
When it comes to roles that require high-level complexity like IT managers and software developers, the top performers were a staggering 880 percent more efficient! This is a testament to how important it is to have a well-organized recruitment process to meet the staff’s needs.
Have you ever heard that the expense of a bad hire especially at the senior level, is about £50,000?
The cost includes:
*Advertising an opportunity to be a part of the new position
*Hours are spent screening every applicant who applies for the job
*Interviewing candidates who might be interested in the job
*Shortlisting and re-interviewing candidates for the job
*Perform background checks
*And much more
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Employers who screen and interview every candidate who is a potential hire within their own offices could receive hundreds of resumes in response to an open position. Screening every candidate takes an extensive period of time. Let’s do a little math here:
You must hire 10 employees.
There are around 30 CVs per job, which is equivalent to 300 CVs.
Five minutes are spent reviewing every CV and cover letter
This is more than 25 hours of checking and evaluating the employees
The most shocking aspect — 78% of recruiters in-house said that half of the resumes they received were from non-qualified applicants.
Instead of spending time looking for suitable candidates to make phone calls for interviews, consider employing an executive search recruitment agency. They will reduce the burden related to the process of recruiting and, in turn, HR personnel at your company can focus their efforts on taking care of other tasks like establishing efficient policies to decrease the amount of turnover. The headhunter will seek out the most suitable candidate for your business, and will give you an inventory of the most suitable candidates for the job that you want to fill.
In the case of headhunting, organizations of all sizes are able to gain from hiring an executive recruitment firm. Here are some benefits for having the assistance of the firm that is specialized in the hiring of professional.
- Rapidly fill vacancies
A stretched out internal hiring process could cause a decrease in revenue. The reason for this is that vacant positions negatively impact the productivity of employees. Many executives mistakenly think that a job that in a position that is vacant can result in cost of labour savings.
The reality is that the economic cost to vacant positions like IT and sales could be up to 55,000 dollars per day.
Each day that a job remains vacant is a missed chance which cannot be recouped. Unfilled positions cost around £18 millions for the British economy each year.
Additionally, it is important to know that highly skilled candidates are only in the market for only a short period of time. According to research conducted done by Office Vibe, the best candidates will be available for around 10 days. Therefore, it is important to recruit quickly especially for jobs which require technical expertise.
Another disadvantage of unfilled posts for companies is that it puts an additional burden on staff. Staff must be able to assume more responsibilities until the job is filled. In addition, the excessive hours could lead to employee burnout and other productivity issues.
Headhunting companies with experience are focused on finding the best talent within the shortest amount of amount of time. They know how to find qualified candidates to fill positions in short time. The companies will interview candidates in bulk and pinpoint those that are qualified to fill the position.
- Hire experienced staff
Finding the most qualified candidates for an opening is not just laborious but also expensive process. Managers of hiring must assess the job’s requirements, conduct an internal audit of talent, and then search for the ideal candidate for a job. This puts an additional stress on HR personnel.
The effort and expense spent on recruiting employees could be wasted when inexperienced candidates are employed for the jobs. Costs of hiring wrong people can be expensive for companies due to the additional training needed to complete the duties.
Utilizing the services from an executive search company increases the likelihood of securing the ideal candidate to do the job. A reputable executive search company will constantly search for skilled individuals to join your business. Employing an executive search company will save both time and savings in costs when compared to internal recruitment efforts.
- Recruit Passive Candidates
Passive candidates don’t actively seek out opportunities, since they already hold an executive position in an internationally renowned business. Companies must be actively seeking those who are passive, but it requires time, energy as well as resources and expertise. They must put funds into convincing a non-active applicant to quit and join their company.
This is why it’s recommended to hire an executive search company to locate top-ranked people who are not actively seeking employment. Inform them of the chance, and encourage them to join your company. The company can trust on the executive search firm to identify candidates active and passive, and arrange meetings with the company.
- Fill-in Roles that require technical skills
Businesses that have specific technical requirements for a job might have problems in securing an applicant who meets their needs. If they go through an executive recruitment agency this will increase the likelihood of securing a skilled candidate with less time.
A search firm for executive positions will identify candidates who are suitable for positions that require technical expertise and assist the firm fill the post.
- Make sure that there is transparency in the recruitment Process
Another major reason to employ an executive recruitment firm for filling open posts is that it results in an open hiring process. This can reduce the risk that your business could be held responsible for any bias that may have occurred during the hiring process.
Businesses that operate in the UK must ensure that the process of selection is in line with the equality law in accordance with the Equality Act 2010. Every person should be given the same chance of being hired without discrimination or bias in the form one or more of these.
Pregnancy and Maternity
Businesses that fail to comply with the EOC regulations could have the burden of paying millions to victims. This could damage their image and cause a decrease in profitability.
Professional search firms evaluate each application equally. Every applicant is not rejected because of the protected qualities that are mentioned earlier. They adhere to a strict process to guarantee equal opportunity during the selection process. Thus, seeking the help of an executive search company to fill staff shortages is a way to avoid liability caused by discrimination in the process of hiring.
- Conduct a thorough background check
A reputable executive search company will schedule the best candidates for interviews following a thorough background. The headhunting firm will examine the information on the resume to confirm the accuracy of the information and free of any errors in fact.
The executive search company will conduct an examination of background to confirm the educational qualifications listed on the resume. Additionally, the company will verify information regarding the previous work experience that is mentioned in the application. This is a valuable service as a recent survey revealed that about 46 percent of resumes submitted to be considered for a position had some kind of incorrect details. Additionally, over 85 percent of companies discovered that applicants had falsified their resumes or applications according to a 2017 recruitment screen benchmark study.
Background checks not just ensure that the correct candidate is chosen but will can also avoid problems with liability for certain firms. For example the public transport company could be held accountable when it employs drivers who have had multiple driving under the influence (DUI) violations or unsafe track record. Employing a professional headhunting agency can help avoid costly lawsuits for not conducting an investigation into the background of those hiring.
- Protect the brand from damage Image
Using internal hiring team typically results in a slowing of hiring. According to LinkedIn 2017’s global survey, the process of hiring can take up to four months.Apart of the expenses that come with a stretched hiring procedures, including lower productivity, higher stress for employees and lower profits, it could cause damage to your image as a business.
If a job is not filled for a long period of time and appears often in the search results on job websites this will create an unflattering image of the business. Potential employees may conclude that the business isn’t an attractive workplace.
A positive image of the company is crucial for effective hiring. You’ll miss out on the chance to hire top candidates because of a negative corporate image. It could reduce the quality of applications for the job.
In today’s digital age of review and social media websites, your business can’t afford to have a lengthy process of hiring. The lengthy hiring process can be a major disappointment for prospective applicants who are applying for jobs within the organization. They might make a negative post on the job review websites or on social media sites that could harm the chances of attracting the best talent.
Utilizing the services of a reputable headhunting company will help you locate the ideal candidate for the job. This will avoid any harm to your image as a business and will increase the odds of obtaining highly skilled and skilled individuals.
Other benefits of using an Executive Search Agency
There are other advantages from using an executive recruiting agency for all of your hiring requirements:
It is not necessary to go through endless applications for jobs.
There is no need to plan interviews, but you should prepare and conduct them.
There is no need to handle administrative issues, such as communication with potential candidates, which includes providing information to unsuccessful candidates, and providing feedback and verifying information about the candidate like qualifications and references
Eliminates the expense of posting job ads online on different platforms
Eliminates the impact on in-house employees who continue to fulfill their duties, roles and responsibilities better
Eliminates the costs of overtime related to hiring an internal team to recruit prospective candidates for the job in busy times
Eliminates the possibility of cost like bad performance, rehiring and even training
This reduces training costs since they already possess the knowledge and competencies required to be employed.
Businesses that don’t hire via an executive recruitment company are at risk of slowing down the hiring process, and hiring the incorrect person for the job. If they hire an executive recruitment agency they’ll benefit since the person hired will be able to complete assignments, projects or projects as well as other duties in a timely way. In short, an executive recruiting agency can help businesses make the “right decision” each time.
Employing an executive search company can cut down on the time spent in headhunting. A specialist company can conduct the process of searching in total confidence and in complete confidentiality. The assistance of the company will ensure that the best candidate is quickly hired. This means that the business (and the employees) will not have to shoulder the burden of having the job unfilled for a long period of time.