July 11, 2019 – Hiring talent is something that affects every business and every level of management. The ability to recruit great talent is key to the ultimate success, or failure, of a business. Certain roles, however, can be particularly difficult to fill. In those situations, it can be extremely valuable for an organization to partner with an outside search firm.
According to the Harvard Business Review, over 80 percent of employee turnover can be attributed to poor hiring choices. Similar research conducted by the U.S. Department of Labor shows that the price of a bad hire is 30 percent of the employee’s first-year earnings at a minimum. As the position becomes more impactful to the business, this number increases exponentially. Executive recruitment firm Search Solution Group’s research puts the true long-term cost of a bad hire at $211,000 based on a $95,000 salary. Taking steps to avoid making such costly hiring mistakes may begin with internal processes but it also may result in consideration of hiring a professional search firm.
“Organizations of all sizes across industries have discovered the value of partnering with a recruitment firm,” said Josh Mangum, senior director of corporate strategy for Search Solution Group. “As businesses grow and roles become more complex, search firms provide the industry expertise, networks of talent, and time and resources necessary to quickly and accurately locate qualified talent.”
Mr. Mangum, who is based at the firm’s Charlotte, NC headquarters, is responsible for leading efforts to drive increased business by developing short- and long-term business strategies and executing marketing programs in alignment with the organization’s outcome-based sales approach. Here, he offers seven scenarios in which hiring a recruitment firm is absolutely essential:
1) Not just finding a qualified candidate, but the most qualified candidate
When companies are matched with the most qualified talent, they receive the most valuable results from that hire. “This seems simple, but many internal recruiters or hiring managers aim to fill the role fast and overlook the details that may make or break a candidate’s efficacy,” said Mr. Mangum. “When working with a great recruitment firm, the search experts thoroughly screen candidates and determine those who possess the company’s ideal traits down to the specific characteristics of their experience. In order to make a long-lasting, positive impact in the role, the selected candidate must have the job experience, relevant industry experience, a personality that will complement the company’s culture and values, along with proficiency in the skill-set required for the position.”
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2) To locate a candidate with a unique skill-set
If there is a highly specific set of skills needed to succeed in the position and the search seems like finding a needle in a haystack, working with a recruitment firm is essential. “Recruiters who specialize in certain fields of expertise have immense networks of professionals who may be a match or can refer someone who is an ideal match for the role,” said Mr. Mangum.
3) To maintain confidentiality
There are many reasons why some searches require confidentiality. If an underperforming professional does not yet know he or she is being replaced, or if the search’s information should be withheld from the company’s competitors, discretion should be paramount. “Clients and candidates alike appreciate the confidential nature of a search when conducted thoroughly,” said Mr. Mangum. “The focus is placed on the role at hand and if the candidate is employed at a competitor, hesitance is kept to a minimum.”
4) To create a new position
A brand new role may fall out of the scope of knowledge that internal recruiters are familiar with recruiting for. If the company has never had that role or even a similar role, the recruiters or hiring managers are faced with a lack of precedence needed to find qualified candidates. “An accomplished recruitment firm that specializes in filling that role will help the client define the role and its expectations, then source from its network of successful professionals within that field of expertise,” said Mr. Mangum.
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5) To access a larger talent pool
Internal recruitment teams only have access to submitted resumes, personal connections and employee referrals. These resources are often insufficient when searching for a professional with a specific set of skills and experience. “When working with a recruitment firm, companies gain access to the entire talent pool of active and passive candidates,” said Mr. Mangum. “Recruiters tap into their national networks of talent within that field of expertise and locate the ideal candidate matching in specific skills, industry experience and personality.”
6) To maintain internal productivity
Some recruitment processes may require more time and resources than most roles. The hiring manager or recruitment team at an organization has endless responsibilities, and recruiting for a tough role will compromise the productivity and efficiency of internal HR processes. Partnering with a recruitment firm relinquishes stress on internal recruiters and results in better hires in a shorter amount of time.
7) To strategically position your company for future success
If an organization is planning a mass hiring strategy or completely redeveloping its workforce with fresh talent, partnering with a recruitment firm will result in the most effective and cohesive workforce. “The recruitment firm can assign different roles to recruiters who specialize in that profession and develop a strong team that aligns with the vision of the company’s leadership,” said Mr. Mangum.
Contributed by Scott A. Scanlon, Editor-in-Chief; Dale M. Zupsansky, Managing Editor; Stephen Sawicki, Managing Editor; and Andrew W. Mitchell, Managing Editor – Hunt Scanlon Media