June 26, 2017

Hiring a Professional Recruiter Can Actually Save You Money

By Jay Boone, Partner and Manager, Banking

Save Time, Save Money

“Time is money.” – Benjamin Franklin

There are numerous factors that impact the time it takes to identify, vet, and onboard a quality job candidate. Creating an effective job profile, launching the initial search, evaluating resumes, conducting interviews, making an offer, and navigating counter-offers are all important parts of an increasingly intricate process that can be overwhelming for many employers. On the other hand, successful recruiters know when, where, and how to streamline the steps from the very beginning.

At ThinkingAhead, our clients in the commercial banking and finance sector constantly evaluate their efficiency at the highest level. In today’s competitive hiring marketplace, companies know that in many cases, they must look to professional recruiting solutions to identify and connect with the best available talent. Employers increasingly recognize that simply staying in the limited and overcrowded online job posting marketplace — which can attract job hoppers and unqualified candidates — is no way to attract top talent.

The professional resources at ThinkingAhead allow our clients to cast the widest net possible in their respective job markets as well as outsource the most time-consuming parts of the hiring process, which drain their staffs of valuable effort and energy. Not only does this improve their bottom line, but it also allows employers to focus more on other responsibilities until they’re presented with carefully vetted, quality candidates.

Outsourcing for Efficiency

Senior-level employees are valued for their skills, talents, and experience — and their higher salaries reflect the value they add to the company. Working with professional recruiters during the hiring process allows these senior-level executives to use their limited time most effectively. On the surface, keeping the hiring process in-house (and thus having higher-ups play a more hands-on role) seems logical, but hiring managers shouldn’t have to sift through countless resumes and read LinkedIn profiles of prospective candidates — they have better things to do.

Hiring a professional recruiter is the best way to fill your open positions because it will save your company time and money at every step of the process. Depending on the role a company wants to fill, the hiring process can stretch anywhere from a week or two to several months; typically, the higher the position, the more time it takes to find qualified candidates with desired experience. Compared to spending all that time and energy in-house, using a seasoned and professional recruiter is practically a bargain. Employment industry sources claim that replacing an employee can cost as much as 40% of the annual salary of the open position. When you factor in the additional cost to the company for others to perform the duties of the missing employee, the time spent by the hiring manager sourcing, screening and interviewing candidates as well as the immeasurable cost of lost opportunities for the company with the positions that are customer facing or responsible for generating revenue for the company the cost can actually be significantly higher. Therefore, by working consistently with a professional recruiter, hiring managers will not only have a trusted adviser who can provide an unbiased perspective on the market capital of the company, but an agent who can find and present the best available talent much more cost effective manner.