You may be familiar with the saying, “A company is only as successful as its team is.” There is truth behind the saying, as companies that place significant focus on hiring talented staff actually have twice the profit margins of companies with less robust recruiting strategies.
Having qualified and enthusiastic staff is key to encouraging your team to deliver their best work, reduce churn, and boost retention.
It’s common knowledge that employer reputation is increasingly important — in the advent of websites like Glassdoor. In turn, your reputation as an employer is at stake if employee satisfaction is low.
As such, headhunting the right, talented candidates is central to your success as an employer, and ultimately, as a business. Below, are key reasons for prioritizing headhunting:
Reduce hiring costs
Experienced hiring managers know that recruiting talent is a pricey endeavor — from the salary and benefits you pay the hiring team, to the resources you allocate to the candidate, and beyond. Finding the right candidates can often take a decent amount of elbow grease: networking, reviewing applications, scheduling meetings, interviews, negotiations, and beyond. Hiring is a lengthy, resource-heavy project because finding the right candidate takes work!
Seeking Talent, One Employee at a Time
These are better days for jobs in America. Hiring is up. And the unemployment rate remains at a stellar 4.1 percent. That’s good news all the way around. For employers, however, many challenges remain: Competition for talent is high.
When working with a qualified headhunter, they make all of these — sometimes menial and repetitive — tasks simple, or even do them all for you! This is valuable time and money savings that you can use to pour back into growing your business further, focusing on your core competencies. Saved time is saved money for a business.
Cut the time it takes to find the right candidate
Headhunters are professionals in their field. In turn, this means that they can conceivably get the job done faster and more efficiently than an internal hiring team.
However, emphasis should be placed not only on speed, but on quality as well. It’s not as if headhunters are pros at streamlining the hiring process, only to choose candidates that aren’t the right fit for the position or the team. However, the opposite is true! Headhunters’ toolkits not only consist of methods for hiring quickly, but for hiring the most qualified candidates, so it’s a win-win for businesses.
Help your staff reach their full potential
Finding the right people means finding people that collaborate well with current employees while bringing in new aptitudes and increasing team bandwidth. It’s important that your current employees see a net gain when new people join the team, so they understand the value a new staff member brings to the table. All the more reason to make sure that your team doesn’t waste time working with the wrong people.
Ensuring the right fit has never been more important. Especially in today’s work climate, where businesses are experimenting with team models such as cross-functional teams, in which your staff connects and collaborates with each other in new ways.
Increase employee retention
Fostering an environment in which employees are satisfied and happy significantly reduces costly employee turnover. Working with talented headhunters increases employee retention two-fold. Firstly, they choose candidates that are best suited for the job openings. This means that the hired employee will feel a higher level of job satisfaction at your company, making it likely that they will stick around, of course!
Secondly, think of your other staff members. Do they value the relationships they have with colleagues? Chances are, you answered yes — and that’s a good thing, you want to foster these relationships to ensure healthy work culture! As such, part of making sure that a candidate is the right fit is making sure they get along with your team. The better your staff gets along, the more happy they will feel at work, and the more productive they will be.
How to Stay Ahead of Recruiting Challenges This Year
Competition for finance talent is fierce. To stand out among competitors – and attract top talent – employers are constantly seeking ways to stay on top of recruiting trends and face new challenges head-on as they arise.
Reduce employee churn
As companies are competing for market share using their staff more than ever, the chances of your valuable team members getting poached increase every day! The rise of technology means that people have more access to contacting your staff, through ubiquitous sites like Linkedin, where headhunters and employers run wild.
Every company knows that employee churn hurts. In fact, in a recent study by Deloitte discovered the cost of losing an employee can be anywhere between thousands of dollars, to 2 times the lost employee’s salary — which is huge for your bottom line.
These costs come from a variety of different places: hiring, onboarding, training, the time it takes to reach peak productivity, and other unspoken elements (such as the loss of engagement of other team members due to low morale caused by turnover — ouch!).
Employees are a company’s most important assets, and they should be treated as such. Headhunting plays an integral role in keeping employee morale high, boosting retention, and reducing churn. The speed and effectiveness of the headhunter’s workflow means you get candidates that are the right fit for your open positions, faster than you could do it internally. In the business world, time is money, so the faster your team reaches peak productivity, the more your bottom line will benefit!
Andrew W. Mitchell, Managing Editor
Contributed by Miriam Groom, VP of Sales and Marketing at Groom and Associates, a Canadian recruitment agency specialized in headhunting and HR consulting.