According to Glassdoor, the average cost of hiring an employee for a U.S. company is approximately $4,000. We know this can be a huge expense for your business to take on. So, how can recruiting costs be minimized?
There are many operational benefits to partnering with professional staffing agencies or a headhunter. However, between speeding up timelines, increasing cost efficiency, and hiring the right candidates the first time around, there are numerous benefits from a financial perspective as well.
While some companies may have the misconception that external staffing services are more expensive than in-house recruitment initiatives, utilizing professional recruiters or headhunters can actually help you reduce the high cost of hiring a new employee. Here are a few ways how!
Avoid Costly Turnover Expenses
New hire turnover is incredibly costly and it’s often an expense that isn’t even factored into your hiring budget. When a new hire doesn’t work out, you’ve lost the money you put towards recruiting costs, such as interviewing, hiring, and training them. Then, you have to do it all over again. According to research by SHRM, it can take up to 50-60% of an employee’s annual salary to find their direct replacement.
Professional staffing agencies and headhunters help minimize the risk of new hire turnover by using their proven methods, vast resources, and staffing expertise to place the right candidate in the right role the first time around. This way, you’re more likely to avoid having to pay the cost of hiring a new employee again.
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Optimize the Interview Cycle
Professional recruiters and headhunters can help get your ideal candidate sourced, placed, and started on work more quickly through an expedited hiring process. At 4 Corner Resources, we aim to have a fully screened and qualified candidate for any role within 48 hours. How do we do this? By:
- Maintaining relationships with passive candidates;
- Leveraging our Applicant Tracking System (ATS) and resume database to maintain detailed records of all interactions with candidates and job seekers; and
- Staying up to date with a vast, and constantly growing network of active job seekers.
This optimized hiring process results in top candidates being placed faster — which means your new hire can finish their training and actually start producing value for your business sooner. When the average company loses anywhere between 1% and 2.5% of their total revenue on the time it takes to bring a new hire up to speed, you definitely don’t want to have to extend or repeat this costly process.
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Free up Your In-House Resources to Be Used More Effectively
You and your employees are already incredibly busy. When someone in-house has to post job descriptions on 20 different platforms and rifle through an endless stack of resumes, it takes even more of their time and energy away from the day-to-day responsibilities of their role. In fact, it’s estimated that small business owners spend around 40% of their working hours on tasks that do not directly generate income — such as hiring.
Instead, consider turning to professional staffing agencies to conduct these often tedious and time-consuming front-end recruiting processes. You and your employees will then be able to focus on other revenue-driving ventures for your business; positively impacting your bottom line.
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Have Access to More Recruiters — Without Paying More Salaries
Many businesses may only have one person or a small team dedicated to handling HR and/or hiring tasks, and recruitment is likely not even their area of expertise. On the other hand, professional staffing agencies will have a large team of recruiters on-hand who are highly-skilled, experienced, and passionate about recruiting.
They can help you address unexpected or volume-based needs that your in-house team may not have the capacity to handle, such as having to hire multiple people at once or bring on contractors immediately for a project-based need.
Consider utilizing professional recruiters or headhunters to work hand-in-hand with your HR professionals rather than having them go at it alone. This way, you can produce the best, most cost-effective results while taking the brunt of recruiting tasks off of your HR department’s shoulders.
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Lower Your Cost of Hiring an Employee by Partnering with the Right Recruitment Agency
Overall, partnering with professional staffing agencies or headhunter tends to be more cost-effective and efficient in the long run than exclusively using in-house recruiters. Whether your company is large or small, hires frequently or infrequently, turning to professional recruiters can save you money, time, and headaches.
If you’re looking for a partnership to provide you with the best candidates in a cost-effective and efficient way, it’s necessary to choose a recruitment agency that puts your needs first. Headquartered in Orlando, 4 Corner Resources continually ranks among the top employment agencies in Central Florida — but we are able to use our proven recruiting strategies, resources, and extensive candidate networks to place the best applicants in companies operating in various industries all across the nation.
Contact us today to learn more about how our services can help you lower the cost of hiring an employee without sacrificing quality!