Recruiting and hiring new and qualified candidates takes a lot of time, energy, money, and resources that many business owners simply can’t afford. Oftentimes, companies leave it up to their managers to hire new recruits for their departments. Unfortunately, a lot of business owners grossly underestimate the hidden costs of in-house recruitment instead of working with a reputable and experienced recruitment firm. While this tactic might save your business a little bit of money in the beginning, the long-term ramifications can be devastating if things take a bad turn. Before you embark on hiring a new employee, consider the following costs of not using a recruitment firm.
The Hiring Process Is Very Time Consuming
As a business owner, your time and the time of your employees is very valuable and you should spend it wisely. After all, in business time is money. That’s not to say that taking the time to hire new employees isn’t valuable, but there are more important things that you should be focusing on when running your business. From the very beginning, hiring new employees is a full time job in and of itself. It involves reading through resumes and their accompanying cover letters, performing a process of elimination, and creating a database of the likeliest candidates. Then there’s contacting candidates, coming up with relevant interview questions, scheduling and conducting interviews, reviewing your notes from those interviews, evaluating your options, making a decision, and hiring a candidate. Lastly, there’s the process of negotiating contracts, which can also be time consuming.
Essentially, the margin for error is very limited because making the wrong hiring decision could cost your company a lot of money, even if you’re just hiring one candidate. Why put yourself through all of that hard work and pressure when you can hire someone else to do it for you?
Making Bad Hires Can Cost Your Business
No matter how great a candidate looks on paper, there’s always some level of unmitigated risk when it comes to hiring new employees. You may find yourself second guessing every decision and move you make during the hiring process—and you should because you want to make sure that you’re making the right hiring decisions for your company that will minimize the risk as much as possible.
Bad hires are new employees who lack focus and the strong work ethic that’s needed to boost value-added productivity for your business. In addition to hampering productivity by simply failing to do their work or doing it well, bad hires can also lower the overall employee morale when other staff members are stuck constantly having to pick up their slack. Eventually, your other employees will start to fall behind in their own work due to having to carry the workload of the latest recruit, which can leave them feeling dissatisfied and frustrated. It may even cause your valuable, hard-working employees to start seeking out other employment.
On top of that, bad hires inevitably increase your company’s turnaround rate because you keep hiring and firing candidates that simply aren’t working out for one reason or another. This can deter other potentially qualified candidates from wanting to work for you.
Recruitment agencies like Resolve Recruit Inc. offer extensive professional and experience-based staffing solutions that are an invaluable asset to your business.
Performing Background Checks and Internal Reviews
Performing background checks and internal reviews is another extremely time-consuming and costly aspect of the hiring process that many employers fail to anticipate. Some companies purchase specialized software to pre-screen and manage applicants or recruits; but it takes time to learn how to use this software and train other employees on how to use it as well.
Hiring a staffing agency relieves you and your employees of that responsibility or as some might see it, burden. It also allows you and your employees to concentrate on doing your own work and maintaining a steady schedule rather than falling behind by taking on additional tasks that can easily be outsourced to a qualified recruitment agency.
Networking at Job Fairs and Other Events
As mentioned, hiring new candidates is a full time job in and of itself. It’s not enough to simply create job postings and then wait for candidates to come flocking to your company. You have to show up at various recruitment and networking events like high school or university job fairs so that prospective candidates can associate a friendly face with your business. Basically, this is a form of advertising your business while also raising brand awareness. Even if you don’t end up scheduling interviews on the spot, appearing at job fairs gives you the opportunity to raise brand awareness. But it takes a great deal of commitment and it often means being away from your work.
For that reason alone, you should hire a recruitment agency to aptly represent your company at these types of events.
Composing Detailed Job Posts
Like pretty much every other aspect of the hiring process, writing exhaustive yet concise and effective job posts that are guaranteed to attract the types of candidates you’re looking for takes a lot of time, dedication, and attention to detail. Oftentimes, when employers write their own job posts, they’re either too detailed and long or they’re too vague and don’t offer enough information regarding what the job entails or even what the company does.
A recruitment agency can help you overcome this challenge and strike a good balance between being too wordy and too vague when composing effective job posts. Simply tell the recruitment agency what you’re expectations are, what your company does, what qualifications successful candidates should have, and what responsibilities the job entails, so that they can fill in the necessary information.
Resolve Recruit Inc. is your perfect partner in finding, attracting, and hiring the most qualified candidates for your business. We have a comprehensive candidate database that spans a wide range of qualifications and experience levels across numerous industries. From tracking applications to storing resumes, cover letters, and contact information for viable candidates, we provide support through every step of the hiring process and keep the lines of communication wide open. Contact us today to learn more.
