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According to one Gallup study, a company will spend 0.5 to 2 times the amount of an employee’s annual salary on replacing that employee. Yet, the costs of hiring the new employee and the lost productivity from an open position are only the beginning of an organization’s losses when it has an opening. Reduced team morale, increased stress, and other consequences further whittle away a company’s ability to meet its goals.
By partnering with a recruiting firm, however, companies can reduce the costs of finding new talent and focus on bolstering their internal teams. Here are three reasons outsourcing your recruitment may be the most cost-effective decision:
For an organization seeking to hire new team members, one challenge is deciding where to look for them.
Where should a job ad be posted? Are job fairs worth the effort?
Outsourced recruiters address these issues by providing access to a deep pool of skilled candidates. Their tools and technologies are designed to find the best-fit candidates for an organization, and they can source from a wide pool of candidates across a range of industries and skillsets. Plus, the recruiters use innovative strategies to engage passive candidates who aren’t necessarily looking for a new job but would be open to one when presented with the right opportunity.
To put it simply, outsourced recruiters have a wider talent pool to choose from, and they possess the tools, technologies, and strategies to access candidates that your internal recruiters might not be able to reach.
Finding, interviewing, hiring, and training the right employee yourself requires a lot of time and money.
If that employee isn’t the right fit and leaves the job after only a few weeks or months, your business is back at square one – and out a lot of money!
A great thing about outsourced recruiters is that they’re experts in finding the right talent the first time. That means a lower turnover rate at your company, which saves money and prevents you from having to source and hire another candidate. And productivity and profitability increase at the same time, so it’s a win-win.
One of the greatest advantages of outsourcing your recruiting process is gaining scalability. Is your industry one that surges during certain seasons or periods of the year? Perhaps you’re working on a special project that needs specialized employees. You’ll need extra staff to support your operations during these times. Having the ability to scale up during surge periods is an excellent benefit of outsourced recruitment.
It works the other way around, too. When hiring is slow and demand trends downward, you can scale down your recruitment. That’s a great way to save money when you don’t need the extra staff.
Deep and diverse candidate pools from which to source talent. Reduced turnover for cost-effective hiring.
Scalable recruiting solutions that save you money whether you need to ramp up or scale down. It’s these capabilities that make outsourced recruiters worth every penny! They save your organization time and money while providing you with the exceptional employees you need.
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